Sei Investments Co. Grows Stock Position in Flex Ltd. $FLEX

Sei Investments Co. grew its stake in Flex Ltd. (NASDAQ:FLEX) by 52.2% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 2,230,622 shares of the technology company’s stock after purchasing an additional 764,558 shares during the period. Sei Investments Co.’s holdings in Flex were worth $146,016,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of Flex by 196.1% in the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after buying an additional 25,662,586 shares in the last quarter. Norges Bank bought a new stake in shares of Flex during the fourth quarter worth approximately $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new position in shares of Flex in the 4th quarter valued at $2,497,000. Sequoia Financial Advisors LLC boosted its position in shares of Flex by 12.5% in the 4th quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company’s stock worth $10,469,000 after purchasing an additional 19,270 shares during the last quarter. Finally, Teacher Retirement System of Texas increased its holdings in Flex by 62.3% in the fourth quarter. Teacher Retirement System of Texas now owns 340,389 shares of the technology company’s stock valued at $20,566,000 after purchasing an additional 130,641 shares during the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Flex

In other Flex news, COO Kwang Hooi Tan sold 26,657 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 $3,851,403.36. Following the sale, the chief operating officer owned 257,527 shares in the company, valued at approximately $37,207,500.96. The trade was a 9.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 33,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the transaction, the executive vice president directly owned 73,471 shares of the company’s stock, valued at $11,307,921.61. This represents a 30.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 769,195 shares of company stock valued at $110,116,823 over the last three months. 0.62% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FLEX has been the topic of several analyst reports. Robert W. Baird set a $165.00 target price on Flex in a research note on Thursday, May 7th. The Goldman Sachs Group upped 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. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flex in a research report on Friday, July 17th. Stifel Nicolaus lifted their price objective on shares of Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Flex currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.70.

Flex Trading Up 0.7%

Shares of NASDAQ:FLEX opened at $127.94 on Friday. The firm has a market cap of $46.87 billion, a price-to-earnings ratio of 54.91, a PEG ratio of 0.66 and a beta of 1.64. Flex Ltd. has a 12 month low of $47.83 and a 12 month high of $166.86. The company’s fifty day simple moving average is $141.76 and its 200 day simple moving average is $97.82. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73.

Flex (NASDAQ:FLEX) last released its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The firm had revenue of $7.48 billion during the quarter. As a group, research analysts forecast that Flex Ltd. will post 4.18 EPS 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.