US Bancorp DE Has $522,000 Stock Position in Flex Ltd. (NASDAQ:FLEX)

US Bancorp DE reduced its holdings in Flex Ltd. (NASDAQ:FLEX) by 6.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 15,790 shares of the technology company’s stock after selling 1,020 shares during the quarter. US Bancorp DE’s holdings in Flex were worth $522,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FLEX. Cullen Frost Bankers Inc. bought a new stake in shares of Flex in the 1st quarter valued at $26,000. Olde Wealth Management LLC bought a new stake in shares of Flex in the 1st quarter valued at $26,000. CX Institutional bought a new stake in shares of Flex in the 1st quarter valued at $29,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Flex in the 4th quarter valued at $35,000. Finally, CWM LLC boosted its stake in shares of Flex by 73.3% in the 1st quarter. CWM LLC now owns 1,281 shares of the technology company’s stock valued at $42,000 after purchasing an additional 542 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Stock Down 0.4%

Shares of NASDAQ FLEX opened at $50.16 on Tuesday. The company has a quick ratio of 0.83, a current ratio of 1.36 and a debt-to-equity ratio of 0.59. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $53.97. The firm’s fifty day moving average is $48.93 and its 200 day moving average is $41.25. The company has a market cap of $18.83 billion, a price-to-earnings ratio of 22.00, a PEG ratio of 1.71 and a beta of 1.05.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on FLEX shares. Bank of America upped their price objective on shares of Flex from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Thursday, July 10th. The Goldman Sachs Group reissued a “buy” rating on shares of Flex in a research note on Friday, July 11th. KeyCorp increased their target price on shares of Flex from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 2nd. Wall Street Zen raised shares of Flex from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 26th. Finally, KGI Securities lowered shares of Flex from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. One 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 company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $53.71.

Insider Activity

In related news, COO Kwang Hooi Tan sold 12,500 shares of the company’s stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $50.25, for a total value of $628,125.00. Following the transaction, the chief operating officer owned 263,636 shares in the company, valued at $13,247,709. The trade was a 4.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael P. Hartung sold 6,887 shares of the company’s stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $309,983.87. Following the completion of the transaction, the insider owned 303,718 shares in the company, valued at approximately $13,670,347.18. The trade was a 2.22% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 673,186 shares of company stock worth $29,208,462. 0.57% of the stock is currently owned by corporate insiders.

Flex Company 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.