PNC Financial Services Group Inc. Raises Position in Flex Ltd. $FLEX

PNC Financial Services Group Inc. lifted its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 14.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,251 shares of the technology company’s stock after acquiring an additional 4,873 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Flex were worth $2,504,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Flex by 196.1% during the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after buying an additional 25,662,586 shares during the last quarter. Norges Bank purchased a new position in shares of Flex in the 4th quarter valued at about $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in shares of Flex during the 4th quarter worth about $2,497,000. Sequoia Financial Advisors LLC raised its position in shares of Flex by 12.5% during the 4th quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company’s stock worth $10,469,000 after acquiring an additional 19,270 shares in the last quarter. Finally, Teacher Retirement System of Texas lifted its stake in Flex by 62.3% during the fourth quarter. Teacher Retirement System of Texas now owns 340,389 shares of the technology company’s stock worth $20,566,000 after purchasing an additional 130,641 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, COO Kwang Hooi Tan sold 26,657 shares of the business’s 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 $3,851,403.36. Following the transaction, the chief operating officer owned 257,527 shares of the company’s stock, valued at approximately $37,207,500.96. The trade was a 9.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 197,879 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.32, for a total value of $28,557,897.28. Following the sale, the chief executive officer owned 623,466 shares of the company’s stock, valued at $89,978,613.12. This trade represents a 24.09% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 769,195 shares of company stock valued at $110,116,823. Company insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on FLEX. JPMorgan Chase & Co. increased their price target on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Weiss Ratings restated a “buy (b-)” rating on shares of Flex in a report on Friday, July 17th. Zacks Research downgraded shares of Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. The Goldman Sachs Group lifted their price target on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Finally, Freedom Capital raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Flex has an average rating of “Moderate Buy” and a consensus target price of $115.70.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $113.28 on Wednesday. Flex Ltd. has a one year low of $47.83 and a one year high of $166.86. The stock has a market capitalization of $41.50 billion, a price-to-earnings ratio of 48.62, a PEG ratio of 0.61 and a beta of 1.64. The company has a 50-day simple moving average of $140.84 and a 200-day simple moving average of $98.96. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36.

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. The firm had revenue of $7.48 billion for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. On average, analysts predict that Flex Ltd. will post 4.18 EPS for the current year.

About Flex

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.