Pictet Asset Management Holding SA Lowers Stock Holdings in Flex Ltd. $FLEX

Pictet Asset Management Holding SA lessened its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 6.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,931 shares of the technology company’s stock after selling 9,544 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Flex were worth $9,160,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Parkside Financial Bank & Trust increased its stake in Flex by 57.0% in the 4th 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 period. Parallel Advisors LLC lifted its stake in shares of 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 acquiring an additional 181 shares during the period. Fred Alger Management LLC lifted its stake in shares of Flex by 0.7% in the 4th quarter. Fred Alger Management LLC now owns 30,881 shares of the technology company’s stock worth $1,866,000 after acquiring an additional 210 shares during the period. Parcion Private Wealth LLC boosted its holdings 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 valued at $855,000 after acquiring an additional 216 shares in the last quarter. Finally, US Bancorp DE increased its stake in shares of Flex by 1.2% during the third quarter. US Bancorp DE now owns 19,729 shares of the technology company’s stock worth $1,144,000 after acquiring an additional 225 shares during the period. 94.30% of the stock is owned by institutional investors and hedge funds.

Flex Stock Performance

Shares of FLEX stock opened at $136.85 on Friday. Flex Ltd. has a fifty-two week low of $47.83 and a fifty-two week high of $166.86. The stock has a market cap of $50.14 billion, a P/E ratio of 58.73, a P/E/G ratio of 0.72 and a beta of 1.64. The business has a fifty day simple moving average of $137.84 and a 200-day simple moving average of $91.11. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73.

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

Insider Buying and Selling

In related news, CEO Revathi Advaithi sold 39,188 shares of Flex stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.18, for a total transaction of $5,689,313.84. Following the completion of the transaction, the chief executive officer directly owned 584,278 shares in the company, valued at $84,825,480.04. The trade was a 6.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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. Also, CAO Daniel Wendler sold 1,311 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.20, for a total value of $190,357.20. Following the completion of the sale, the chief accounting officer directly owned 37,932 shares in the company, valued at approximately $5,507,726.40. The trade was a 3.34% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 769,195 shares of company stock valued at $110,116,823. 0.62% of the stock is owned by company insiders.

Analyst Ratings Changes

FLEX has been the subject of a number of recent analyst reports. Stifel Nicolaus raised their price objective on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, April 20th. JPMorgan Chase & Co. boosted their target price on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. KeyCorp increased their target price on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Zacks Research raised Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Finally, Barclays lifted their price target on Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research note on Thursday, June 4th. 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, the stock 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.