Sage Rhino Capital LLC Decreases Stock Holdings in Flex Ltd. $FLEX

Sage Rhino Capital LLC reduced its position in shares of Flex Ltd. (NASDAQ:FLEX) by 15.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 24,629 shares of the technology company’s stock after selling 4,560 shares during the quarter. Sage Rhino Capital LLC’s holdings in Flex were worth $1,612,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Flex by 196.1% during the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after acquiring an additional 25,662,586 shares during the last quarter. Norges Bank bought a new stake in shares of Flex in the fourth quarter worth about $319,756,000. State Street Corp increased its holdings in Flex by 38.0% during the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after purchasing an additional 3,377,669 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Flex by 694,916.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,641,062 shares of the technology company’s stock valued at $159,573,000 after purchasing an additional 2,640,682 shares during the last quarter. Finally, Polar Capital Holdings Plc lifted its holdings in Flex by 141.8% in the 4th quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock worth $223,140,000 after buying an additional 2,165,780 shares during the period. Institutional investors own 94.30% of the company’s stock.

Insiders Place Their Bets

In related news, EVP David Scott Offer sold 6,657 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.23, for a total value of $966,796.11. Following the sale, the executive vice president owned 91,122 shares in the company, valued at $13,233,648.06. This represents a 6.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 39,188 shares of Flex stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $145.18, for a total value of $5,689,313.84. Following the transaction, the chief executive officer owned 584,278 shares of the company’s stock, valued at $84,825,480.04. The trade was a 6.29% decrease in their position. The SEC filing for this sale provides additional information. 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. In the last quarter, insiders have sold 769,195 shares of company stock valued at $110,116,823. Insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FLEX. Stifel Nicolaus boosted their target price on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. The Goldman Sachs Group raised their price target on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Robert W. Baird set a $165.00 price objective on shares of Flex in a research report on Thursday, May 7th. Barclays upped their price objective on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a report on Thursday, June 4th. Finally, KeyCorp raised their target price on shares of Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Flex has a consensus rating of “Moderate Buy” and a consensus target price of $115.70.

Flex Stock Down 6.8%

FLEX stock traded down $9.36 during midday trading on Tuesday, hitting $129.29. The stock had a trading volume of 1,387,308 shares, compared to its average volume of 5,247,315. The business has a 50-day moving average of $138.87 and a two-hundred day moving average of $91.79. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. The firm has a market cap of $47.37 billion, a price-to-earnings ratio of 55.48, a price-to-earnings-growth ratio of 0.72 and a beta of 1.64. Flex Ltd. has a 52-week low of $47.83 and a 52-week high of $166.86.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. The business had revenue of $7.48 billion during the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. As a group, equities research analysts forecast that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

About Flex

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.