LSV Asset Management Trims Position in Flex Ltd. $FLEX

LSV Asset Management lessened its position in shares of Flex Ltd. (NASDAQ:FLEX) by 36.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,743,369 shares of the technology company’s stock after selling 2,164,782 shares during the quarter. LSV Asset Management’s holdings in Flex were worth $226,174,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Flex by 196.1% during the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after acquiring an additional 25,662,586 shares during the last quarter. State Street Corp increased its position in Flex by 38.0% during the second 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 last quarter. Qube Research & Technologies Ltd increased its position in Flex by 118.1% during the third 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 last quarter. JPMorgan Chase & Co. increased its position in Flex by 80.9% during the third 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 last quarter. Finally, Legal & General Group Plc increased its position in Flex by 1.1% during the third 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 last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Analyst Upgrades and Downgrades

FLEX has been the subject of a number of analyst reports. Stifel Nicolaus upped their price target on Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Raymond James Financial set a $80.00 price target on Flex and gave the stock an “outperform” rating in a research report on Wednesday, February 4th. Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Finally, Robert W. Baird set a $165.00 price target on Flex in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $112.80.

Flex Stock Performance

Shares of FLEX opened at $132.47 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The business has a 50-day simple moving average of $90.64 and a two-hundred day simple moving average of $72.62. The stock has a market cap of $48.53 billion, a price-to-earnings ratio of 56.85, a PEG ratio of 0.69 and a beta of 1.46. Flex Ltd. has a 52 week low of $40.15 and a 52 week high of $147.34.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. The firm 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%. On average, analysts expect that Flex Ltd. will post 4.15 EPS for the current year.

Insider Transactions at Flex

In other news, EVP David Scott Offer sold 22,212 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president owned 74,926 shares of the company’s stock, valued at $10,669,462.40. This represents a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 26,175 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $142.37, for a total value of $3,726,534.75. Following the completion of the transaction, the chief operating officer directly owned 256,043 shares of the company’s stock, valued at approximately $36,452,841.91. This trade represents a 9.27% decrease in their position. 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. Over the last 90 days, insiders have sold 226,512 shares of company stock valued at $30,720,858. 0.57% of the stock is owned by corporate insiders.

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.