Redhawk Wealth Advisors Inc. Cuts Position in Flex Ltd. $FLEX

Redhawk Wealth Advisors Inc. cut its holdings in Flex Ltd. (NASDAQ:FLEX) by 13.5% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 31,868 shares of the technology company’s stock after selling 4,994 shares during the period. Redhawk Wealth Advisors Inc.’s holdings in Flex were worth $5,165,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Brighton Jones LLC purchased a new position in Flex in the fourth quarter worth $260,000. Goldman Sachs Group Inc. increased its position in shares of Flex by 19.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock valued at $42,314,000 after purchasing an additional 211,046 shares during the last quarter. Empowered Funds LLC purchased a new stake in shares of Flex during the 1st quarter valued at $397,000. EverSource Wealth Advisors LLC raised its stake in shares of Flex by 63.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock worth $132,000 after purchasing an additional 1,031 shares during the period. Finally, First Trust Advisors LP boosted its holdings in shares of Flex by 92.4% in the 2nd quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock worth $3,099,000 after buying an additional 29,821 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Price Performance

Shares of NASDAQ FLEX opened at $119.70 on Tuesday. The stock’s 50-day simple moving average is $136.81 and its two-hundred day simple moving average is $102.39. Flex Ltd. has a twelve month low of $47.83 and a twelve month high of $166.86. The firm has a market capitalization of $44.22 billion, a P/E ratio of 46.22, a P/E/G ratio of 0.61 and a beta of 1.68. 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 (NASDAQ:FLEX) last issued its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. The company 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, equities analysts anticipate that Flex Ltd. will post 4.27 EPS for the current fiscal year.

Insider Activity at Flex

In related news, CEO Revathi Advaithi sold 197,879 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the transaction, the chief executive officer directly owned 623,466 shares of the company’s stock, valued at approximately $89,978,613.12. This trade represents a 24.09% decrease in their position. The sale 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, insider Michael P. Hartung sold 22,627 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total value of $3,269,148.96. Following the completion of the sale, the insider owned 253,199 shares of the company’s stock, valued at $36,582,191.52. The trade was a 8.20% 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. Insiders have sold a total of 563,183 shares of company stock valued at $80,863,830 over the last ninety days. 0.62% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FLEX. Zacks Research downgraded shares of Flex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Weiss Ratings reissued a “buy (b-)” rating on shares of Flex in a research report on Friday, July 17th. JPMorgan Chase & Co. raised their price target on shares of Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Raymond James Financial set a $170.00 price target on shares of Flex and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Finally, Stifel Nicolaus upped their price objective on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $114.20.

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.