Flex Ltd. (NASDAQ:FLEX) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lessened its holdings in Flex Ltd. (NASDAQ:FLEX) by 4.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,400,811 shares of the technology company’s stock after selling 692,914 shares during the quarter. Victory Capital Management Inc.’s holdings in Flex were worth $438,649,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of FLEX. Commonwealth Equity Services LLC increased its holdings in Flex by 58.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 33,370 shares of the technology company’s stock worth $900,000 after buying an additional 12,248 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in Flex by 145.5% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 58,739 shares of the technology company’s stock worth $1,585,000 after purchasing an additional 34,810 shares in the last quarter. Stratos Wealth Advisors LLC boosted its position in Flex by 3.1% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 14,952 shares of the technology company’s stock worth $403,000 after purchasing an additional 452 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Flex by 3.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 463,264 shares of the technology company’s stock worth $12,499,000 after purchasing an additional 14,205 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Flex by 11.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,613 shares of the technology company’s stock worth $2,256,000 after purchasing an additional 8,688 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Price Performance

FLEX stock traded down $2.59 during midday trading on Wednesday, reaching $26.06. The stock had a trading volume of 6,731,251 shares, compared to its average volume of 4,830,398. Flex Ltd. has a 52-week low of $19.85 and a 52-week high of $30.93. The company has a market cap of $10.98 billion, a price-to-earnings ratio of 15.80, a price-to-earnings-growth ratio of 1.82 and a beta of 1.19. The company’s fifty day simple moving average is $28.50 and its 200 day simple moving average is $26.82. The company has a current ratio of 1.59, a quick ratio of 0.86 and a debt-to-equity ratio of 0.53.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, January 31st. The technology company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.10. Flex had a return on equity of 16.24% and a net margin of 2.56%. The business had revenue of $7.10 billion during the quarter, compared to the consensus estimate of $6.73 billion. As a group, sell-side analysts predict that Flex Ltd. will post 2.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FLEX. StockNews.com began coverage on Flex in a research report on Wednesday, March 6th. They set a “hold” rating on the stock. JPMorgan Chase & Co. increased their target price on Flex from $32.00 to $34.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Finally, The Goldman Sachs Group raised their price objective on Flex from $29.00 to $37.00 and gave the company a “buy” rating in a report on Monday, March 4th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Flex currently has an average rating of “Moderate Buy” and an average price target of $34.20.

Insiders Place Their Bets

In other Flex news, EVP David Scott Offer sold 75,000 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total value of $2,064,000.00. Following the completion of the sale, the executive vice president now directly owns 162,094 shares of the company’s stock, valued at approximately $4,460,826.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP David Scott Offer sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total transaction of $2,064,000.00. Following the completion of the sale, the executive vice president now directly owns 162,094 shares of the company’s stock, valued at approximately $4,460,826.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Rebecca Sidelinger sold 13,675 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $27.99, for a total value of $382,763.25. Following the sale, the insider now directly owns 161,913 shares of the company’s stock, valued at $4,531,944.87. The disclosure for this sale can be found here. Insiders sold 141,943 shares of company stock valued at $4,055,311 in the last three months. 0.56% of the stock is currently owned by insiders.

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.