Bank of America Corp DE Lowers Stock Position in Flex Ltd. $FLEX

Bank of America Corp DE trimmed its holdings in Flex Ltd. (NASDAQ:FLEX) by 20.5% during the first quarter, HoldingsChannel.com reports. The fund owned 3,750,566 shares of the technology company’s stock after selling 967,010 shares during the period. Bank of America Corp DE’s holdings in Flex were worth $245,512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of FLEX. Intrinsic Edge Capital Management LLC acquired a new stake in Flex during the 1st quarter worth $5,891,000. Amundi increased its stake in Flex by 15.5% in the first quarter. Amundi now owns 1,494,418 shares of the technology company’s stock valued at $97,825,000 after purchasing an additional 200,553 shares during the period. Talon Private Wealth LLC purchased a new stake in shares of Flex in the first quarter valued at about $639,000. Rithm Capital Corp. purchased a new stake in shares of Flex in the first quarter valued at about $1,407,000. Finally, Empowered Funds LLC boosted its stake in shares of Flex by 5.8% during the first quarter. Empowered Funds LLC now owns 152,076 shares of the technology company’s stock worth $9,955,000 after buying an additional 8,310 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insider Activity at Flex

In other Flex news, EVP David Scott Offer sold 33,000 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were 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 in the company, valued at approximately $11,307,921.61. This represents a 30.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael P. Hartung sold 22,627 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the completion of the transaction, the insider directly owned 253,199 shares of the company’s stock, valued at approximately $36,582,191.52. This trade represents a 8.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 769,195 shares of company stock valued at $110,116,823. Company insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FLEX. KeyCorp boosted their price target on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Robert W. Baird set a $142.00 price objective on Flex in a research report on Thursday. JPMorgan Chase & Co. boosted their target price on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Raymond James Financial set a $170.00 price target on Flex and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. Finally, Zacks Research downgraded Flex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Flex currently has a consensus rating of “Moderate Buy” and an average target price of $114.20.

Flex Stock Performance

Shares of FLEX stock opened at $117.45 on Tuesday. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95. The stock has a 50 day simple moving average of $139.21 and a 200-day simple moving average of $100.36. The company has a market cap of $43.03 billion, a price-to-earnings ratio of 45.35, a price-to-earnings-growth ratio of 0.59 and a beta of 1.68. Flex Ltd. has a 12-month low of $47.83 and a 12-month high of $166.86.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Friday, June 26th. The technology company reported $1.00 earnings per share for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The firm had revenue of $7.93 billion for the quarter. On average, equities analysts forecast that Flex Ltd. will post 4.18 EPS for the current year.

About Flex

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.