Frank Rimerman Advisors LLC Takes Position in Flex Ltd. $FLEX

Frank Rimerman Advisors LLC bought a new stake in Flex Ltd. (NASDAQ:FLEX) in the 1st quarter, according to its most recent filing with the SEC. The fund bought 6,322 shares of the technology company’s stock, valued at approximately $414,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. PCB Capital LLC increased its holdings in Flex by 3.4% in the first quarter. PCB Capital LLC now owns 11,715 shares of the technology company’s stock valued at $767,000 after buying an additional 387 shares in the last quarter. Resonant Capital Advisors LLC boosted its stake in shares of Flex by 2.1% during the 1st quarter. Resonant Capital Advisors LLC now owns 7,967 shares of the technology company’s stock worth $522,000 after acquiring an additional 163 shares in the last quarter. Kathmere Capital Management LLC purchased a new stake in shares of Flex during the 1st quarter worth about $224,000. DGS Capital Management LLC grew its position in shares of Flex by 12.1% during the 1st quarter. DGS Capital Management LLC now owns 7,315 shares of the technology company’s stock valued at $479,000 after acquiring an additional 790 shares during the period. Finally, Kepler Cheuvreux Suisse SA purchased a new position in shares of Flex in the 1st quarter valued at about $4,880,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Michael P. Hartung sold 22,627 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total value of $3,269,148.96. Following the completion of the sale, the insider directly owned 253,199 shares in the company, valued at $36,582,191.52. This represents a 8.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 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 value of $3,851,403.36. Following the completion of the sale, the chief operating officer directly owned 257,527 shares of the company’s stock, valued at approximately $37,207,500.96. This represents a 9.38% decrease in their position. 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. In the last quarter, insiders have sold 769,195 shares of company stock valued at $110,116,823. 0.62% of the stock is currently owned by company insiders.

Flex Price Performance

Shares of NASDAQ FLEX opened at $135.80 on Friday. The firm has a 50-day simple moving average of $142.50 and a 200-day simple moving average of $93.60. The stock has a market capitalization of $49.75 billion, a price-to-earnings ratio of 58.28, a price-to-earnings-growth ratio of 0.74 and a beta of 1.64. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. Flex Ltd. has a 52 week low of $47.83 and a 52 week high of $166.86.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data 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 net margin of 3.15% and a return on equity of 22.12%. On average, equities analysts predict that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

FLEX has been the subject of a number of analyst reports. Barclays upped their price target on Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a report on Thursday, June 4th. Zacks Research lowered Flex from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Stifel Nicolaus boosted their price objective on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, April 20th. JPMorgan Chase & Co. upped their target price on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Finally, The Goldman Sachs Group increased their target price on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $115.70.

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.