Calamos Advisors LLC Sells 51,000 Shares of Flex Ltd. (NASDAQ:FLEX)

Calamos Advisors LLC lessened its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 31.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund 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 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FLEX. CX Institutional bought a new stake in shares of Flex in the first quarter worth $29,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Flex in the fourth quarter worth $35,000. SBI Securities Co. Ltd. bought a new stake in shares of Flex in the fourth quarter worth $38,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Flex by 112.9% in the fourth 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 during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Flex by 231.2% in the first 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 during the last quarter. Institutional investors own 94.30% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FLEX. JPMorgan Chase & Co. lowered their target price on shares of Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Barclays boosted their target price on shares of Flex from $49.00 to $50.00 and gave the company 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 company a "buy" rating in a report on Monday, June 9th. The Goldman Sachs Group reduced their price target on shares of Flex from $53.00 to $41.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Finally, Wall Street Zen downgraded shares of Flex from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $48.29.

Flex Price Performance

NASDAQ FLEX traded up $0.06 on Monday, reaching $51.75. The company's stock had a trading volume of 609,527 shares, compared to its average volume of 4,009,397. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $52.18. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.79 and a current ratio of 1.30. The stock has a market cap of $19.34 billion, a PE ratio of 24.40, a PEG ratio of 1.92 and a beta of 1.07. The firm's 50 day moving average is $42.94 and its two-hundred day moving average is $39.32.

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

Insiders Place Their Bets

In related news, CEO Revathi Advaithi sold 181,028 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $42.91, for a total value of $7,767,911.48. Following the transaction, the chief executive officer owned 1,463,695 shares in the company, valued at approximately $62,807,152.45. This represents a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael P. Hartung sold 35,393 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total value of $1,517,297.91. Following the completion of the transaction, the insider owned 293,195 shares in the company, valued at $12,569,269.65. This represents a 10.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,135,941 shares of company stock worth $47,582,965 over the last quarter. Company insiders own 0.57% of the company's stock.

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.