L2 Asset Management LLC Cuts Stock Position in Flex Ltd. $FLEX

L2 Asset Management LLC trimmed its position in shares of Flex Ltd. (NASDAQ:FLEX) by 6.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 117,551 shares of the technology company’s stock after selling 7,936 shares during the period. L2 Asset Management LLC’s holdings in Flex were worth $7,102,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Cynosure Group LLC acquired a new stake in Flex during the 4th quarter valued at $442,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Flex during the 4th quarter valued at $1,662,000. OMERS ADMINISTRATION Corp acquired a new stake in Flex during the 4th quarter valued at $952,000. Vanguard Personalized Indexing Management LLC grew its holdings in Flex by 2.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 45,309 shares of the technology company’s stock valued at $2,738,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Panagora Asset Management Inc. acquired a new stake in Flex during the 4th quarter valued at $1,873,000. 94.30% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Flex

In other news, EVP David Scott Offer sold 33,000 shares of Flex stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $153.91, for a total value of $5,079,030.00. Following the completion of the transaction, the executive vice president directly owned 73,471 shares of the company’s stock, valued at approximately $11,307,921.61. The trade was a 30.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Revathi Advaithi sold 114,090 shares of Flex stock in a transaction dated Monday, May 11th. The shares were 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 of the company’s stock, valued at $98,096,062.14. This trade represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 345,012 shares of company stock worth $48,508,103 over the last 90 days. Company insiders own 0.57% of the company’s stock.

Flex Price Performance

Shares of FLEX stock opened at $149.22 on Tuesday. The firm has a market cap of $54.67 billion, a P/E ratio of 64.04, a P/E/G ratio of 0.79 and a beta of 1.63. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. Flex Ltd. has a 1-year low of $43.15 and a 1-year high of $166.86. The firm has a fifty day moving average of $117.49 and a two-hundred day moving average of $82.73.

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FLEX. Barclays raised their price target on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. JPMorgan Chase & Co. raised their price target on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Zacks Research raised shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Stifel Nicolaus raised their price objective on shares of Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Finally, The Goldman Sachs Group raised their price objective on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Flex currently has an average rating of “Moderate Buy” and a consensus target price of $115.70.

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.