Wellington Management Group LLP Has $2.91 Billion Position in Flex Ltd. $FLEX

Wellington Management Group LLP lessened its holdings in Flex Ltd. (NASDAQ:FLEX) by 11.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,978,332 shares of the technology company’s stock after selling 2,259,954 shares during the period. Wellington Management Group LLP owned 4.87% of Flex worth $2,913,748,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Flex in the fourth quarter valued at about $319,756,000. Rithm Capital Corp. acquired a new stake in Flex in the 1st quarter valued at about $1,407,000. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in Flex in the 4th quarter valued at about $2,497,000. Sequoia Financial Advisors LLC lifted its stake in 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 in the last quarter. Finally, North Dakota State Investment Board acquired a new position in shares of Flex during the 4th quarter worth approximately $794,000. 94.30% of the stock is owned by institutional investors.

Insider Activity at Flex

In other Flex news, 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 owned 253,199 shares of the company’s stock, valued at $36,582,191.52. This trade represents a 8.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 26,657 shares of Flex stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,851,403.36. Following the sale, the chief operating officer owned 257,527 shares of the company’s stock, valued at approximately $37,207,500.96. This represents a 9.38% 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. Over the last ninety days, insiders sold 459,938 shares of company stock worth $67,020,113. 0.62% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. The Goldman Sachs Group reduced their price objective on Flex from $177.00 to $154.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Raymond James Financial set a $170.00 target price on Flex and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. Robert W. Baird set a $142.00 price target on Flex in a report on Thursday, July 30th. Barclays lowered their price target on shares of Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Finally, KeyCorp raised their price objective on shares of Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $114.20.

Flex Price Performance

FLEX stock opened at $110.50 on Friday. Flex Ltd. has a 52-week low of $51.76 and a 52-week high of $166.86. The company has a quick ratio of 0.89, a current ratio of 1.38 and a debt-to-equity ratio of 0.95. The stock has a market cap of $40.82 billion, a price-to-earnings ratio of 42.66, a price-to-earnings-growth ratio of 0.58 and a beta of 1.67. The business has a fifty day moving average of $127.37 and a two-hundred day moving average of $107.28.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. The business had revenue of $7.93 billion for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. As a group, research analysts anticipate that Flex Ltd. will post 4.27 earnings per share 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.