Wellington Management Group LLP Lowers Stock Holdings in Flex Ltd. $FLEX

Wellington Management Group LLP cut its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 11.2% during the second quarter, Holdings Channel reports. The firm owned 17,978,332 shares of the technology company’s stock after selling 2,259,954 shares during the quarter. Wellington Management Group LLP’s holdings in Flex were worth $2,913,748,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Archer Investment Corp purchased a new position in shares of Flex in the second quarter valued at approximately $648,000. Public Employees Retirement System of Ohio purchased a new stake in Flex during the 2nd quarter worth approximately $20,119,000. Ancora Advisors LLC acquired a new stake in Flex during the 2nd quarter worth approximately $1,979,000. C M Bidwell & Associates Ltd. acquired a new stake in Flex during the 2nd quarter worth approximately $224,000. Finally, Monetta Financial Services Inc. purchased a new position in Flex in the 2nd quarter valued at approximately $1,053,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Insider Buying and Selling at Flex

In related news, CAO Daniel Wendler sold 1,311 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.20, for a total transaction of $190,357.20. Following the completion of the sale, the chief accounting officer owned 37,932 shares in the company, valued at $5,507,726.40. The trade was a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 584,278 shares of the company’s stock, valued at $84,825,480.04. This trade represents a 6.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 ninety days, insiders have sold 459,938 shares of company stock worth $67,020,113. 0.62% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. The Goldman Sachs Group dropped their price target on shares of Flex from $177.00 to $154.00 and set a “buy” rating for the company in a research note on Thursday, July 30th. KeyCorp lifted their target price on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Raymond James Financial set a $170.00 target price on Flex and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. Barclays cut their price target on Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Flex in a research note on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Flex has a consensus rating of “Moderate Buy” and a consensus price target of $114.20.

Flex Price Performance

Shares of FLEX opened at $110.50 on Friday. The firm has a market capitalization of $40.82 billion, a price-to-earnings ratio of 42.66, a PEG ratio of 0.58 and a beta of 1.67. The firm’s fifty day simple moving average is $127.37 and its 200-day simple moving average is $107.28. Flex Ltd. has a twelve month low of $51.76 and a twelve month high of $166.86. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95.

Flex (NASDAQ:FLEX) last posted its earnings results on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The firm had revenue of $7.93 billion for the quarter. Equities analysts forecast that Flex Ltd. will post 4.27 EPS for the current fiscal 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.