Flex Ltd. (NASDAQ:FLEX) Shares Sold by J. Safra Sarasin Holding AG

J. Safra Sarasin Holding AG trimmed its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 12.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,112,323 shares of the technology company’s stock after selling 160,841 shares during the quarter. J. Safra Sarasin Holding AG owned about 0.29% of Flex worth $36,796,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Pacer Advisors Inc. boosted its stake in shares of Flex by 3,794.6% in the first quarter. Pacer Advisors Inc. now owns 2,900,133 shares of the technology company’s stock valued at $95,936,000 after buying an additional 2,825,667 shares in the last quarter. Invesco Ltd. boosted its position in shares of Flex by 42.9% during the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company’s stock worth $207,107,000 after purchasing an additional 1,620,812 shares in the last quarter. Neuberger Berman Group LLC grew its stake in shares of Flex by 13,790.0% during the 4th quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company’s stock worth $47,528,000 after purchasing an additional 1,229,106 shares during the period. Northern Trust Corp increased its holdings in shares of Flex by 89.1% in the 4th quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company’s stock valued at $95,965,000 after purchasing an additional 1,177,923 shares in the last quarter. Finally, LMR Partners LLP acquired a new stake in shares of Flex in the fourth quarter valued at about $36,470,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Flex

In related news, insider Michael P. Hartung sold 6,887 shares of the company’s stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $309,983.87. Following the transaction, the insider owned 303,718 shares of the company’s stock, valued at approximately $13,670,347.18. This represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Kwang Hooi Tan sold 12,500 shares of Flex stock in a transaction on Monday, July 28th. The shares were sold at an average price of $50.25, for a total value of $628,125.00. Following the completion of the sale, the chief operating officer directly owned 263,636 shares of the company’s stock, valued at approximately $13,247,709. This represents a 4.53% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,061,348 shares of company stock valued at $45,038,292. Corporate insiders own 0.57% of the company’s stock.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $49.52 on Friday. Flex Ltd. has a one year low of $25.11 and a one year high of $53.97. The stock has a market cap of $18.59 billion, a PE ratio of 21.72, a price-to-earnings-growth ratio of 1.70 and a beta of 1.05. The business’s fifty day moving average price is $47.95 and its two-hundred day moving average price is $40.99. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 1.36.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.09. Flex had a return on equity of 20.25% and a net margin of 3.42%. The business had revenue of $6.58 billion for the quarter, compared to analyst estimates of $6.27 billion. During the same quarter last year, the company earned $0.51 earnings per share. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, analysts forecast that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Analysts Set New Price Targets

FLEX has been the topic of several recent analyst reports. The Goldman Sachs Group restated a “buy” rating on shares of Flex in a research report on Friday, July 11th. JPMorgan Chase & Co. upped their price target on Flex from $44.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, July 17th. Bank of America lifted their price objective on Flex from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Thursday, July 10th. KGI Securities lowered Flex from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Finally, Stifel Nicolaus lifted their price target on Flex from $45.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $53.71.

Flex Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.