Modern Wealth Management LLC Acquires New Holdings in Flex Ltd. $FLEX

Modern Wealth Management LLC bought a new stake in Flex Ltd. (NASDAQ:FLEX) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,816 shares of the technology company’s stock, valued at approximately $329,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. USA Financial Formulas acquired a new position in shares of Flex in the 4th quarter valued at $28,000. Frazier Financial Advisors LLC acquired a new stake in Flex during the 4th quarter worth $28,000. Parkside Financial Bank & Trust lifted its holdings in 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 acquiring an additional 166 shares in the last quarter. Gables Capital Management Inc. bought a new position in Flex during the fourth quarter worth about $42,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in Flex by 6,318.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock valued at $43,000 after acquiring an additional 695 shares during the period. 94.30% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP David Scott Offer sold 6,657 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $145.23, for a total value of $966,796.11. Following the completion of the transaction, the executive vice president owned 91,122 shares of the company’s stock, valued at approximately $13,233,648.06. This trade represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 8,981 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.19, for a total transaction of $1,303,951.39. Following the sale, the chief operating officer directly owned 248,546 shares in the company, valued at $36,086,393.74. This trade represents a 3.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 769,195 shares of company stock valued at $110,116,823 over the last ninety days. Insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FLEX. Barclays raised their price target on Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research report on Thursday, June 4th. KeyCorp increased their target price on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. The Goldman Sachs Group raised their target price on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Freedom Capital raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Finally, Robert W. Baird set a $165.00 price target on shares of Flex in a report on Thursday, May 7th. One 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $115.70.

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 current ratio of 1.36 and a quick ratio of 0.87. The firm has a market cap of $41.50 billion, a price-to-earnings ratio of 48.62, a price-to-earnings-growth ratio of 0.61 and a beta of 1.64. The stock’s 50-day moving average is $140.84 and its 200-day moving average 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 announced its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. The business 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%. Equities analysts predict that Flex Ltd. will post 4.18 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.