Envestnet Portfolio Solutions Inc. Lowers Stock Holdings in Flex Ltd. (NASDAQ:FLEX)

Envestnet Portfolio Solutions Inc. decreased its position in shares of Flex Ltd. (NASDAQ:FLEXFree Report) by 68.2% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 19,946 shares of the technology company’s stock after selling 42,782 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Flex were worth $660,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of FLEX. Norges Bank purchased a new position in shares of Flex during the 4th quarter valued at $229,484,000. Invesco Ltd. lifted its stake in shares of Flex by 42.9% during the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company’s stock valued at $207,107,000 after buying an additional 1,620,812 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Flex by 210.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock valued at $75,148,000 after buying an additional 1,327,298 shares in the last quarter. Neuberger Berman Group LLC lifted its stake in shares of Flex by 13,790.0% during the 4th quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company’s stock valued at $47,528,000 after buying an additional 1,229,106 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Flex by 89.1% during the 4th quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company’s stock valued at $95,965,000 after buying an additional 1,177,923 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Trading Up 2.2%

NASDAQ:FLEX opened at $50.09 on Friday. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $50.61. The firm has a 50 day moving average of $40.81 and a 200 day moving average of $38.79. The company has a quick ratio of 0.79, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $18.72 billion, a price-to-earnings ratio of 23.63, a PEG ratio of 1.82 and a beta of 1.04.

Flex (NASDAQ:FLEXGet Free Report) last posted its earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. Flex had a net margin of 3.25% and a return on equity of 19.01%. The company had revenue of $6.40 billion during the quarter, compared to analysts’ expectations of $6.22 billion. During the same quarter in the prior year, the company posted $0.57 earnings per share. Flex’s revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FLEX has been the topic of several research analyst reports. Barclays boosted their price target on shares of Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. Bank of America boosted their price target on shares of Flex from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. The Goldman Sachs Group decreased their price target on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. KeyCorp reiterated an “overweight” rating on shares of Flex in a research note on Tuesday, June 3rd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Flex currently has a consensus rating of “Buy” and a consensus price target of $46.00.

View Our Latest Research Report on Flex

Insider Buying and Selling at Flex

In related news, CEO Revathi Advaithi sold 37,465 shares of the firm’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $1,686,299.65. Following the sale, the chief executive officer now owns 1,363,312 shares in the company, valued at approximately $61,362,673.12. This trade represents a 2.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David Scott Offer sold 87,093 shares of the firm’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the sale, the executive vice president now owns 71,001 shares in the company, valued at approximately $2,586,566.43. This represents a 55.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,135,941 shares of company stock worth $47,582,965. 0.82% of the stock is owned by corporate insiders.

Flex Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Flex (NASDAQ:FLEX)

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