Flex Ltd. $FLEX Position Trimmed by Handelsbanken Fonder AB

Handelsbanken Fonder AB decreased its holdings in Flex Ltd. (NASDAQ:FLEX) by 17.7% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 72,200 shares of the technology company’s stock after selling 15,500 shares during the quarter. Handelsbanken Fonder AB’s holdings in Flex were worth $11,701,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of FLEX. JSF Financial LLC boosted its stake in shares of Flex by 0.6% during the 1st quarter. JSF Financial LLC now owns 20,504 shares of the technology company’s stock worth $1,342,000 after acquiring an additional 115 shares in the last quarter. Glenview Trust Co raised its position in shares of Flex by 3.4% during the first quarter. Glenview Trust Co now owns 3,775 shares of the technology company’s stock worth $247,000 after purchasing an additional 125 shares during the period. Resonant Capital Advisors LLC lifted its holdings in shares of Flex by 2.1% during the first quarter. Resonant Capital Advisors LLC now owns 7,967 shares of the technology company’s stock valued at $522,000 after purchasing an additional 163 shares during the last quarter. Parkside Financial Bank & Trust boosted its position in shares of 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 purchasing an additional 166 shares during the period. Finally, Bessemer Group Inc. increased its stake in Flex by 7.9% in the 1st quarter. Bessemer Group Inc. now owns 2,418 shares of the technology company’s stock worth $159,000 after purchasing an additional 178 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on FLEX shares. JPMorgan Chase & Co. upped their price objective 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. Stifel Nicolaus raised their price objective on shares of Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. The Goldman Sachs Group lowered their price objective on shares of Flex from $177.00 to $154.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Raymond James Financial set a $170.00 target price on shares of Flex and gave the company an “outperform” rating in a research note on Wednesday, July 29th. Finally, KeyCorp raised their target price on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $114.20.

Flex Trading Down 0.2%

Flex stock opened at $124.30 on Friday. The company’s fifty day simple moving average is $134.61 and its 200-day simple moving average is $103.63. The company has a quick ratio of 0.89, a current ratio of 1.38 and a debt-to-equity ratio of 0.95. Flex Ltd. has a 12 month low of $47.83 and a 12 month high of $166.86. The stock has a market cap of $45.92 billion, a P/E ratio of 47.99, a P/E/G ratio of 0.63 and a beta of 1.67.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. The business had revenue of $7.93 billion during the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. As a group, sell-side analysts forecast that Flex Ltd. will post 4.27 EPS for the current fiscal year.

Insider Activity at Flex

In related news, CEO Revathi Advaithi sold 39,188 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.18, for a total value of $5,689,313.84. Following the transaction, the chief executive officer owned 584,278 shares in the company, valued at approximately $84,825,480.04. This represents a 6.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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, COO Kwang Hooi Tan sold 8,981 shares of Flex stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.19, for a total transaction of $1,303,951.39. Following the completion of the sale, the chief operating officer owned 248,546 shares of the company’s stock, valued at $36,086,393.74. This trade represents a 3.49% decrease in their ownership of the stock. 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 three months, insiders sold 560,183 shares of company stock worth $80,426,190. 0.62% of the stock is currently owned by corporate insiders.

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.