Hennion & Walsh Asset Management Inc. Buys 5,250 Shares of Flex Ltd. $FLEX

Hennion & Walsh Asset Management Inc. increased its stake in Flex Ltd. (NASDAQ:FLEX) by 14.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,554 shares of the technology company’s stock after buying an additional 5,250 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Flex were worth $6,735,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC bought a new stake in Flex during the fourth quarter worth $260,000. Goldman Sachs Group Inc. increased its stake in shares of Flex by 19.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock worth $42,314,000 after purchasing an additional 211,046 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of Flex in the 1st quarter valued at about $397,000. EverSource Wealth Advisors LLC lifted its position in shares of Flex by 63.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock valued at $132,000 after buying an additional 1,031 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in Flex by 92.4% during the 2nd quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock valued at $3,099,000 after purchasing an additional 29,821 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Revathi Advaithi sold 197,879 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $144.32, for a total value of $28,557,897.28. Following the completion of the transaction, the chief executive officer owned 623,466 shares of the company’s stock, valued at approximately $89,978,613.12. This represents a 24.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 33,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president owned 73,471 shares in the company, valued at approximately $11,307,921.61. The trade was a 30.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 565,683 shares of company stock worth $81,205,305 over the last 90 days. Corporate insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on FLEX shares. 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. JPMorgan Chase & Co. upped their price objective on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Zacks Research cut shares of Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Robert W. Baird set a $142.00 price target on shares of Flex in a research report on Thursday, July 30th. Finally, Freedom Capital upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Flex presently has an average rating of “Moderate Buy” and an average price target of $114.20.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $121.35 on Monday. The firm has a 50 day moving average of $137.37 and a 200-day moving average of $102.00. Flex Ltd. has a 12 month low of $47.83 and a 12 month high of $166.86. 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 market capitalization of $44.83 billion, a PE ratio of 46.85, a PEG ratio of 0.61 and a beta of 1.68.

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

Flex 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.