Flex Ltd. (NASDAQ:FLEX) Position Trimmed by Kestra Private Wealth Services LLC

Key Points

• Kestra Private Wealth Services LLC reduced its holdings in Flex Ltd. by 51.7% in Q1, owning only 11,268 shares worth approximately $373,000 after selling over 12,000 shares.
• Flex reported a Q1 earnings per share of $0.72, exceeding expectations of $0.63, with revenues of $6.58 billion, above analysts' forecasts.
• Several analysts have upgraded Flex's stock rating, with Barclays increasing its price target from $50 to $60 and maintaining an "overweight" rating.

Kestra Private Wealth Services LLC trimmed its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 51.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,268 shares of the technology company's stock after selling 12,038 shares during the period. Kestra Private Wealth Services LLC's holdings in Flex were worth $373,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Archer Investment Corp bought a new stake in Flex during the first quarter worth approximately $93,000. Dynasty Wealth Management LLC boosted its holdings in Flex by 0.7% during the first quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company's stock worth $1,232,000 after buying an additional 276 shares in the last quarter. Verdence Capital Advisors LLC bought a new stake in Flex during the first quarter worth approximately $465,000. Cullen Frost Bankers Inc. bought a new stake in Flex during the first quarter worth approximately $26,000. Finally, Graybill Wealth Management LTD. acquired a new position in Flex in the 1st quarter worth approximately $6,714,000. 94.30% of the stock is currently owned by institutional investors.

Flex Trading Up 0.6%

Shares of FLEX stock opened at $49.99 on Friday. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $53.97. The company has a market capitalization of $18.68 billion, a P/E ratio of 21.93, a P/E/G ratio of 1.84 and a beta of 1.07. The firm has a 50-day moving average price of $47.06 and a 200 day moving average price of $40.64. The company has a quick ratio of 0.79, a current ratio of 1.36 and a debt-to-equity ratio of 0.59.

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 for the quarter, beating the consensus estimate of $0.63 by $0.09. The firm had revenue of $6.58 billion during the quarter, compared to analysts' expectations of $6.27 billion. Flex had a net margin of 3.42% and a return on equity of 20.25%. The company's quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.51 EPS. Research analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Activity at Flex

In related news, EVP David Scott Offer sold 6,887 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $309,983.87. Following the completion of the transaction, the executive vice president owned 148,643 shares in the company, valued at approximately $6,690,421.43. The trade was a 4.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Daniel Wendler sold 1,245 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $56,037.45. Following the transaction, the chief accounting officer owned 47,619 shares of the company's stock, valued at approximately $2,143,331.19. This represents a 2.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,135,941 shares of company stock worth $47,582,965 over the last 90 days. Insiders own 0.57% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Wall Street Zen raised shares of Flex from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Barclays increased their price target on shares of Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Friday. Bank of America raised their target price on shares of Flex from $50.00 to $58.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. KeyCorp raised their target price 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. Finally, Stifel Nicolaus raised their price target on shares of Flex from $45.00 to $52.00 and gave the stock a "buy" rating in a research report on Friday. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Flex has a consensus rating of "Buy" and an average target price 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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