Allspring Global Investments Holdings LLC Makes New Investment in Flex Ltd. $FLEX

Allspring Global Investments Holdings LLC acquired a new position in shares of Flex Ltd. (NASDAQ:FLEX) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 68,306 shares of the technology company’s stock, valued at approximately $4,661,000.

A number of other institutional investors also recently modified their holdings of FLEX. D.A. Davidson & CO. boosted its holdings in Flex by 1.6% in the 1st quarter. D.A. Davidson & CO. now owns 21,099 shares of the technology company’s stock valued at $1,381,000 after purchasing an additional 329 shares during the period. Sigma Planning Corp raised its position in shares of Flex by 81.6% in the first quarter. Sigma Planning Corp now owns 21,729 shares of the technology company’s stock valued at $1,422,000 after buying an additional 9,764 shares in the last quarter. Camden National Bank boosted its stake in shares of Flex by 11.7% in the first quarter. Camden National Bank now owns 3,756 shares of the technology company’s stock valued at $246,000 after buying an additional 392 shares during the period. Nwam LLC acquired a new stake in Flex during the first quarter worth approximately $449,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in Flex by 63.0% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 15,685 shares of the technology company’s stock worth $1,027,000 after acquiring an additional 6,062 shares during the period. Institutional investors own 94.30% of the company’s stock.

Insider Activity

In related news, CEO Revathi Advaithi sold 197,879 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.32, for a total value of $28,557,897.28. Following the transaction, the chief executive officer directly owned 623,466 shares of the company’s stock, valued at approximately $89,978,613.12. The trade was a 24.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 26,657 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total value of $3,851,403.36. Following the transaction, the chief operating officer directly owned 257,527 shares of the company’s stock, valued at approximately $37,207,500.96. The trade was a 9.38% decrease in their ownership of the stock. 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. In the last three months, insiders have sold 769,195 shares of company stock valued at $110,116,823. Company insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FLEX shares. Barclays upped their price target on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a report on Thursday, June 4th. Robert W. Baird set a $165.00 target price on Flex in a report on Thursday, May 7th. Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Weiss Ratings restated a “buy (b-)” rating on shares of Flex in a research report on Friday, July 17th. Finally, Zacks Research downgraded Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.70.

Flex Price Performance

FLEX stock opened at $118.51 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. Flex Ltd. has a 52 week low of $47.83 and a 52 week high of $166.86. The firm has a market cap of $43.42 billion, a P/E ratio of 50.86, a P/E/G ratio of 0.67 and a beta of 1.64. The firm’s fifty day moving average is $141.37 and its 200 day moving average is $97.96.

Flex (NASDAQ:FLEX) last released its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The firm had revenue of $7.48 billion for the quarter. Research analysts predict that Flex Ltd. will post 4.18 earnings per share 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.