PNC Financial Services Group Inc. Reduces Holdings in Flex Ltd. (NASDAQ:FLEX)

PNC Financial Services Group Inc. trimmed its position in shares of Flex Ltd. (NASDAQ:FLEX) by 30.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,523 shares of the technology company’s stock after selling 6,346 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Flex were worth $442,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Richardson Financial Services Inc. acquired a new position in Flex during the fourth quarter worth $34,000. CWM LLC boosted its stake in Flex by 92.5% during the fourth quarter. CWM LLC now owns 1,609 shares of the technology company’s stock worth $49,000 after buying an additional 773 shares during the last quarter. Fifth Third Bancorp boosted its stake in Flex by 276.6% during the fourth quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock worth $60,000 after buying an additional 1,455 shares during the last quarter. Bruce G. Allen Investments LLC acquired a new position in shares of Flex in the 4th quarter valued at $75,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Flex in the 4th quarter valued at $77,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Flex news, CAO Daniel Wendler sold 1,670 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $32.53, for a total transaction of $54,325.10. Following the sale, the chief accounting officer now owns 27,060 shares in the company, valued at approximately $880,261.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Flex news, CAO Daniel Wendler sold 1,670 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $32.53, for a total transaction of $54,325.10. Following the sale, the chief accounting officer now owns 27,060 shares in the company, valued at approximately $880,261.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Revathi Advaithi sold 161,052 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $28.65, for a total value of $4,614,139.80. Following the completion of the transaction, the chief executive officer now owns 1,903,404 shares in the company, valued at approximately $54,532,524.60. The disclosure for this sale can be found here. Insiders have sold a total of 804,542 shares of company stock worth $25,147,972 in the last quarter. 0.56% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FLEX. JPMorgan Chase & Co. upped their price target on Flex from $32.00 to $34.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. The Goldman Sachs Group upped their price target on Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Craig Hallum lowered Flex from a “buy” rating to a “hold” rating and decreased their price target for the company from $28.00 to $27.00 in a research note on Thursday, May 2nd. Barclays upped their price target on Flex from $30.00 to $34.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Finally, StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a report on Wednesday. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Flex presently has a consensus rating of “Moderate Buy” and an average price target of $32.83.

Flex Price Performance

FLEX stock opened at $29.49 on Friday. The company has a current ratio of 1.52, a quick ratio of 0.79 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $11.76 billion, a PE ratio of 12.82, a P/E/G ratio of 2.03 and a beta of 1.13. Flex Ltd. has a 12-month low of $21.84 and a 12-month high of $34.12. The business’s fifty day moving average price is $30.49 and its 200 day moving average price is $28.33.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Wednesday, May 1st. The technology company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.03. Flex had a return on equity of 16.46% and a net margin of 3.58%. The company had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.10 billion. On average, sell-side analysts anticipate that Flex Ltd. will post 2.06 EPS for the current year.

Flex Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.