Catalyst Capital Advisors LLC Sells 7,500 Shares of Flex Ltd. (NASDAQ:FLEX)

Catalyst Capital Advisors LLC lessened its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 6.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 112,815 shares of the technology company's stock after selling 7,500 shares during the quarter. Catalyst Capital Advisors LLC's holdings in Flex were worth $3,732,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. United Services Automobile Association acquired a new stake in Flex in the 4th quarter valued at about $982,000. Sowell Financial Services LLC acquired a new stake in Flex in the 1st quarter valued at about $246,000. Brandywine Global Investment Management LLC increased its position in Flex by 219.2% in the 4th quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company's stock valued at $5,119,000 after acquiring an additional 91,571 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in shares of Flex by 7.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 107,713 shares of the technology company's stock worth $3,563,000 after buying an additional 7,637 shares during the period. Finally, Farther Finance Advisors LLC grew its position in shares of Flex by 142.9% during the 1st quarter. Farther Finance Advisors LLC now owns 14,940 shares of the technology company's stock worth $498,000 after buying an additional 8,790 shares during the period. Institutional investors and hedge funds own 94.30% of the company's stock.

Flex Trading Up 1.8%

NASDAQ FLEX traded up $0.91 during trading on Friday, reaching $51.65. 2,764,362 shares of the stock traded hands, compared to its average volume of 4,022,440. The firm has a market cap of $19.30 billion, a price-to-earnings ratio of 24.36, a price-to-earnings-growth ratio of 1.92 and a beta of 1.07. The stock's 50-day moving average price is $42.94 and its 200 day moving average price is $39.31. The company has a quick ratio of 0.79, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $52.17.

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

Insider Activity at Flex

In other Flex news, CEO Revathi Advaithi sold 181,028 shares of Flex stock in a transaction that occurred on Thursday, June 5th. The shares were 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 of the company's stock, valued at approximately $62,807,152.45. The trade was a 11.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP David Scott Offer sold 87,093 shares of Flex stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the completion of the transaction, the executive vice president directly owned 71,001 shares in the company, valued at approximately $2,586,566.43. The trade was a 55.09% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,135,941 shares of company stock worth $47,582,965. Corporate insiders own 0.57% of the company's stock.

Analyst Ratings Changes

FLEX has been the subject of several analyst reports. Bank of America lifted their price target on shares of Flex from $48.00 to $50.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. JPMorgan Chase & Co. lowered their price target on shares of Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Barclays lifted their price target on shares of Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. KeyCorp lifted their price target on shares of Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, Wall Street Zen cut shares of Flex from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $48.29.

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.