CNB Bank Makes New $30,000 Investment in Flex Ltd. $FLEX

CNB Bank bought a new stake in shares of Flex Ltd. (NASDAQ:FLEX) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 592 shares of the technology company’s stock, valued at approximately $30,000.

Several other large investors also recently added to or reduced their stakes in the stock. Rise Advisors LLC purchased a new stake in Flex during the first quarter valued at approximately $25,000. Olde Wealth Management LLC purchased a new stake in Flex during the 1st quarter valued at $26,000. Cullen Frost Bankers Inc. bought a new stake in Flex in the first quarter worth $26,000. Concord Wealth Partners purchased a new position in Flex during the second quarter worth $28,000. Finally, Harbour Investments Inc. increased its position in Flex by 74.7% during the second quarter. Harbour Investments Inc. now owns 704 shares of the technology company’s stock valued at $35,000 after acquiring an additional 301 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Flex Stock Up 0.6%

Shares of NASDAQ FLEX opened at $64.28 on Friday. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $65.59. The firm has a market capitalization of $24.13 billion, a price-to-earnings ratio of 28.19, a PEG ratio of 2.09 and a beta of 1.15. The stock has a 50 day moving average price of $57.07 and a 200 day moving average price of $48.45. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 1.36.

Flex (NASDAQ:FLEX) last issued its earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.09. Flex had a return on equity of 20.25% and a net margin of 3.42%.The business had revenue of $6.58 billion during the quarter, compared to analyst estimates of $6.27 billion. During the same period in the previous year, the company posted $0.51 EPS. Flex’s revenue was up 4.1% on a year-over-year basis. Sell-side analysts expect that Flex Ltd. will post 2.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FLEX. Stifel Nicolaus raised their target price on shares of Flex from $45.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, July 25th. Bank of America raised their price objective on shares of Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flex in a research note on Saturday. Barclays raised their price target on Flex from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, July 25th. Finally, Wall Street Zen downgraded Flex from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 11th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Flex has a consensus rating of “Moderate Buy” and a consensus target price of $59.71.

Insider Transactions at Flex

In related news, COO Kwang Hooi Tan sold 12,500 shares of the company’s stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $50.25, for a total value of $628,125.00. Following the completion of the sale, the chief operating officer directly owned 263,636 shares of the company’s stock, valued at $13,247,709. This represents a 4.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Daniel Wendler sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $56.66, for a total transaction of $566,600.00. Following the transaction, the chief accounting officer directly owned 37,619 shares in the company, valued at $2,131,492.54. This trade represents a 21.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 90,020 shares of company stock valued at $4,923,667 over the last three months. 0.57% of the stock is currently owned by corporate insiders.

Flex Company Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.