Financiere des Professionnels Fonds d investissement inc. decreased its position in Flex Ltd. (NASDAQ:FLEX – Free Report) by 45.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,754 shares of the technology company’s stock after selling 6,539 shares during the period. Financiere des Professionnels Fonds d investissement inc.’s holdings in Flex were worth $508,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in FLEX. Vanguard Group Inc. boosted its position in shares of Flex by 196.1% during the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after buying an additional 25,662,586 shares during the period. State Street Corp raised its stake in Flex by 17.8% during the 4th quarter. State Street Corp now owns 14,055,533 shares of the technology company’s stock valued at $849,235,000 after acquiring an additional 2,126,440 shares in the last quarter. Geode Capital Management LLC boosted its position in Flex by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company’s stock worth $459,829,000 after acquiring an additional 181,266 shares during the period. Norges Bank bought a new position in shares of Flex in the fourth quarter worth $319,756,000. Finally, Polar Capital Holdings Plc grew its stake in shares of Flex by 141.8% in the fourth quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock worth $223,140,000 after purchasing an additional 2,165,780 shares in the last quarter. Institutional investors own 94.30% of the company’s stock.
Wall Street Analyst Weigh In
FLEX has been the topic of a number of recent analyst reports. Robert W. Baird set a $165.00 price objective on shares of Flex in a research note on Thursday, May 7th. JPMorgan Chase & Co. raised their target price 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. Zacks Research lowered shares of Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. The Goldman Sachs Group increased their price objective on shares of Flex from $84.00 to $177.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Finally, 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 note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $115.70.
Flex Trading Down 1.5%
Shares of FLEX stock opened at $119.25 on Friday. The stock has a 50-day simple moving average of $143.16 and a 200 day simple moving average of $95.78. The stock has a market capitalization of $43.69 billion, a P/E ratio of 51.18, a P/E/G ratio of 0.64 and a beta of 1.64. Flex Ltd. has a fifty-two week low of $47.83 and a fifty-two week high of $166.86. 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 – Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 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 for the quarter. On average, sell-side analysts expect that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, COO Kwang Hooi Tan sold 8,981 shares of the 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 directly owned 248,546 shares of the company’s stock, valued at $36,086,393.74. This represents a 3.49% decrease in their ownership of the stock. The transaction 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, EVP David Scott Offer sold 6,657 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.23, for a total transaction of $966,796.11. Following the sale, the executive vice president owned 91,122 shares of the company’s stock, valued at $13,233,648.06. The trade was a 6.81% 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 769,195 shares of company stock worth $110,116,823. Company insiders own 0.62% of the company’s stock.
Flex Company 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.
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