Flex Ltd. $FLEX Shares Sold by Meitav Investment House Ltd.

Meitav Investment House Ltd. lowered its holdings in Flex Ltd. (NASDAQ:FLEX) by 15.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 159,055 shares of the technology company’s stock after selling 29,020 shares during the quarter. Meitav Investment House Ltd.’s holdings in Flex were worth $10,412,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of FLEX. USA Financial Formulas acquired a new stake in Flex in the 4th quarter valued at approximately $28,000. Frazier Financial Advisors LLC purchased a new position in shares of Flex during the fourth quarter worth $28,000. Parkside Financial Bank & Trust grew its stake in shares of Flex by 57.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after buying an additional 166 shares in the last quarter. Gables Capital Management Inc. acquired a new stake in shares of Flex in the fourth quarter valued at $42,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Flex by 6,318.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock valued at $43,000 after buying an additional 695 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. raised 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. Zacks Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. Stifel Nicolaus increased their price target on shares of Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. The Goldman Sachs Group raised their price objective on shares of Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, KeyCorp upped their target price on shares of Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. One equities research 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 MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $115.70.

Insider Activity

In other Flex news, COO Kwang Hooi Tan sold 8,981 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.19, for a total transaction of $1,303,951.39. Following the transaction, the chief operating officer owned 248,546 shares of the company’s stock, valued at approximately $36,086,393.74. This trade represents a 3.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 39,188 shares of Flex stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.18, for a total value of $5,689,313.84. Following the sale, the chief executive officer owned 584,278 shares in the company, valued at $84,825,480.04. This trade represents a 6.29% decrease in their position. 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. 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 over the last three months. Company insiders own 0.62% of the company’s stock.

Flex Stock Down 6.9%

FLEX traded down $9.50 on Tuesday, reaching $129.15. The company’s stock had a trading volume of 1,507,910 shares, compared to its average volume of 5,250,053. The company has a market capitalization of $47.32 billion, a price-to-earnings ratio of 55.56, a P/E/G ratio of 0.72 and a beta of 1.64. Flex Ltd. has a fifty-two week low of $47.83 and a fifty-two week high of $166.86. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The stock has a 50 day moving average of $138.87 and a two-hundred day moving average of $91.79.

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

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.