Pictet Asset Management Holding SA Sells 6,564 Shares of Flex Ltd. $FLEX

Pictet Asset Management Holding SA reduced its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 3.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 160,694 shares of the technology company’s stock after selling 6,564 shares during the period. Pictet Asset Management Holding SA’s holdings in Flex were worth $17,675,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of FLEX. KBC Group NV raised its position in Flex by 541.5% during the first quarter. KBC Group NV now owns 1,965,811 shares of the technology company’s stock valued at $128,682,000 after acquiring an additional 1,659,384 shares in the last quarter. Sei Investments Co. raised its holdings in Flex by 52.2% during the first quarter. Sei Investments Co. now owns 2,230,622 shares of the technology company’s stock valued at $146,016,000 after buying an additional 764,558 shares in the last quarter. Hsbc Holdings PLC boosted its stake in shares of Flex by 446.0% during the 1st quarter. Hsbc Holdings PLC now owns 290,062 shares of the technology company’s stock worth $18,905,000 after acquiring an additional 236,941 shares in the last quarter. Amundi lifted its holdings in Flex by 15.5% in the 1st quarter. Amundi now owns 1,494,418 shares of the technology company’s stock worth $97,825,000 after purchasing an additional 200,553 shares during the last quarter. Finally, SEB Asset Management AB bought a new stake in Flex during the first quarter worth approximately $11,411,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Flex

These are some of the FLEX stories that stood out recently:

• Positive Sentiment: Flex was highlighted as an AI-infrastructure company with attractive valuation and growth potential, alongside peers Super Micro Computer and Jabil. Zacks article
• Neutral Sentiment: Flex’s Innovation Day coverage featured a technology showcase with Axiom, but the available headline does not specify financial or commercial outcomes. Innovation Day coverage
• Negative Sentiment: KeyCorp cut its Flex price target to $128 from $180, a substantial reduction that could weigh on sentiment. It maintained an “overweight” rating, however, and the revised target still implies considerable upside from the reference price cited in the report. KeyCorp rating information

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. KeyCorp decreased their price objective on shares of Flex from $180.00 to $128.00 and set an “overweight” rating for the company in a report on Thursday. Zacks Research raised Flex from a “hold” rating to a “strong-buy” rating in a report on Monday, November 2nd. JPMorgan Chase & Co. reduced their price objective on Flex from $175.00 to $160.00 and set an “overweight” rating for the company in a research report on Thursday, July 30th. Weiss Ratings cut shares of Flex from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, September 17th. Finally, Wall Street Zen upgraded shares of Flex from a “hold” rating to a “buy” rating in a research report on Saturday, September 26th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Flex presently has a consensus rating of “Buy” and a consensus target price of $138.88.

Flex Stock Down 1.1%

NASDAQ FLEX opened at $78.12 on Friday. Flex Ltd. has a 1-year low of $53.07 and a 1-year high of $166.86. The company has a market capitalization of $28.86 billion, a price-to-earnings ratio of 28.20, a PEG ratio of 0.37 and a beta of 1.80. The stock’s 50 day moving average is $99.92 and its two-hundred day moving average is $103.42. The company has a current ratio of 1.34, a quick ratio of 0.85 and a debt-to-equity ratio of 0.90.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, October 28th. The technology company reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.12. The firm had revenue of $8.49 billion for the quarter, compared to analysts’ expectations of $8.17 billion. Flex had a return on equity of 24.93% and a net margin of 3.35%. The business’s revenue was up 24.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.79 earnings per share. Equities analysts forecast that Flex Ltd. will post 4.52 earnings per share for the current fiscal year.

Insider Buying and Selling at Flex

In other 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 owned 243,175 shares of the company’s stock, valued at approximately $29,336,632. This trade represents a 1.12% decrease in their ownership of the stock. The transaction was disclosed in a 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. Insiders own 0.62% of the company’s stock.

Flex Company Profile

Flex Ltd. is a global manufacturing and supply-chain services company that works with businesses to design, engineer, manufacture and support products. Its services include product development, sourcing, production, logistics and after-market support. The company serves a range of industries, including automotive, healthcare, industrial, lifestyle and communications, as well as cloud and data-center markets. Its work spans products and systems such as medical devices, vehicle components, industrial equipment and technology infrastructure.