Flex Ltd. $FLEX Shares Acquired by Cibc World Market Inc.

Cibc World Market Inc. raised its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 164.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 59,634 shares of the technology company’s stock after purchasing an additional 37,056 shares during the quarter. Cibc World Market Inc.’s holdings in Flex were worth $3,603,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FLEX. USA Financial Formulas acquired a new stake in shares of Flex in the fourth quarter worth $28,000. Frazier Financial Advisors LLC acquired a new stake in shares of Flex in the fourth quarter worth $28,000. CENTRAL TRUST Co increased its stake in shares of Flex by 238.3% in the third quarter. CENTRAL TRUST Co now owns 504 shares of the technology company’s stock worth $29,000 after acquiring an additional 355 shares during the period. Gables Capital Management Inc. acquired a new stake in shares of Flex in the fourth quarter worth $42,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Flex in the third quarter worth $52,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Insider Activity

In related news, insider Michael P. Hartung sold 22,216 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $142.38, for a total transaction of $3,163,114.08. Following the completion of the sale, the insider owned 232,706 shares in the company, valued at $33,132,680.28. This represents a 8.71% decrease in their position. The sale was disclosed in a document filed 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, CEO Revathi Advaithi sold 83,500 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $132.87, for a total transaction of $11,094,645.00. Following the sale, the chief executive officer owned 605,522 shares of the company’s stock, valued at approximately $80,455,708.14. This represents a 12.12% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 345,012 shares of company stock worth $48,508,103 over the last 90 days. 0.57% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Barclays lifted their target price on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research note on Thursday. Robert W. Baird set a $165.00 target price on shares of Flex in a research note on Thursday, May 7th. Zacks Research raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. Finally, Stifel Nicolaus boosted 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 equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $115.70.

Flex Trading Down 0.7%

Shares of Flex stock opened at $150.83 on Tuesday. The company has a fifty day simple moving average of $109.29 and a 200-day simple moving average of $79.53. Flex Ltd. has a 12-month low of $42.83 and a 12-month high of $166.86. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The stock has a market cap of $55.26 billion, a price-to-earnings ratio of 64.73, a PEG ratio of 0.80 and a beta of 1.63.

Flex (NASDAQ:FLEX) last issued its earnings results 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 business had revenue of $7.48 billion during the quarter. On average, equities analysts forecast that Flex Ltd. will post 4.15 EPS 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.