Flex Ltd. $FLEX Shares Sold by Engineers Gate Manager LP

Engineers Gate Manager LP reduced its position in Flex Ltd. (NASDAQ:FLEX) by 26.6% in the 2nd quarter, Holdings Channel reports. The firm owned 25,438 shares of the technology company’s stock after selling 9,232 shares during the quarter. Engineers Gate Manager LP’s holdings in Flex were worth $4,123,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. 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 during the last quarter. Frazier Financial Advisors LLC acquired a new position in Flex during the fourth quarter worth about $28,000. Gables Capital Management Inc. acquired a new stake in Flex in the 4th quarter valued at about $42,000. Caitong International Asset Management Co. Ltd lifted its stake in Flex by 6,318.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock worth $43,000 after purchasing an additional 695 shares in the last quarter. Finally, Transamerica Financial Advisors LLC boosted its holdings in shares of Flex by 168.7% during the 4th quarter. Transamerica Financial Advisors LLC now owns 841 shares of the technology company’s stock worth $51,000 after purchasing an additional 528 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insider Activity

In other news, EVP David Offer sold 20,812 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $144.47, for a total transaction of $3,006,709.64. Following the sale, the executive vice president owned 97,779 shares of the company’s stock, valued at approximately $14,126,132.13. This trade represents a 17.55% decrease in their position. The sale was disclosed in a legal filing 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, COO Kwang Tan sold 26,657 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were 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 of the company’s stock, valued at $37,207,500.96. This trade 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. In the last three months, insiders have sold 426,938 shares of company stock worth $61,941,083. 0.62% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flex in a report on Friday, July 17th. Raymond James Financial set a $170.00 price objective on Flex and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. The Goldman Sachs Group cut their target price on Flex from $177.00 to $154.00 and set a “buy” rating for the company in a research note on Thursday, July 30th. Barclays lowered their price target on shares of Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Finally, Zacks Research cut shares of Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $114.20.

Flex Trading Up 7.2%

FLEX opened at $115.78 on Friday. The business has a fifty day moving average price of $119.07 and a 200 day moving average price of $110.45. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.38 and a quick ratio of 0.89. The stock has a market capitalization of $42.77 billion, a price-to-earnings ratio of 44.70, a PEG ratio of 0.58 and a beta of 1.67. Flex Ltd. has a 12 month low of $53.07 and a 12 month high of $166.86.

Flex (NASDAQ:FLEX) last issued its earnings results on Friday, June 26th. The technology company reported $1.00 earnings per share for the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. The firm had revenue of $7.93 billion for the quarter. Sell-side analysts expect that Flex Ltd. will post 4.27 earnings per share for the current fiscal year.

Flex Profile

Flex Ltd. (NASDAQ:FLEX) is a global manufacturing and supply-chain solutions company that helps original equipment manufacturers design, build and manage products. Its services span product design and engineering, prototyping, manufacturing, assembly, testing, logistics, supply-chain management and aftermarket support.

The company supports customers across industries including automotive, communications, consumer, industrial, healthcare and life sciences, and cloud and data-center infrastructure.