Cookson Peirce & Co. Inc. Sells 15,432 Shares of Flex Ltd. (NASDAQ:FLEX)

Key Points

• Cookson Peirce & Co. Inc. reduced its stake in Flex Ltd. by 1.2%, selling 15,432 shares and now holding approximately $42.81 million worth of stock, which accounts for about 2.2% of its portfolio.
• Flex reported a quarterly earnings per share (EPS) of $0.72, surpassing analyst estimates of $0.63, alongside revenues of $6.58 billion, exceeding predictions of $6.27 billion.
• Wall Street analysts have mixed ratings on Flex, with one strong buy, seven buy, and one hold, and an average price target of $53.71, reflecting optimistic prospects for the company.

Cookson Peirce & Co. Inc. cut its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 1.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,294,222 shares of the technology company's stock after selling 15,432 shares during the quarter. Flex accounts for about 2.2% of Cookson Peirce & Co. Inc.'s portfolio, making the stock its 12th biggest position. Cookson Peirce & Co. Inc. owned approximately 0.34% of Flex worth $42,813,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC purchased a new stake in shares of Flex during the fourth quarter valued at approximately $260,000. Russell Investments Group Ltd. increased its position in shares of Flex by 78.8% during the fourth quarter. Russell Investments Group Ltd. now owns 80,157 shares of the technology company's stock valued at $3,078,000 after acquiring an additional 35,338 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Flex during the fourth quarter valued at approximately $32,293,000. Bessemer Group Inc. increased its position in shares of Flex by 65.2% during the fourth quarter. Bessemer Group Inc. now owns 2,316 shares of the technology company's stock valued at $89,000 after acquiring an additional 914 shares during the last quarter. Finally, Rockefeller Capital Management L.P. increased its position 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 valued at $488,000 after acquiring an additional 266 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Price Performance

Flex stock opened at $50.35 on Thursday. The firm has a market capitalization of $18.90 billion, a P/E ratio of 22.08, a PEG ratio of 1.76 and a beta of 1.05. Flex Ltd. has a one year low of $25.11 and a one year high of $53.97. The business has a fifty day moving average price of $49.25 and a 200-day moving average price of $41.38. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.36 and a quick ratio of 0.83.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The technology company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.09. The company had revenue of $6.58 billion during the quarter, compared to analyst estimates 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 last year, the company earned $0.51 earnings per share. As a group, equities research analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

Insider Activity at Flex

In other Flex news, COO Kwang Hooi Tan sold 12,500 shares of Flex stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $50.25, for a total transaction of $628,125.00. Following the completion of the sale, the chief operating officer owned 263,636 shares of the company's stock, valued at $13,247,709. The trade was a 4.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael P. Hartung sold 6,887 shares of Flex stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $309,983.87. Following the sale, the insider directly owned 303,718 shares of the company's stock, valued at approximately $13,670,347.18. This trade represents a 2.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 673,186 shares of company stock valued at $29,208,462 in the last ninety days. 0.57% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

FLEX has been the subject of a number of research analyst reports. Bank of America increased their price target on Flex from $50.00 to $58.00 and gave the company a "buy" rating in a research report on Thursday, July 10th. KGI Securities downgraded Flex from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Wall Street Zen raised Flex from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 26th. Stifel Nicolaus raised their target price on Flex from $45.00 to $52.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Finally, Barclays raised their target price on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $53.71.

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.

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