Flex Ltd. $FLEX Shares Sold by Delphi Management Inc. MA

Delphi Management Inc. MA lowered its holdings in Flex Ltd. (NASDAQ:FLEX) by 20.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,456 shares of the technology company’s stock after selling 5,035 shares during the period. Flex comprises about 1.5% of Delphi Management Inc. MA’s investment portfolio, making the stock its 13th biggest holding. Delphi Management Inc. MA’s holdings in Flex were worth $1,274,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC bought a new position in shares of Flex during the fourth quarter valued at approximately $260,000. Goldman Sachs Group Inc. lifted its holdings in shares of Flex by 19.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock worth $42,314,000 after purchasing an additional 211,046 shares during the last quarter. Empowered Funds LLC acquired a new position in Flex during the 1st quarter valued at approximately $397,000. EverSource Wealth Advisors LLC grew its stake in Flex by 63.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock worth $132,000 after buying an additional 1,031 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in Flex by 92.4% during the 2nd quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock worth $3,099,000 after buying an additional 29,821 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex News Summary

Here are the key news stories impacting Flex this week:

• Positive Sentiment: Flex was set to join the S&P 500 Index, a change that can boost demand for shares through index fund buying and improve the company’s visibility with institutional investors. Flex Ltd. (FLEX) to Join S&P 500 Index on June 22
• Neutral Sentiment: A Kotaku article about a Bose SoundLink Flex speaker being at an all-time low appears unrelated to Flex Ltd. and is unlikely to affect the stock. Bose SoundLink Flex 2 article
• Negative Sentiment: Multiple insiders, including CEO Revathi Advaithi, COO Kwang Hooi Tan, EVP David Scott Offer, CAO Daniel Wendler, and insider Michael P. Hartung, sold shares recently. Although the filings say the sales were mostly tied to Rule 10b5-1 plans and tax withholding from vested awards, the concentration of selling can still weigh on sentiment. Flex insider selling alert

Flex Trading Down 0.8%

Shares of FLEX stock opened at $150.60 on Thursday. Flex Ltd. has a 1 year low of $47.83 and a 1 year high of $166.86. The firm has a market capitalization of $55.18 billion, a PE ratio of 64.64, a price-to-earnings-growth ratio of 0.80 and a beta of 1.64. The stock has a fifty day moving average of $128.20 and a two-hundred day moving average of $87.19. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The company had revenue of $7.48 billion for the quarter. As a group, research analysts expect that Flex Ltd. will post 4.15 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. JPMorgan Chase & Co. upped their price target on shares of Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. The Goldman Sachs Group increased their price objective on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Barclays lifted their price objective on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research report on Thursday, June 4th. Finally, Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $115.70.

Insider Activity at Flex

In other news, EVP David Scott Offer sold 33,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $153.91, for a total value of $5,079,030.00. Following the completion of the sale, the executive vice president directly owned 73,471 shares of the company’s stock, valued at approximately $11,307,921.61. This represents a 30.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kwang Hooi Tan sold 26,657 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,851,403.36. Following the completion of the transaction, the chief operating officer owned 257,527 shares of the company’s stock, valued at $37,207,500.96. This trade represents a 9.38% 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. Over the last quarter, insiders have sold 769,195 shares of company stock worth $110,116,823. 0.57% of the stock is currently owned by corporate insiders.

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.