Flex Ltd. $FLEX Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. increased its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 14.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 38,251 shares of the technology company’s stock after buying an additional 4,873 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Flex were worth $2,504,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Flex by 196.1% in the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after acquiring an additional 25,662,586 shares during the last quarter. State Street Corp boosted its position in shares of Flex by 17.8% during the 4th quarter. State Street Corp now owns 14,055,533 shares of the technology company’s stock valued at $849,235,000 after acquiring an additional 2,126,440 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Flex by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company’s stock valued at $459,829,000 after purchasing an additional 181,266 shares during the period. Norges Bank acquired a new stake in Flex during the fourth quarter worth about $319,756,000. Finally, Polar Capital Holdings Plc raised its stake in Flex by 141.8% during the fourth quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock worth $223,140,000 after purchasing an additional 2,165,780 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Stock Performance

Shares of FLEX stock opened at $113.28 on Wednesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The firm has a market cap of $41.50 billion, a P/E ratio of 48.62, a P/E/G ratio of 0.61 and a beta of 1.64. The firm’s 50 day moving average price is $140.84 and its 200-day moving average price is $98.96. Flex Ltd. has a one year low of $47.83 and a one year high of $166.86.

Flex (NASDAQ:FLEX) last posted its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The firm had revenue of $7.48 billion during the quarter. As a group, equities research analysts predict that Flex Ltd. will post 4.18 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FLEX. Barclays boosted their target price on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. KeyCorp upped 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. Freedom Capital upgraded Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. Zacks Research downgraded Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, The Goldman Sachs Group upped their price target on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $115.70.

Insiders Place Their Bets

In related news, EVP David Scott Offer sold 6,657 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.23, for a total transaction of $966,796.11. Following the completion of the transaction, the executive vice president directly owned 91,122 shares in the company, valued at $13,233,648.06. This trade represents a 6.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Daniel Wendler sold 1,311 shares of Flex stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.20, for a total value of $190,357.20. Following the completion of the transaction, the chief accounting officer directly owned 37,932 shares of the company’s stock, valued at approximately $5,507,726.40. This represents a 3.34% 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. In the last three months, insiders sold 769,195 shares of company stock valued at $110,116,823. Insiders own 0.62% of the company’s stock.

Flex Company 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.