Legal & General Group Plc Sells 129,574 Shares of Flex Ltd. $FLEX

Legal & General Group Plc lessened its holdings in Flex Ltd. (NASDAQ:FLEX) by 5.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,340,271 shares of the technology company’s stock after selling 129,574 shares during the quarter. Legal & General Group Plc owned approximately 0.63% of Flex worth $141,399,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in FLEX. Vanguard Group Inc. raised its holdings in shares of Flex by 196.1% in the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after acquiring an additional 25,662,586 shares in the last quarter. State Street Corp raised its holdings in shares of Flex by 38.0% in the second quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after acquiring an additional 3,377,669 shares in the last quarter. Qube Research & Technologies Ltd raised its holdings in shares of Flex by 118.1% in the third quarter. Qube Research & Technologies Ltd now owns 2,811,248 shares of the technology company’s stock valued at $162,968,000 after acquiring an additional 1,522,308 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Flex by 80.9% in the third quarter. JPMorgan Chase & Co. now owns 2,645,745 shares of the technology company’s stock valued at $153,374,000 after acquiring an additional 1,183,464 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its holdings in shares of Flex by 17.7% in the third quarter. Allianz Asset Management GmbH now owns 2,393,463 shares of the technology company’s stock valued at $138,749,000 after acquiring an additional 360,553 shares in the last quarter. Institutional investors own 94.30% of the company’s stock.

Insider Activity at Flex

In related news, COO Kwang Hooi Tan sold 17,500 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $135.93, for a total transaction of $2,378,775.00. Following the sale, the chief operating officer owned 238,543 shares of the company’s stock, valued at $32,425,149.99. This trade represents a 6.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Revathi Advaithi sold 83,500 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $132.87, for a total value of $11,094,645.00. Following the sale, the chief executive officer directly owned 605,522 shares in the company, valued at approximately $80,455,708.14. The trade was a 12.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 329,512 shares of company stock valued at $44,459,298 over the last 90 days. Company insiders own 0.57% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FLEX. Raymond James Financial set a $80.00 price objective on Flex and gave the company an “outperform” rating in a report on Wednesday, February 4th. Wall Street Zen downgraded Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Stifel Nicolaus lifted their price objective on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Finally, Robert W. Baird set a $165.00 price objective on Flex in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Flex has a consensus rating of “Moderate Buy” and an average price target of $112.80.

Flex Price Performance

Shares of FLEX stock opened at $144.85 on Friday. Flex Ltd. has a 1-year low of $41.43 and a 1-year high of $147.76. The stock’s 50-day moving average is $96.84 and its 200 day moving average is $74.89. The company has a market cap of $53.07 billion, a P/E ratio of 62.17, a PEG ratio of 0.77 and a beta of 1.46. 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 (NASDAQ:FLEX) last issued its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The company had revenue of $7.48 billion for the quarter. Research analysts predict that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Flex 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.