Alight Capital Management LP Sells 35,000 Shares of Flex Ltd. $FLEX

Alight Capital Management LP decreased its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 35.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 65,000 shares of the technology company’s stock after selling 35,000 shares during the period. Alight Capital Management LP’s holdings in Flex were worth $3,927,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Parkside Financial Bank & Trust lifted its holdings in shares of Flex by 57.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after purchasing an additional 166 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Flex by 5.3% during the third quarter. Parallel Advisors LLC now owns 3,588 shares of the technology company’s stock worth $208,000 after purchasing an additional 181 shares during the period. Fred Alger Management LLC lifted its holdings in shares of Flex by 0.7% during the fourth quarter. Fred Alger Management LLC now owns 30,881 shares of the technology company’s stock worth $1,866,000 after purchasing an additional 210 shares during the period. Parcion Private Wealth LLC lifted its holdings in shares of Flex by 1.5% during the fourth quarter. Parcion Private Wealth LLC now owns 14,159 shares of the technology company’s stock worth $855,000 after purchasing an additional 216 shares during the period. Finally, US Bancorp DE lifted its holdings in shares of Flex by 1.2% during the third quarter. US Bancorp DE now owns 19,729 shares of the technology company’s stock worth $1,144,000 after purchasing an additional 225 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex News Summary

Here are the key news stories impacting Flex this week:

• Neutral Sentiment: CEO Revathi Advaithi sold 39,239 shares, a 6.48% reduction in her holdings, in a transaction valued at about $5.8 million; the filing says the sale was to cover tax withholding obligations. SEC filing
• Neutral Sentiment: CFO Kevin Krumm sold 3,378 shares, and COO Kwang Hooi Tan sold 10,540 shares, both describing the trades as tax-related equity award withholding rather than a change in business outlook. SEC filing
• Neutral Sentiment: EVP David Scott Offer sold shares in two transactions, including one under a Rule 10b5-1 plan, which may reduce concern about timing but still adds to the overall insider-selling narrative. SEC filing
• Neutral Sentiment: Other insider sales came from COO Kwang Hooi Tan, insider Michael P. Hartung, and CAO Daniel Wendler, all similarly framed as equity-compensation-related selling. SEC filing

Insider Buying and Selling at Flex

In other news, EVP David Scott Offer sold 33,000 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the completion of the transaction, the executive vice president directly owned 73,471 shares in the company, valued at approximately $11,307,921.61. This represents a 30.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Charles K. Stevens III sold 15,000 shares of the firm’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $138.14, for a total value of $2,072,100.00. Following the transaction, the director owned 45,426 shares of the company’s stock, valued at $6,275,147.64. This trade represents a 24.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 433,924 shares of company stock worth $61,663,653. Insiders own 0.57% of the company’s stock.

Analyst Upgrades and Downgrades

FLEX has been the subject of a number of research reports. The Goldman Sachs Group lifted their target price on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Robert W. Baird set a $165.00 price objective on Flex in a research report on Thursday, May 7th. Wall Street Zen lowered Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Stifel Nicolaus upped their target price on Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Finally, Barclays upped 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. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $115.70.

Flex Stock Down 2.6%

Shares of NASDAQ:FLEX opened at $143.13 on Thursday. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The business has a fifty day moving average of $120.56 and a two-hundred day moving average of $83.95. The stock has a market cap of $52.44 billion, a P/E ratio of 61.43, a PEG ratio of 0.77 and a beta of 1.64. Flex Ltd. has a 52-week low of $45.31 and a 52-week high of $166.86.

Flex (NASDAQ:FLEX) last issued its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. The company 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%. On average, research analysts expect that Flex Ltd. will post 4.15 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.