Modern Wealth Management LLC Invests $329,000 in Flex Ltd. $FLEX

Modern Wealth Management LLC acquired a new stake in Flex Ltd. (NASDAQ:FLEX) in the 1st quarter, HoldingsChannel reports. The fund acquired 4,816 shares of the technology company’s stock, valued at approximately $329,000.

A number of other institutional investors have also added to or reduced their stakes in FLEX. Brighton Jones LLC bought a new stake in shares of Flex in the 4th quarter valued at about $260,000. Goldman Sachs Group Inc. increased its position in Flex by 19.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock worth $42,314,000 after buying an additional 211,046 shares during the last quarter. Empowered Funds LLC bought a new stake in Flex in the first quarter valued at approximately $397,000. EverSource Wealth Advisors LLC lifted its position in shares of Flex by 63.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock valued at $132,000 after buying an additional 1,031 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Flex by 92.4% during the 2nd quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock worth $3,099,000 after acquiring an additional 29,821 shares during the period. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Flex

In other Flex news, CAO Daniel Wendler sold 1,311 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $145.20, for a total transaction of $190,357.20. Following the transaction, the chief accounting officer owned 37,932 shares in the company, valued at $5,507,726.40. This trade represents a 3.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 6,657 shares of Flex stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $145.23, for a total value of $966,796.11. Following the completion of the transaction, the executive vice president directly owned 91,122 shares of the company’s stock, valued at $13,233,648.06. This represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 769,195 shares of company stock valued at $110,116,823 over the last ninety days. 0.62% of the stock is owned by corporate insiders.

Flex Trading Down 2.4%

FLEX stock opened at $113.28 on Wednesday. Flex Ltd. has a 52 week low of $47.83 and a 52 week high of $166.86. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The company’s 50-day simple moving average is $140.84 and its 200 day simple moving average is $98.96. The company has a market capitalization of $41.50 billion, a PE ratio of 48.62, a price-to-earnings-growth ratio of 0.61 and a beta of 1.64.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The firm had revenue of $7.48 billion during the quarter. As a group, sell-side analysts anticipate that Flex Ltd. will post 4.18 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on FLEX shares. JPMorgan Chase & Co. increased their price target on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Barclays upped their price objective on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. Zacks Research lowered shares of Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. The Goldman Sachs Group raised their target price 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, Stifel Nicolaus upped their price target on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. One research 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 company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.70.

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.