Pictet Asset Management Holding SA Decreases Stake in Flex Ltd. $FLEX

Pictet Asset Management Holding SA lessened its position in shares of Flex Ltd. (NASDAQ:FLEX) by 6.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 139,931 shares of the technology company’s stock after selling 9,544 shares during the period. Pictet Asset Management Holding SA’s holdings in Flex were worth $9,160,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. TigerOak Management L.L.C. purchased a new stake in shares of Flex during the 1st quarter worth $210,000. Foster & Motley Inc. purchased a new position in Flex in the first quarter valued at $441,000. Louisiana State Employees Retirement System acquired a new stake in Flex in the first quarter valued at $6,978,000. Fifth Third Wealth Advisors LLC lifted its holdings in Flex by 34.8% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 11,397 shares of the technology company’s stock worth $746,000 after buying an additional 2,940 shares during the last quarter. Finally, Banque Cantonale Vaudoise acquired a new position in shares of Flex during the 1st quarter worth about $842,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FLEX has been the topic of a number of recent analyst reports. KeyCorp increased their price objective on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Barclays boosted their target price on Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research note on Thursday, June 4th. Stifel Nicolaus increased their price target on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Zacks Research raised shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Finally, The Goldman Sachs Group upped their target price on shares of Flex from $84.00 to $177.00 and gave the company a “buy” rating in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.70.

Insider Buying and Selling at Flex

In other Flex news, CEO Revathi Advaithi sold 197,879 shares of the firm’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $144.32, for a total transaction 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. This trade represents a 24.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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 Flex stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,851,403.36. Following the completion of the transaction, the chief operating officer owned 257,527 shares in the company, valued at approximately $37,207,500.96. This represents a 9.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 769,195 shares of company stock valued at $110,116,823. Insiders own 0.62% of the company’s stock.

Flex Stock Performance

NASDAQ:FLEX opened at $136.85 on Friday. The stock’s 50 day moving average price is $137.84 and its 200 day moving average price is $91.11. The company has a market capitalization of $50.14 billion, a PE ratio of 58.73, a P/E/G ratio of 0.72 and a beta of 1.64. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. Flex Ltd. has a 52-week low of $47.83 and a 52-week high of $166.86.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. The company had revenue of $7.48 billion for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. On average, research analysts anticipate that Flex Ltd. will post 4.15 EPS 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.