Charles Schwab Investment Management Inc. Sells 29,541 Shares of Flex Ltd. (NASDAQ:FLEX)

Key Points

• Charles Schwab Investment Management reduced its stake in Flex Ltd. by 1.1%, holding 2,546,456 shares valued at $84.24 million as of its latest SEC filing.
• Flex reported a quarterly EPS of $0.72, surpassing expectations, with revenues of $6.58 billion, which is 4.1% higher than the same quarter last year.
• A number of analysts have raised their price targets for Flex, with Barclays, KeyCorp, and JPMorgan Chase all increasing their targets to between $58.00 and $60.00, indicating a positive outlook on the stock.

Charles Schwab Investment Management Inc. lowered its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 1.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,546,456 shares of the technology company's stock after selling 29,541 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.66% of Flex worth $84,237,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP boosted its holdings in shares of Flex by 12.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company's stock valued at $326,833,000 after acquiring an additional 916,085 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Flex by 3,794.6% during the first quarter. Pacer Advisors Inc. now owns 2,900,133 shares of the technology company's stock valued at $95,936,000 after acquiring an additional 2,825,667 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Flex by 22.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,681,792 shares of the technology company's stock valued at $102,954,000 after acquiring an additional 497,307 shares during the period. Northern Trust Corp raised its stake in shares of Flex by 89.1% during the fourth quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company's stock valued at $95,965,000 after purchasing an additional 1,177,923 shares in the last quarter. Finally, Balyasny Asset Management L.P. lifted its holdings in Flex by 36.0% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,280,657 shares of the technology company's stock worth $87,554,000 after purchasing an additional 603,809 shares during the period. Institutional investors and hedge funds own 94.30% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FLEX. KGI Securities downgraded shares of Flex from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. JPMorgan Chase & Co. upped their price objective on shares of Flex from $44.00 to $60.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Flex in a report on Friday, July 11th. KeyCorp upped their price objective on shares of Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. Finally, Bank of America upped their price objective on shares of Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Thursday, July 10th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $53.71.

Insiders Place Their Bets

In other news, insider Michael P. Hartung sold 35,393 shares of the company's stock in a transaction dated 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Revathi Advaithi sold 181,028 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 1,463,695 shares in the company, valued at $62,807,152.45. This represents a 11.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 659,186 shares of company stock worth $28,621,302 over the last quarter. Company insiders own 0.57% of the company's stock.

Flex Trading Down 0.9%

NASDAQ FLEX traded down $0.44 on Friday, hitting $49.00. 4,663,018 shares of the company were exchanged, compared to its average volume of 4,225,455. The company's 50 day moving average price is $49.51 and its 200-day moving average price is $41.51. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.36 and a quick ratio of 0.83. The firm has a market capitalization of $18.39 billion, a P/E ratio of 21.49, a price-to-earnings-growth ratio of 1.68 and a beta of 1.05. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $53.97.

Flex (NASDAQ:FLEX - Get Free Report) last issued its earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.09. The company had revenue of $6.58 billion for the quarter, compared to the consensus estimate of $6.27 billion. Flex had a return on equity of 20.25% and a net margin of 3.42%. The firm's quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.51 EPS. Analysts predict that Flex Ltd. will post 2.33 earnings per share for the current fiscal 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.