Forum Financial Management LP Sells 1,399 Shares of Flex Ltd. $FLEX

Forum Financial Management LP lowered its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 8.6% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 14,855 shares of the technology company’s stock after selling 1,399 shares during the quarter. Forum Financial Management LP’s holdings in Flex were worth $742,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Rise Advisors LLC bought a new position in Flex in the 1st quarter valued at $25,000. Olde Wealth Management LLC bought a new position in Flex in the 1st quarter valued at $26,000. Cullen Frost Bankers Inc. bought a new position in Flex in the 1st quarter valued at $26,000. Concord Wealth Partners bought a new position in Flex in the 2nd quarter valued at $28,000. Finally, Harbour Investments Inc. grew its stake in Flex by 74.7% in the 2nd quarter. Harbour Investments Inc. now owns 704 shares of the technology company’s stock valued at $35,000 after purchasing an additional 301 shares during the period. Institutional investors own 94.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on FLEX shares. KeyCorp upped their price objective on Flex from $60.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. The Goldman Sachs Group set a $66.00 price target on Flex in a research note on Monday, September 29th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flex in a research note on Wednesday, October 8th. Wall Street Zen downgraded Flex from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 11th. Finally, Barclays increased their price target on Flex from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, July 25th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Flex has an average rating of “Moderate Buy” and an average target price of $59.71.

Flex Stock Performance

Shares of FLEX opened at $63.89 on Friday. The stock’s 50-day simple moving average is $56.76 and its 200 day simple moving average is $48.06. The stock has a market capitalization of $23.98 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 2.00 and a beta of 1.15. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 1.36. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $64.52.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Thursday, July 24th. The technology company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.09. The business had revenue of $6.58 billion for the quarter, compared to analysts’ expectations of $6.27 billion. Flex had a return on equity of 20.25% and a net margin of 3.42%.The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.51 EPS. Research analysts forecast that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling at Flex

In related news, Director Erin Mcsweeney sold 10,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $51.47, for a total transaction of $514,700.00. Following the sale, the director owned 17,012 shares of the company’s stock, valued at approximately $875,607.64. This represents a 37.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Kwang Hooi Tan sold 12,500 shares of the stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $50.25, for a total value of $628,125.00. Following the sale, the chief operating officer directly owned 263,636 shares in the company, valued at $13,247,709. This trade represents a 4.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 90,020 shares of company stock worth $4,923,667 in the last three months. 0.57% of the stock is currently owned by corporate insiders.

About Flex

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.