Flex Ltd. $FLEX Stock Holdings Lessened by Convergence Investment Partners LLC

Convergence Investment Partners LLC lowered its stake in Flex Ltd. (NASDAQ:FLEX) by 34.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 29,879 shares of the technology company’s stock after selling 16,053 shares during the period. Convergence Investment Partners LLC’s holdings in Flex were worth $1,805,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of FLEX. Brighton Jones LLC bought a new position in shares of Flex in the fourth quarter valued at $260,000. Goldman Sachs Group Inc. raised its stake in 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 period. Empowered Funds LLC acquired a new stake in Flex during the 1st quarter valued at $397,000. EverSource Wealth Advisors LLC raised its stake in Flex by 63.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock valued at $132,000 after purchasing an additional 1,031 shares during the period. Finally, First Trust Advisors LP raised its stake in Flex by 92.4% during the 2nd quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock valued at $3,099,000 after purchasing an additional 29,821 shares during the period. Institutional investors own 94.30% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on FLEX. Stifel Nicolaus boosted their target price on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. KeyCorp boosted their target price on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Raymond James Financial set a $80.00 target price on shares of Flex and gave the company an “outperform” rating in a research note on Wednesday, February 4th. Zacks Research raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $112.80.

Insiders Place Their Bets

In other news, Director Charles K. Stevens III sold 15,000 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $138.14, for a total value of $2,072,100.00. Following the transaction, the director directly owned 45,426 shares of the company’s stock, valued at approximately $6,275,147.64. This represents a 24.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Revathi Advaithi sold 114,090 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $142.37, for a total transaction of $16,242,993.30. Following the completion of the transaction, the chief executive officer directly owned 689,022 shares in the company, valued at $98,096,062.14. This trade represents a 14.21% decrease in their ownership of the stock. 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 sold a total of 226,512 shares of company stock valued at $30,720,858 in the last three months. Company insiders own 0.57% of the company’s stock.

Flex Trading Down 4.0%

NASDAQ FLEX opened at $137.86 on Friday. Flex Ltd. has a 1-year low of $40.15 and a 1-year high of $147.34. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $50.69 billion, a PE ratio of 59.17, a price-to-earnings-growth ratio of 0.76 and a beta of 1.46. The firm’s fifty day simple moving average is $83.80 and its 200-day simple moving average is $70.32.

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

Flex Company Profile

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.