Concentric Capital Strategies LP Sells 109,178 Shares of Flex Ltd. $FLEX

Concentric Capital Strategies LP reduced its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 50.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 106,913 shares of the technology company’s stock after selling 109,178 shares during the period. Concentric Capital Strategies LP’s holdings in Flex were worth $6,460,000 as of its most recent filing with the Securities and Exchange Commission.

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

Flex Trading Down 2.6%

Shares of NASDAQ FLEX opened at $143.13 on Thursday. Flex Ltd. has a 1-year low of $45.31 and a 1-year high of $166.86. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. The business’s 50 day moving average is $120.56 and its two-hundred day moving average is $83.95. The stock has a market capitalization of $52.44 billion, a P/E ratio of 61.43, a PEG ratio of 0.77 and a beta of 1.64.

Flex (NASDAQ:FLEX) last posted 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 company had revenue of $7.48 billion for the quarter. As a group, research analysts expect that Flex Ltd. will post 4.15 EPS for the current year.

Insiders Place Their Bets

In related news, EVP David Scott Offer sold 18,750 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $147.91, for a total value of $2,773,312.50. Following the completion of the sale, the executive vice president directly owned 54,721 shares of the company’s stock, valued at $8,093,783.11. This represents a 25.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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, CFO Kevin Krumm sold 3,378 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $148.01, for a total transaction of $499,977.78. Following the transaction, the chief financial officer owned 151,280 shares in the company, valued at approximately $22,390,952.80. This represents a 2.18% 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. In the last ninety days, insiders sold 433,924 shares of company stock worth $61,663,653. 0.57% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on FLEX shares. Barclays lifted their price target on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. JPMorgan Chase & Co. upped their target price on shares of Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. Wall Street Zen downgraded Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Finally, The Goldman Sachs Group upped their price objective on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $115.70.

Flex News Summary

Here are the key news stories impacting Flex this week:

• Neutral Sentiment: CEO Revathi Advaithi sold 39,239 shares, a 6.48% reduction in her holdings, in a transaction valued at about $5.8 million; the filing says the sale was to cover tax withholding obligations. SEC filing
• Neutral Sentiment: CFO Kevin Krumm sold 3,378 shares, and COO Kwang Hooi Tan sold 10,540 shares, both describing the trades as tax-related equity award withholding rather than a change in business outlook. SEC filing
• Neutral Sentiment: EVP David Scott Offer sold shares in two transactions, including one under a Rule 10b5-1 plan, which may reduce concern about timing but still adds to the overall insider-selling narrative. SEC filing
• Neutral Sentiment: Other insider sales came from COO Kwang Hooi Tan, insider Michael P. Hartung, and CAO Daniel Wendler, all similarly framed as equity-compensation-related selling. SEC filing

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.