Flex Ltd. (NASDAQ:FLEX) Shares Sold by KBC Group NV

KBC Group NV trimmed its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 70.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 30,297 shares of the technology company’s stock after selling 73,835 shares during the quarter. KBC Group NV’s holdings in Flex were worth $1,002,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in FLEX. CX Institutional bought a new position in Flex in the 1st quarter worth approximately $29,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Flex in the 4th quarter worth approximately $35,000. SBI Securities Co. Ltd. bought a new position in Flex in the 4th quarter worth approximately $38,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Flex by 112.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock worth $38,000 after buying an additional 509 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in Flex by 231.2% in the 1st quarter. GAMMA Investing LLC now owns 1,636 shares of the technology company’s stock worth $54,000 after buying an additional 1,142 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $51.65 on Friday. Flex Ltd. has a one year low of $25.11 and a one year high of $52.17. The stock has a fifty day moving average of $42.94 and a 200-day moving average of $39.30. The company has a market capitalization of $19.30 billion, a PE ratio of 24.36, a price-to-earnings-growth ratio of 1.92 and a beta of 1.07. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.79 and a current ratio of 1.30.

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

Insider Buying and Selling

In other news, insider Michael P. Hartung sold 6,887 shares of the stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $309,983.87. Following the completion of the sale, the insider owned 303,718 shares in the company, valued at $13,670,347.18. This represents a 2.22% 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. Also, EVP David Scott Offer sold 6,887 shares of the stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total value of $309,983.87. Following the completion of the sale, the executive vice president owned 148,643 shares of the company’s stock, valued at $6,690,421.43. The trade was a 4.43% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,135,941 shares of company stock valued at $47,582,965. 0.57% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Bank of America increased their price target on Flex from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, June 9th. JPMorgan Chase & Co. decreased their price target on Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. The Goldman Sachs Group decreased their price target on Flex from $53.00 to $41.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Wall Street Zen lowered Flex from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 27th. Finally, Barclays increased their price target on Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, May 8th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $48.29.

Flex Company 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.