Dimensional Fund Advisors LP cut its stake in Flex Ltd. (NASDAQ:FLEX – Free Report) by 2.7% in the first quarter, HoldingsChannel reports. The firm owned 5,584,305 shares of the technology company’s stock after selling 152,780 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Flex were worth $365,401,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Flex by 196.1% during the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after purchasing an additional 25,662,586 shares during the last quarter. Norges Bank purchased a new stake in shares of Flex in the 4th quarter valued at about $319,756,000. State Street Corp boosted 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Flex by 694,916.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,641,062 shares of the technology company’s stock worth $159,573,000 after purchasing an additional 2,640,682 shares during the period. Finally, Polar Capital Holdings Plc boosted its stake in shares of Flex by 141.8% during the fourth quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock worth $223,140,000 after buying an additional 2,165,780 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.
Flex Stock Up 6.2%
NASDAQ FLEX opened at $127.39 on Wednesday. The business has a 50 day moving average price of $142.41 and a two-hundred day moving average price of $96.90. The stock has a market cap of $46.67 billion, a PE ratio of 54.67, a P/E/G ratio of 0.63 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.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on FLEX shares. Stifel Nicolaus increased their price target on Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, April 20th. The Goldman Sachs Group boosted their price target on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Robert W. Baird set a $165.00 price objective on shares of Flex in a research note on Thursday, May 7th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flex in a report on Friday. Finally, Zacks Research cut shares of Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.70.
Check Out Our Latest Report on Flex
Insider Buying and Selling at Flex
In related news, CAO Daniel Wendler sold 1,311 shares of Flex stock in a transaction 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 owned 37,932 shares in the company, valued at approximately $5,507,726.40. The trade was a 3.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.23, for a total transaction of $966,796.11. Following the completion of the sale, the executive vice president directly owned 91,122 shares of the company’s stock, valued at $13,233,648.06. The trade was a 6.81% 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. In the last three months, insiders have sold 769,195 shares of company stock valued at $110,116,823. Corporate insiders own 0.62% of the company’s stock.
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.
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