Cambridge Investment Research Advisors Inc. Sells 17,867 Shares of Flex Ltd. (NASDAQ:FLEX)

Cambridge Investment Research Advisors Inc. decreased its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 44.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,611 shares of the technology company's stock after selling 17,867 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in Flex were worth $748,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in Flex in the fourth quarter worth about $229,484,000. Invesco Ltd. raised its position in Flex by 42.9% in the fourth quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock worth $207,107,000 after purchasing an additional 1,620,812 shares in the last quarter. Neuberger Berman Group LLC raised its position in Flex by 13,790.0% in the fourth quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company's stock worth $47,528,000 after purchasing an additional 1,229,106 shares in the last quarter. Northern Trust Corp raised its position in Flex by 89.1% in the fourth quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company's stock worth $95,965,000 after purchasing an additional 1,177,923 shares in the last quarter. Finally, LMR Partners LLP acquired a new position in Flex in the fourth quarter worth about $36,470,000. Institutional investors and hedge funds own 94.30% of the company's stock.

Insider Activity

In other news, COO Kwang Hooi Tan sold 37,533 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total value of $1,609,039.71. Following the completion of the transaction, the chief operating officer directly owned 269,151 shares in the company, valued at approximately $11,538,503.37. The trade was a 12.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael P. Hartung sold 35,393 shares of Flex stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total transaction of $1,517,297.91. Following the sale, the insider directly owned 293,195 shares in the company, valued at $12,569,269.65. This trade represents a 10.77% 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 quarter. 0.57% of the stock is owned by corporate insiders.

Flex Stock Performance

Shares of FLEX traded down $0.19 during midday trading on Tuesday, reaching $51.27. The stock had a trading volume of 3,429,834 shares, compared to its average volume of 4,016,887. The firm has a 50 day simple moving average of $43.27 and a 200-day simple moving average of $39.41. Flex Ltd. has a one year low of $25.11 and a one year high of $52.17. The firm has a market cap of $19.16 billion, a PE ratio of 24.18, a P/E/G ratio of 1.92 and a beta of 1.07. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50.

Flex (NASDAQ:FLEX - Get Free Report) last announced its earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, topping 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 business had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. During the same quarter in the previous year, the firm posted $0.57 EPS. Flex's revenue was up 3.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Flex Ltd. will post 2.33 EPS for the current year.

Wall Street Analysts Forecast Growth

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

About Flex

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.