Sei Investments Co. Raises Holdings in Flex Ltd. $FLEX

Sei Investments Co. lifted its position in shares of Flex Ltd. (NASDAQ:FLEX) by 52.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,230,622 shares of the technology company’s stock after buying an additional 764,558 shares during the quarter. Sei Investments Co. owned approximately 0.61% of Flex worth $146,016,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Flex by 196.1% during the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after purchasing an additional 25,662,586 shares during the period. State Street Corp lifted its position in shares of Flex by 17.8% in the 4th quarter. State Street Corp now owns 14,055,533 shares of the technology company’s stock worth $849,235,000 after purchasing an additional 2,126,440 shares during the period. Geode Capital Management LLC boosted its stake in shares of Flex by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company’s stock valued at $459,829,000 after purchasing an additional 181,266 shares in the last quarter. Norges Bank purchased a new position in Flex during the fourth quarter valued at approximately $319,756,000. Finally, Polar Capital Holdings Plc increased its holdings in Flex by 141.8% during the fourth quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock valued at $223,140,000 after buying an additional 2,165,780 shares during the period. 94.30% of the stock is currently owned by institutional investors.

Flex Stock Up 0.7%

Flex stock opened at $127.94 on Friday. Flex Ltd. has a 1-year low of $47.83 and a 1-year high of $166.86. The business has a fifty day moving average price of $141.76 and a 200-day moving average price of $97.82. 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 stock has a market capitalization of $46.87 billion, a price-to-earnings ratio of 54.91, a PEG ratio of 0.66 and a beta of 1.64.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The business had revenue of $7.48 billion during the quarter. Equities research analysts forecast that Flex Ltd. will post 4.18 EPS for the current fiscal year.

Insider Transactions at Flex

In related news, EVP David Scott Offer sold 33,000 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $153.91, for a total value of $5,079,030.00. Following the completion of the transaction, the executive vice president owned 73,471 shares in the company, valued at $11,307,921.61. This trade represents a 30.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael P. Hartung sold 22,627 shares of Flex stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total value of $3,269,148.96. Following the sale, the insider directly owned 253,199 shares of the company’s stock, valued at approximately $36,582,191.52. This represents a 8.20% decrease in their position. 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. Insiders sold 769,195 shares of company stock valued at $110,116,823 in the last quarter. Insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FLEX. Robert W. Baird set a $165.00 target price on Flex in a report on Thursday, May 7th. The Goldman Sachs Group lifted 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. Barclays upped their price objective on Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research note on Thursday, June 4th. Stifel Nicolaus raised their price objective on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Flex in a research note on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $115.70.

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.