Calamos Advisors LLC Reduces Holdings in Flex Ltd. (NASDAQ:FLEX)

Calamos Advisors LLC lessened its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 31.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 110,000 shares of the technology company's stock after selling 51,000 shares during the period. Calamos Advisors LLC's holdings in Flex were worth $3,639,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. CX Institutional purchased a new stake in shares of Flex in the first quarter valued at approximately $29,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Flex during the 4th quarter valued at $35,000. SBI Securities Co. Ltd. purchased a new stake in shares of Flex in the 4th quarter worth $38,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Flex by 112.9% during 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 increased its stake in shares of Flex by 231.2% during the first quarter. GAMMA Investing LLC now owns 1,636 shares of the technology company's stock valued at $54,000 after buying an additional 1,142 shares during the period. 94.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FLEX has been the topic of a number of research reports. Wall Street Zen downgraded shares of Flex from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th. The Goldman Sachs Group reduced their price objective on shares of Flex from $53.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Barclays lifted their price target on shares of Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. KeyCorp upped their price objective on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. reduced their target price on Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Flex currently has an average rating of "Buy" and a consensus target price of $48.29.

Insiders Place Their Bets

In other news, insider Michael P. Hartung sold 6,887 shares of the stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $309,983.87. Following the transaction, the insider owned 303,718 shares in the company, valued at $13,670,347.18. This trade represents a 2.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Revathi Advaithi sold 37,465 shares of the business's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $1,686,299.65. Following the completion of the sale, the chief executive officer directly owned 1,363,312 shares of the company's stock, valued at approximately $61,362,673.12. The trade was a 2.67% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,135,941 shares of company stock valued at $47,582,965. 0.57% of the stock is owned by insiders.

Flex Stock Performance

NASDAQ:FLEX traded down $0.23 during trading hours on Monday, reaching $51.46. The company had a trading volume of 3,173,278 shares, compared to its average volume of 4,019,426. The firm has a market cap of $19.23 billion, a PE ratio of 24.27, a price-to-earnings-growth ratio of 1.92 and a beta of 1.07. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $52.18. The business's 50 day moving average price is $43.27 and its 200-day moving average price is $39.41. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.79.

Flex (NASDAQ:FLEX - Get Free Report) last posted its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.04. Flex had a net margin of 3.25% and a return on equity of 19.01%. The firm had revenue of $6.40 billion during the quarter, compared to analysts' expectations of $6.22 billion. During the same period in the previous year, the business posted $0.57 EPS. The business's revenue was up 3.7% compared to the same quarter last year. Research analysts forecast that Flex Ltd. will post 2.33 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.