Flex Ltd. $FLEX Stock Sold by Sage Rhino Capital LLC

Sage Rhino Capital LLC trimmed its position in shares of Flex Ltd. (NASDAQ:FLEX) by 87.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 2,177 shares of the technology company’s stock after selling 15,108 shares during the period. Sage Rhino Capital LLC’s holdings in Flex were worth $239,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FLEX. North Dakota State Investment Board grew its position in shares of Flex by 2.5% in the 3rd quarter. North Dakota State Investment Board now owns 11,216 shares of the technology company’s stock valued at $1,234,000 after acquiring an additional 276 shares during the period. Victory Financial Group LLC raised its holdings in shares of Flex by 7.7% in the 3rd quarter. Victory Financial Group LLC now owns 2,629 shares of the technology company’s stock valued at $289,000 after purchasing an additional 189 shares during the period. Asset Management One Co. Ltd. lifted its stake in Flex by 1.5% in the 3rd quarter. Asset Management One Co. Ltd. now owns 158,236 shares of the technology company’s stock valued at $17,404,000 after purchasing an additional 2,388 shares during the last quarter. Oppenheimer & Co. Inc. lifted its stake in Flex by 59.1% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 3,404 shares of the technology company’s stock valued at $374,000 after purchasing an additional 1,265 shares during the last quarter. Finally, Deltec Asset Management LLC grew its holdings in Flex by 40.3% during the third quarter. Deltec Asset Management LLC now owns 139,284 shares of the technology company’s stock worth $15,320,000 after purchasing an additional 40,003 shares during the period. 94.30% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on FLEX shares. Raymond James Financial set a $170.00 price target on Flex and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. Wall Street Zen upgraded Flex from a “hold” rating to a “buy” rating in a research note on Saturday, September 26th. Zacks Research cut Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Freedom Capital upgraded Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Finally, The Goldman Sachs Group decreased their target price on Flex from $154.00 to $145.00 in a report on Friday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $131.78.

Flex Price Performance

Shares of FLEX opened at $86.48 on Friday. The firm has a market capitalization of $31.95 billion, a PE ratio of 25.92, a PEG ratio of 0.47 and a beta of 1.67. The company’s 50-day moving average is $105.70 and its 200-day moving average is $102.84. Flex Ltd. has a fifty-two week low of $53.07 and a fifty-two week high of $166.86. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.34 and a quick ratio of 0.89.

Flex (NASDAQ:FLEX) last posted its earnings results on Wednesday, October 28th. The technology company reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.12. The company had revenue of $8.49 billion during the quarter, compared to analysts’ expectations of $8.17 billion. Flex had a net margin of 3.35% and a return on equity of 24.93%. Flex’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.79 EPS. Equities analysts forecast that Flex Ltd. will post 4.27 EPS for the current year.

Insiders Place Their Bets

In other Flex news, insider Michael P. Hartung sold 2,755 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $120.64, for a total transaction of $332,363.20. Following the completion of the sale, the insider directly owned 243,175 shares in the company, valued at $29,336,632. This trade represents a 1.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.62% of the stock is currently owned by corporate insiders.

About Flex

Flex Ltd. (NASDAQ: FLEX) is a global manufacturing and supply chain solutions provider. The company helps original equipment manufacturers design, engineer, manufacture, distribute and service products across their lifecycles.

Flex serves customers in industries including automotive, communications, consumer electronics, health care, industrial, lifestyle and cloud infrastructure. Its capabilities include product design and engineering, printed circuit board assembly, systems integration, supply chain management, logistics, and aftermarket services.

The company was founded in 1969 as Flextronics and later adopted the name Flex.