The Manufacturers Life Insurance Company Sells 16,564 Shares of Flex Ltd. $FLEX

The Manufacturers Life Insurance Company cut its position in Flex Ltd. (NASDAQ:FLEX) by 8.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 186,600 shares of the technology company’s stock after selling 16,564 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Flex were worth $12,195,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of FLEX. JSF Financial LLC grew its stake in shares of Flex by 0.6% in the first quarter. JSF Financial LLC now owns 20,504 shares of the technology company’s stock valued at $1,342,000 after acquiring an additional 115 shares in the last quarter. Glenview Trust Co grew its position in shares of Flex by 3.4% during the 1st quarter. Glenview Trust Co now owns 3,775 shares of the technology company’s stock worth $247,000 after purchasing an additional 125 shares in the last quarter. Resonant Capital Advisors LLC increased its holdings in shares of Flex by 2.1% during the first quarter. Resonant Capital Advisors LLC now owns 7,967 shares of the technology company’s stock worth $522,000 after purchasing an additional 163 shares during the period. Parkside Financial Bank & Trust raised its position 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. Finally, Bessemer Group Inc. boosted its stake in shares of Flex by 7.9% in the first quarter. Bessemer Group Inc. now owns 2,418 shares of the technology company’s stock valued at $159,000 after buying an additional 178 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Insider Buying and Selling

In other Flex news, CEO Revathi Advaithi sold 197,879 shares of the company’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $144.32, for a total value of $28,557,897.28. Following the sale, the chief executive officer owned 623,466 shares in the company, valued at approximately $89,978,613.12. The trade was a 24.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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, COO Kwang Hooi Tan sold 26,657 shares of Flex stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total value of $3,851,403.36. Following the completion of the transaction, the chief operating officer directly owned 257,527 shares in the company, valued at approximately $37,207,500.96. This represents a 9.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 769,195 shares of company stock valued at $110,116,823 over the last 90 days. 0.62% of the stock is owned by corporate insiders.

Flex Stock Performance

NASDAQ:FLEX opened at $113.75 on Monday. The stock’s 50-day moving average is $139.51 and its 200-day moving average is $99.98. Flex Ltd. has a 1-year low of $47.83 and a 1-year 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 cap of $41.68 billion, a P/E ratio of 43.92, a price-to-earnings-growth ratio of 0.59 and a beta of 1.64.

Flex (NASDAQ:FLEX) last posted its earnings results on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. The business had revenue of $7.93 billion for the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. Equities research analysts anticipate that Flex Ltd. will post 4.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on FLEX shares. JPMorgan Chase & Co. upped their target price on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. KeyCorp raised their target price on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Robert W. Baird set a $142.00 price target on shares of Flex in a report on Thursday. Raymond James Financial set a $170.00 price target on Flex and gave the company an “outperform” rating in a research note on Wednesday. Finally, Stifel Nicolaus upped their price objective on Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $114.20.

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.