Legal & General Group Plc Reduces Holdings in Flex Ltd. $FLEX

Legal & General Group Plc decreased its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 5.2% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,340,271 shares of the technology company’s stock after selling 129,574 shares during the period. Legal & General Group Plc’s holdings in Flex were worth $141,399,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of FLEX. Vanguard Group Inc. lifted its holdings in shares of 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 during the period. Allianz Asset Management GmbH lifted its holdings in shares of Flex by 17.7% during the third quarter. Allianz Asset Management GmbH now owns 2,393,463 shares of the technology company’s stock worth $138,749,000 after purchasing an additional 360,553 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in shares of Flex during the fourth quarter worth about $2,497,000. Winnow Wealth LLC acquired a new stake in shares of Flex during the third quarter worth about $1,058,000. Finally, Nordea Investment Management AB acquired a new stake in shares of Flex during the fourth quarter worth about $2,056,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FLEX. The Goldman Sachs Group boosted their price target on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Robert W. Baird set a $165.00 price target on Flex in a report on Thursday, May 7th. Stifel Nicolaus boosted their price target on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. Zacks Research raised Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. boosted their price target on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $112.80.

Insiders Place Their Bets

In other news, EVP David Scott Offer sold 22,212 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $142.40, for a total value of $3,162,988.80. Following the completion of the sale, the executive vice president directly owned 74,926 shares in the company, valued at $10,669,462.40. The trade was a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 that occurred on Monday, May 11th. The shares were sold at an average price of $142.38, for a total value of $3,163,114.08. Following the completion of the sale, the insider owned 232,706 shares of the company’s stock, valued at $33,132,680.28. This trade represents a 8.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 329,512 shares of company stock valued at $44,459,298. 0.57% of the stock is owned by insiders.

Flex Trading Down 0.6%

Shares of NASDAQ:FLEX opened at $144.85 on Friday. The company has a market capitalization of $53.07 billion, a PE ratio of 62.17, a PEG ratio of 0.77 and a beta of 1.46. Flex Ltd. has a 12-month low of $41.43 and a 12-month high of $147.76. The business has a 50 day moving average of $96.84 and a two-hundred day moving average of $74.89. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. The business had revenue of $7.48 billion during the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. As a group, analysts forecast that Flex Ltd. will post 4.15 EPS for the current year.

Flex 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.