Flex Ltd. $FLEX Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 10.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,378 shares of the technology company’s stock after selling 3,923 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Flex were worth $2,017,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Flex by 196.1% during the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after purchasing an additional 25,662,586 shares in the last quarter. State Street Corp increased its holdings in shares of Flex by 38.0% in the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after acquiring an additional 3,377,669 shares during the period. Qube Research & Technologies Ltd increased its holdings in shares of Flex by 118.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 2,811,248 shares of the technology company’s stock valued at $162,968,000 after acquiring an additional 1,522,308 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Flex by 80.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,645,745 shares of the technology company’s stock valued at $153,374,000 after acquiring an additional 1,183,464 shares during the period. Finally, Legal & General Group Plc increased its holdings in shares of Flex by 1.1% in the 3rd quarter. Legal & General Group Plc now owns 2,469,845 shares of the technology company’s stock valued at $143,177,000 after acquiring an additional 26,738 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on FLEX shares. Robert W. Baird set a $165.00 target price on shares of Flex in a report on Thursday, May 7th. Raymond James Financial set a $80.00 target price on shares of Flex and gave the company an “outperform” rating in a report on Wednesday, February 4th. Stifel Nicolaus lifted their target price on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. KeyCorp lifted 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. Finally, Barclays lifted their target price on shares of Flex from $72.00 to $174.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. One investment 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’s stock. According to MarketBeat, Flex has an average rating of “Moderate Buy” and an average target price of $112.80.

Insider Transactions at Flex

In other Flex news, CEO Revathi Advaithi sold 114,090 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $142.37, for a total transaction of $16,242,993.30. Following the sale, the chief executive officer directly owned 689,022 shares in the company, valued at approximately $98,096,062.14. The trade was a 14.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael P. Hartung sold 22,216 shares of the business’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $142.38, for a total transaction of $3,163,114.08. Following the sale, the insider owned 232,706 shares in the company, valued at $33,132,680.28. The trade was a 8.71% 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. Insiders sold a total of 329,512 shares of company stock worth $44,459,298 over the last quarter. 0.57% of the stock is currently owned by corporate insiders.

Trending Headlines about Flex

Here are the key news stories impacting Flex this week:

• Positive Sentiment: Investors continue to react positively to Flex’s AI infrastructure spin-off plan and stronger outlook, which has helped re-rate the shares higher amid optimism around data-center demand. Flex rallies 6.2% as AI infrastructure spin-off plan and upbeat outlook continue to re-rate shares
• Neutral Sentiment: CEO Revathi Advaithi sold 83,500 shares in a pre-arranged Rule 10b5-1 transaction, which is notable but may be viewed as routine insider selling rather than a change in business outlook.
• Neutral Sentiment: Director Erin McSweeney sold 2,000 shares, following prior sales earlier in the month; the repeated insider selling may create some caution, but the amount is relatively small versus Flex’s large market value.
• Negative Sentiment: Multiple insider sales over the past several months, with no reported insider purchases, could pressure investor sentiment if traders interpret the pattern as executives taking profits after a sharp run-up.

Flex Stock Performance

NASDAQ:FLEX opened at $145.79 on Thursday. The firm’s fifty day moving average price is $95.25 and its 200 day moving average price is $74.31. Flex Ltd. has a 1-year low of $41.43 and a 1-year high of $147.34. 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 firm has a market cap of $53.41 billion, a price-to-earnings ratio of 62.57, a price-to-earnings-growth ratio of 0.75 and a beta of 1.46.

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 firm had revenue of $7.48 billion for the quarter. On average, sell-side analysts expect that Flex Ltd. will post 4.15 EPS for the current 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.