Deltec Asset Management LLC Sells 15,780 Shares of Flex Ltd. $FLEX

Deltec Asset Management LLC lowered its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 13.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 99,472 shares of the technology company’s stock after selling 15,780 shares during the quarter. Flex comprises approximately 1.2% of Deltec Asset Management LLC’s holdings, making the stock its 22nd largest holding. Deltec Asset Management LLC’s holdings in Flex were worth $6,511,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of FLEX. USA Financial Formulas acquired a new stake in Flex in the 4th quarter worth $28,000. Parkside Financial Bank & Trust raised its position 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 valued at $28,000 after buying an additional 166 shares during the last quarter. Frazier Financial Advisors LLC bought a new stake in shares of Flex in the fourth quarter valued at about $28,000. Gables Capital Management Inc. acquired a new stake in Flex during the fourth quarter worth about $42,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in Flex by 6,318.2% in the 4th 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 in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Flex

In other Flex news, COO Kwang Hooi Tan sold 8,981 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were 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 of the company’s stock, valued at approximately $36,086,393.74. This represents a 3.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 6,657 shares of the firm’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 transaction of $966,796.11. Following the sale, the executive vice president directly owned 91,122 shares of the company’s stock, valued at approximately $13,233,648.06. The trade was a 6.81% decrease in their position. 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. Insiders have sold a total of 769,195 shares of company stock worth $110,116,823 over the last ninety days. Company insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on FLEX shares. Barclays lifted their price objective on Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a report on Thursday, June 4th. JPMorgan Chase & Co. upped their target price on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Zacks Research raised Flex from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Stifel Nicolaus boosted their price target on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. Finally, Robert W. Baird set a $165.00 price objective on shares of Flex in a research note on Thursday, May 7th. One 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 stock. Based on data from MarketBeat.com, Flex presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.70.

Flex Price Performance

Flex stock opened at $153.53 on Thursday. The business has a 50 day simple moving average of $135.77 and a 200 day simple moving average of $90.30. Flex Ltd. has a one year low of $47.83 and a one year high of $166.86. The company has a market capitalization of $56.25 billion, a PE ratio of 65.89, a price-to-earnings-growth ratio of 0.85 and a beta of 1.64. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. The firm 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, sell-side analysts forecast that Flex Ltd. will post 4.15 EPS for the current fiscal year.

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.