Cambridge Investment Research Advisors Inc. Cuts Stock Holdings in Flex Ltd. (NASDAQ:FLEX)

Cambridge Investment Research Advisors Inc. lowered its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 44.1% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 22,611 shares of the technology company's stock after selling 17,867 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Flex were worth $748,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Evergreen Capital Management LLC grew its holdings in shares of Flex by 1.0% during the fourth quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company's stock worth $925,000 after purchasing an additional 246 shares during the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of Flex by 2.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company's stock worth $488,000 after purchasing an additional 266 shares during the last quarter. Park Avenue Securities LLC grew its holdings in shares of Flex by 1.8% during the first quarter. Park Avenue Securities LLC now owns 24,916 shares of the technology company's stock worth $824,000 after purchasing an additional 432 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in shares of Flex by 11.2% during the fourth quarter. Quadrant Capital Group LLC now owns 4,432 shares of the technology company's stock worth $170,000 after purchasing an additional 447 shares during the last quarter. Finally, Huntington National Bank grew its holdings in shares of Flex by 46.7% during the fourth quarter. Huntington National Bank now owns 1,502 shares of the technology company's stock worth $58,000 after purchasing an additional 478 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

Flex Trading Up 0.5%

Shares of Flex stock traded up $0.26 on Friday, reaching $52.19. 2,898,766 shares of the company's stock were exchanged, compared to its average volume of 4,035,964. The company has a market capitalization of $19.50 billion, a P/E ratio of 24.62, a price-to-earnings-growth ratio of 1.92 and a beta of 1.07. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $52.54. The firm's 50-day moving average is $44.27 and its two-hundred day moving average is $39.67. 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 - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. The firm had revenue of $6.40 billion for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period in the prior year, the business earned $0.57 EPS. Sell-side analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Flex 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 transaction of $7,767,911.48. Following the transaction, the chief executive officer directly owned 1,463,695 shares in the company, valued at approximately $62,807,152.45. This represents a 11.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Kwang Hooi Tan sold 37,533 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 $1,609,039.71. Following the transaction, the chief operating officer owned 269,151 shares in the company, valued at $11,538,503.37. The trade was a 12.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,135,941 shares of company stock valued at $47,582,965 over the last 90 days. 0.57% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. The Goldman Sachs Group reduced their target price on Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Barclays upped their target price on Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Bank of America upped their target price on Flex from $50.00 to $58.00 and gave the company a "buy" rating in a report on Thursday. Wall Street Zen cut Flex from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. Finally, KeyCorp upped their target price on Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Flex currently has a consensus rating of "Buy" and an average target price of $49.43.

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.