Sage Rhino Capital LLC Cuts Stock Holdings in Flex Ltd. $FLEX

Sage Rhino Capital LLC reduced its position in Flex Ltd. (NASDAQ:FLEX) by 15.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 24,629 shares of the technology company’s stock after selling 4,560 shares during the period. Sage Rhino Capital LLC’s holdings in Flex were worth $1,612,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Parkside Financial Bank & Trust boosted its position in shares of Flex by 57.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after buying an additional 166 shares during the last quarter. Parallel Advisors LLC raised its position in Flex by 5.3% in the 3rd quarter. Parallel Advisors LLC now owns 3,588 shares of the technology company’s stock worth $208,000 after buying an additional 181 shares during the last quarter. Hunter Associates Investment Management LLC lifted its stake in Flex by 2.1% during the 1st quarter. Hunter Associates Investment Management LLC now owns 9,675 shares of the technology company’s stock valued at $635,000 after acquiring an additional 200 shares during the period. Fred Alger Management LLC boosted its holdings in shares of Flex by 0.7% during the 4th quarter. Fred Alger Management LLC now owns 30,881 shares of the technology company’s stock valued at $1,866,000 after acquiring an additional 210 shares during the last quarter. Finally, Parcion Private Wealth LLC grew its stake in shares of Flex by 1.5% in the fourth quarter. Parcion Private Wealth LLC now owns 14,159 shares of the technology company’s stock worth $855,000 after acquiring an additional 216 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Stifel Nicolaus lifted their price objective on Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Zacks Research raised Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Robert W. Baird set a $165.00 price target on Flex in a research report on Thursday, May 7th. Barclays raised their price objective on Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research note on Thursday, June 4th. Finally, KeyCorp boosted their price objective on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $115.70.

Insider Activity at Flex

In other Flex news, insider Michael P. Hartung sold 22,627 shares of Flex stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total value of $3,269,148.96. Following the sale, the insider owned 253,199 shares of the company’s stock, valued at $36,582,191.52. The trade was a 8.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 33,000 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $153.91, for a total value of $5,079,030.00. Following the transaction, the executive vice president owned 73,471 shares of the company’s stock, valued at $11,307,921.61. This represents a 30.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 769,195 shares of company stock worth $110,116,823 in the last three months. Insiders own 0.62% of the company’s stock.

Flex Price Performance

Shares of FLEX stock traded down $9.36 on Tuesday, hitting $129.29. 1,387,308 shares of the stock traded hands, compared to its average volume of 5,247,315. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. Flex Ltd. has a 52 week low of $47.83 and a 52 week high of $166.86. The firm has a 50 day simple moving average of $138.87 and a two-hundred day simple moving average of $91.79. The firm has a market cap of $47.37 billion, a price-to-earnings ratio of 55.48, a PEG ratio of 0.72 and a beta of 1.64.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The business had revenue of $7.48 billion during the quarter. As a group, equities research analysts predict that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.