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

Deltec Asset Management LLC cut its holdings in Flex Ltd. (NASDAQ:FLEX) by 13.7% in the first quarter, HoldingsChannel.com reports. The institutional investor 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 portfolio, 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 institutional investors and hedge funds have also added to or reduced their stakes in the stock. Brighton Jones LLC bought a new stake in Flex during the 4th quarter worth about $260,000. Goldman Sachs Group Inc. lifted its position in shares of Flex by 19.8% during the first 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 in the last quarter. Empowered Funds LLC bought a new stake in shares of Flex during the first quarter valued at approximately $397,000. EverSource Wealth Advisors LLC increased its holdings in shares of Flex by 63.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock valued at $132,000 after purchasing an additional 1,031 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Flex by 92.4% in the second quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock valued at $3,099,000 after purchasing an additional 29,821 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on FLEX. JPMorgan Chase & Co. upped their price objective on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Robert W. Baird set a $165.00 target price on Flex in a research note on Thursday, May 7th. Barclays upped their price target on Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research note on Thursday, June 4th. Stifel Nicolaus raised their price target on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. Finally, KeyCorp lifted their price objective on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Flex presently has a consensus rating of “Moderate Buy” and an average price target of $115.70.

Insider Buying and Selling

In other Flex news, CEO Revathi Advaithi sold 197,879 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the transaction, the chief executive officer owned 623,466 shares in the company, valued at approximately $89,978,613.12. This trade represents a 24.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael P. Hartung sold 22,627 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 253,199 shares of the company’s stock, valued at $36,582,191.52. The trade was a 8.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 769,195 shares of company stock worth $110,116,823. Corporate insiders own 0.62% of the company’s stock.

Flex Price Performance

FLEX opened at $153.53 on Thursday. The company has a fifty day moving average price of $135.77 and a two-hundred day moving average price of $90.30. 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 Ltd. has a 52 week low of $47.83 and a 52 week high of $166.86. The firm has a market capitalization of $56.25 billion, a PE ratio of 65.89, a P/E/G ratio of 0.85 and a beta of 1.64.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share 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, analysts anticipate that Flex Ltd. will post 4.15 earnings per share for the current 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.