Raymond James Trust N.A. Has $221,000 Stake in Flex Ltd (FLEX)
Raymond James Trust N.A. cut its stake in shares of Flex Ltd (NASDAQ:FLEX) by 3.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,174 shares of the technology company’s stock after selling 422 shares during the period. Raymond James Trust N.A.’s holdings in Flex were worth $221,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in FLEX. Norges Bank acquired a new position in Flex during the fourth quarter valued at about $82,125,000. WFG Advisors LP raised its position in Flex by 46,972.7% in the fourth quarter. WFG Advisors LP now owns 470,727 shares of the technology company’s stock valued at $4,208,000 after buying an additional 469,727 shares in the last quarter. GMT Capital Corp raised its position in Flex by 5.0% in the third quarter. GMT Capital Corp now owns 8,652,500 shares of the technology company’s stock valued at $117,847,000 after buying an additional 415,700 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Flex during the fourth quarter valued at about $5,646,000. Finally, Emerald Acquisition Ltd. raised its position in Flex by 50.7% in the third quarter. Emerald Acquisition Ltd. now owns 672,733 shares of the technology company’s stock valued at $9,162,000 after buying an additional 226,265 shares in the last quarter. 92.18% of the stock is owned by institutional investors.
Flex Ltd (NASDAQ:FLEX) opened at 15.97 on Friday. Flex Ltd has a one year low of $11.39 and a one year high of $16.99. The firm’s 50-day moving average price is $16.47 and its 200 day moving average price is $15.14. The company has a market capitalization of $8.55 billion, a price-to-earnings ratio of 29.68 and a beta of 0.75.
Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Thursday, January 26th. The technology company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. Flex had a net margin of 1.24% and a return on equity of 21.30%. The firm earned $6.11 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the previous year, the firm posted $0.35 EPS. The company’s revenue for the quarter was down 9.6% compared to the same quarter last year. On average, equities research analysts expect that Flex Ltd will post $1.17 earnings per share for the current fiscal year.
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FLEX has been the subject of several recent analyst reports. Zacks Investment Research lowered Flex from a “hold” rating to a “sell” rating in a report on Wednesday, January 25th. Needham & Company LLC upped their target price on Flex from $16.00 to $17.00 and gave the company a “buy” rating in a report on Friday, January 27th. Citigroup Inc set a $18.00 target price on Flex and gave the company a “buy” rating in a report on Monday, March 20th. Royal Bank of Canada upped their target price on Flex from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Friday, January 27th. Finally, Stifel Nicolaus upped their target price on Flex from $16.00 to $17.00 and gave the company a “buy” rating in a report on Friday, January 27th. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. Flex has a consensus rating of “Buy” and a consensus price target of $16.75.
In related news, insider David P. Bennett sold 6,000 shares of the company’s stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $15.86, for a total value of $95,160.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Francois Barbier sold 52,911 shares of the company’s stock in a transaction on Wednesday, March 8th. The stock was sold at an average price of $16.42, for a total transaction of $868,798.62. The disclosure for this sale can be found here. Insiders own 0.94% of the company’s stock.
Flex Ltd, formerly Flextronics International Ltd. provides design, engineering, manufacturing, and supply chain services and solutions. The Company designs, builds, ships and services packaged consumer electronics and industrial products for original equipment manufacturers (OEMs). Its segments include High Reliability Solutions (HRS), Consumer Technologies Group (CTG), Industrial and Emerging Industries (IEI) and Communications & Enterprise Compute (CEC).
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