Envestnet Portfolio Solutions Inc. Has $660,000 Stake in Flex Ltd. (NASDAQ:FLEX)

Envestnet Portfolio Solutions Inc. decreased its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 68.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,946 shares of the technology company's stock after selling 42,782 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Flex were worth $660,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of FLEX. CX Institutional acquired a new position in Flex during the first quarter worth approximately $29,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Flex during the fourth quarter worth approximately $35,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Flex by 112.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock worth $38,000 after buying an additional 509 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Flex during the fourth quarter worth approximately $38,000. Finally, Huntington National Bank increased its position in 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 buying an additional 478 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

Flex Stock Up 2.2%

Flex stock opened at $50.09 on Friday. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $50.61. The firm has a market capitalization of $18.72 billion, a price-to-earnings ratio of 23.63, a P/E/G ratio of 1.82 and a beta of 1.04. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50. The firm has a 50 day simple moving average of $40.81 and a 200 day simple moving average of $38.79.

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

Insider Buying and Selling at Flex

In other Flex news, EVP David Scott Offer sold 87,093 shares of the firm's 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 now owns 71,001 shares of the company's stock, valued at approximately $2,586,566.43. This trade represents a 55.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Revathi Advaithi sold 120,280 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $38.09, for a total transaction of $4,581,465.20. Following the transaction, the chief executive officer now directly owns 1,112,193 shares of the company's stock, valued at $42,363,431.37. This represents a 9.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,135,941 shares of company stock worth $47,582,965 over the last three months. Company insiders own 0.82% of the company's stock.

Wall Street Analysts Forecast Growth

FLEX has been the topic of a number of recent analyst reports. Barclays boosted their price target on Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Wall Street Zen upgraded Flex from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 28th. Bank of America boosted their price objective on Flex from $48.00 to $50.00 and gave the stock a "buy" rating in a report on Monday, June 9th. The Goldman Sachs Group reduced their price objective on Flex from $53.00 to $41.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Finally, KeyCorp reiterated an "overweight" rating on shares of Flex in a research note on Tuesday, June 3rd. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Flex has a consensus rating of "Buy" and an average price target of $46.00.

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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