Flex Ltd. (NASDAQ:FLEX) Holdings Trimmed by American Trust

American Trust cut its holdings in Flex Ltd. (NASDAQ:FLEX) by 16.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,952 shares of the technology company’s stock after selling 1,547 shares during the quarter. American Trust’s holdings in Flex were worth $228,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Richardson Financial Services Inc. purchased a new position in shares of Flex in the fourth quarter worth approximately $34,000. CWM LLC boosted its position in Flex by 92.5% during the 4th quarter. CWM LLC now owns 1,609 shares of the technology company’s stock worth $49,000 after acquiring an additional 773 shares during the period. Fifth Third Bancorp grew its stake in Flex by 276.6% during the 4th quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock valued at $60,000 after acquiring an additional 1,455 shares in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Flex in the 4th quarter valued at about $77,000. Finally, Edmond DE Rothschild Holding S.A. lifted its position in shares of Flex by 52.0% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 4,502 shares of the technology company’s stock worth $137,000 after purchasing an additional 1,540 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Daniel Wendler sold 1,275 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $31.30, for a total value of $39,907.50. Following the transaction, the chief accounting officer now directly owns 32,510 shares in the company, valued at $1,017,563. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CAO Daniel Wendler sold 1,275 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $31.30, for a total value of $39,907.50. Following the completion of the sale, the chief accounting officer now directly owns 32,510 shares of the company’s stock, valued at approximately $1,017,563. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael D. Capellas sold 78,872 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $33.64, for a total transaction of $2,653,254.08. Following the completion of the sale, the director now directly owns 219,037 shares of the company’s stock, valued at approximately $7,368,404.68. The disclosure for this sale can be found here. Insiders sold a total of 812,570 shares of company stock worth $25,403,101 over the last three months. 0.82% of the stock is currently owned by company insiders.

Flex Price Performance

Shares of NASDAQ:FLEX traded down $2.08 during midday trading on Friday, reaching $28.59. The company’s stock had a trading volume of 3,908,380 shares, compared to its average volume of 3,388,601. The business’s fifty day simple moving average is $31.10 and its 200-day simple moving average is $28.90. The company has a market capitalization of $11.40 billion, a P/E ratio of 12.43, a P/E/G ratio of 2.03 and a beta of 1.12. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.40 and a quick ratio of 0.79. Flex Ltd. has a fifty-two week low of $21.84 and a fifty-two week high of $34.12.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Wednesday, May 1st. The technology company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. Flex had a net margin of 3.54% and a return on equity of 16.23%. The business had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.10 billion. As a group, equities research analysts expect that Flex Ltd. will post 2.09 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on FLEX. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Friday. Craig Hallum raised shares of Flex from a “hold” rating to a “buy” rating and boosted their target price for the stock from $27.00 to $39.00 in a research report on Thursday, July 25th. Barclays upped their price target on Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Stifel Nicolaus boosted their target price on Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Finally, JPMorgan Chase & Co. increased their price target on Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $38.40.

Flex Company Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.