Legal & General Group Plc decreased its holdings in shares of Flex Ltd (NASDAQ:FLEX) by 7.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,571,001 shares of the technology company’s stock after selling 218,917 shares during the period. Legal & General Group Plc owned approximately 0.49% of Flex worth $41,985,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also bought and sold shares of the company. Contour Asset Management LLC acquired a new position in shares of Flex in the first quarter worth about $91,302,000. Millennium Management LLC acquired a new position in shares of Flex in the first quarter worth about $20,044,000. Verition Fund Management LLC boosted its holdings in shares of Flex by 242.0% in the first quarter. Verition Fund Management LLC now owns 51,187 shares of the technology company’s stock worth $836,000 after buying an additional 36,218 shares during the period. Sciencast Management LP boosted its holdings in shares of Flex by 374.3% in the first quarter. Sciencast Management LP now owns 55,600 shares of the technology company’s stock worth $958,000 after buying an additional 43,878 shares during the period. Finally, Highland Capital Management LP acquired a new position in shares of Flex in the first quarter worth about $1,633,000. Institutional investors own 94.37% of the company’s stock.
Several research analysts have commented on FLEX shares. Raymond James cut shares of Flex from a “strong-buy” rating to a “market perform” rating and decreased their target price for the stock from $22.00 to $19.00 in a report on Friday, April 27th. Zacks Investment Research upgraded shares of Flex from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a report on Tuesday, March 27th. Citigroup decreased their target price on shares of Flex from $20.00 to $16.00 and set a “buy” rating for the company in a report on Monday, April 30th. ValuEngine cut shares of Flex from a “strong-buy” rating to a “buy” rating in a report on Friday, March 23rd. Finally, Stifel Nicolaus decreased their target price on shares of Flex from $22.00 to $19.00 and set a “buy” rating for the company in a report on Friday, April 27th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $19.61.
FLEX stock opened at $14.11 on Friday. The company has a quick ratio of 0.74, a current ratio of 1.26 and a debt-to-equity ratio of 0.96. The company has a market cap of $7.36 billion, a P/E ratio of 18.10, a P/E/G ratio of 0.72 and a beta of 0.88. Flex Ltd has a 52 week low of $12.93 and a 52 week high of $19.71.
Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Thursday, April 26th. The technology company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.02). The company had revenue of $6.41 billion for the quarter, compared to analyst estimates of $6.27 billion. Flex had a return on equity of 14.32% and a net margin of 1.68%. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.29 earnings per share. analysts anticipate that Flex Ltd will post 0.97 earnings per share for the current year.
In related news, CEO Michael M. Mcnamara sold 239,288 shares of the firm’s stock in a transaction that occurred on Thursday, June 21st. The shares were sold at an average price of $14.50, for a total transaction of $3,469,676.00. Following the transaction, the chief executive officer now owns 3,421,864 shares of the company’s stock, valued at $49,617,028. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Douglas Britt sold 41,218 shares of the firm’s stock in a transaction that occurred on Thursday, June 21st. The shares were sold at an average price of $14.49, for a total transaction of $597,248.82. Following the transaction, the insider now directly owns 281,688 shares in the company, valued at approximately $4,081,659.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 411,888 shares of company stock valued at $5,960,174. 0.83% of the stock is currently owned by corporate insiders.
Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It offers innovation services, such as innovations labs for supporting customer design and product development services from early concept stages; collective innovation platform, an ecosystem of technology solutions; Lab IX, a startup accelerator program; centers of excellence solutions in critical areas; interconnect technology center for printed circuits; and CloudLabs that enables customers to accelerate a spectrum of cloud, converged infrastructure, and datacenter strategies.
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