Flex Ltd. $FLEX Stock Position Reduced by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. lessened its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 84.4% in the first quarter, Holdings Channel.com reports. The institutional investor owned 8,609 shares of the technology company’s stock after selling 46,739 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Flex were worth $564,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Flex by 196.1% during the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after purchasing an additional 25,662,586 shares during the period. Norges Bank bought a new stake in Flex in the fourth quarter valued at $319,756,000. State Street Corp boosted its holdings in shares of Flex by 38.0% during the second quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after acquiring an additional 3,377,669 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Flex by 694,916.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,641,062 shares of the technology company’s stock valued at $159,573,000 after acquiring an additional 2,640,682 shares during the period. Finally, Polar Capital Holdings Plc grew its position in shares of Flex by 141.8% during the fourth quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock worth $223,140,000 after acquiring an additional 2,165,780 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Robert W. Baird set a $165.00 price objective on shares of Flex in a research report on Thursday, May 7th. Barclays upped their target price on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research report on Thursday, June 4th. Stifel Nicolaus lifted their price target on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Finally, Wall Street Zen lowered Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $115.70.

Insider Buying and Selling

In related news, EVP David Scott Offer sold 6,657 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.23, for a total value of $966,796.11. Following the sale, the executive vice president directly owned 91,122 shares in the company, valued at $13,233,648.06. The trade was a 6.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Daniel Wendler sold 1,311 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.20, for a total transaction of $190,357.20. Following the sale, the chief accounting officer directly owned 37,932 shares of the company’s stock, valued at approximately $5,507,726.40. This represents a 3.34% 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 769,195 shares of company stock worth $110,116,823 in the last ninety days. Insiders own 0.62% of the company’s stock.

Flex Stock Down 10.9%

Shares of FLEX stock opened at $136.85 on Friday. Flex Ltd. has a 1 year low of $47.83 and a 1 year high of $166.86. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The business’s fifty day moving average is $136.81 and its 200-day moving average is $90.78. The stock has a market cap of $50.14 billion, a PE ratio of 58.73, a price-to-earnings-growth ratio of 0.81 and a beta of 1.64.

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. Flex had a return on equity of 22.12% and a net margin of 3.15%.The business had revenue of $7.48 billion during the quarter. Equities analysts expect that Flex Ltd. will post 4.15 earnings per share for the current fiscal 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.