Sequoia Financial Advisors LLC Has $11.62 Million Stock Position in Flex Ltd. $FLEX

Sequoia Financial Advisors LLC grew its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 2.4% in the 1st quarter, HoldingsChannel reports. The fund owned 177,497 shares of the technology company’s stock after purchasing an additional 4,220 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Flex were worth $11,619,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake 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 purchasing an additional 25,662,586 shares during the period. State Street Corp grew its holdings in Flex by 17.8% in the 4th quarter. State Street Corp now owns 14,055,533 shares of the technology company’s stock valued at $849,235,000 after buying an additional 2,126,440 shares in the last quarter. Geode Capital Management LLC grew its holdings in Flex by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company’s stock valued at $459,829,000 after buying an additional 181,266 shares in the last quarter. Norges Bank bought a new position in Flex during the 4th quarter worth $319,756,000. Finally, Polar Capital Holdings Plc lifted its holdings 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 in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Price Performance

Shares of NASDAQ FLEX traded down $4.14 during mid-day trading on Friday, reaching $135.80. The company had a trading volume of 2,723,100 shares, compared to its average volume of 9,241,478. The firm has a market cap of $49.75 billion, a price-to-earnings ratio of 58.28, a PEG ratio of 0.71 and a beta of 1.64. The business’s 50-day simple moving average is $142.50 and its 200 day simple moving average is $93.60. Flex Ltd. has a one year low of $47.83 and a one year high of $166.86. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36.

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

Insider Activity at Flex

In other Flex news, CAO Daniel Wendler sold 1,311 shares of the business’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 transaction of $190,357.20. Following the completion of the transaction, the chief accounting officer directly owned 37,932 shares in the company, valued at $5,507,726.40. The trade was a 3.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael P. Hartung sold 7,269 shares of the company’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $145.22, for a total value of $1,055,604.18. Following the sale, the insider owned 245,930 shares of the company’s stock, valued at $35,713,954.60. The trade was a 2.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 769,195 shares of company stock worth $110,116,823 in the last 90 days. Corporate insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Robert W. Baird set a $165.00 price target on shares of Flex in a research note on Thursday, May 7th. Zacks Research cut shares of Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. boosted their price objective on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Stifel Nicolaus raised their target price on shares of Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Finally, The Goldman Sachs Group boosted their price target on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.