KBC Group NV Sells 73,835 Shares of Flex Ltd. (NASDAQ:FLEX)

KBC Group NV lessened its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 70.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 30,297 shares of the technology company's stock after selling 73,835 shares during the period. KBC Group NV's holdings in Flex were worth $1,002,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in FLEX. Evergreen Capital Management LLC increased its stake in Flex by 1.0% during the fourth quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company's stock valued at $925,000 after acquiring an additional 246 shares during the period. Rockefeller Capital Management L.P. increased its stake in 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 period. Arizona State Retirement System increased its stake in Flex by 0.4% during the fourth quarter. Arizona State Retirement System now owns 115,236 shares of the technology company's stock valued at $4,424,000 after acquiring an additional 403 shares during the period. Park Avenue Securities LLC increased its stake in Flex by 1.8% during the first quarter. Park Avenue Securities LLC now owns 24,916 shares of the technology company's stock valued at $824,000 after acquiring an additional 432 shares during the period. Finally, Quadrant Capital Group LLC increased its stake in Flex by 11.2% during the fourth quarter. Quadrant Capital Group LLC now owns 4,432 shares of the technology company's stock valued at $170,000 after acquiring an additional 447 shares during the period. Institutional investors and hedge funds own 94.30% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Barclays boosted their price target on Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. KeyCorp boosted their price target on Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. Bank of America upped their price objective on Flex from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Monday, June 9th. JPMorgan Chase & Co. lowered their price objective on Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, Wall Street Zen lowered Flex from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $48.29.

Flex Price Performance

Shares of FLEX stock traded down $0.23 during trading hours on Monday, hitting $51.46. The company had a trading volume of 3,173,278 shares, compared to its average volume of 4,019,426. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $52.18. The firm has a market capitalization of $19.23 billion, a price-to-earnings ratio of 24.27, a PEG ratio of 1.92 and a beta of 1.07. The firm's fifty day moving average is $43.27 and its 200 day moving average is $39.41. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.79 and a current ratio of 1.30.

Flex (NASDAQ:FLEX - Get Free Report) last announced its earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.69 by $0.04. The business had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. Flex had a return on equity of 19.01% and a net margin of 3.25%. 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, sell-side analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Revathi Advaithi sold 181,028 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $42.91, for a total value of $7,767,911.48. Following the transaction, the chief executive officer directly owned 1,463,695 shares of the company's stock, valued at $62,807,152.45. The trade was a 11.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David Scott Offer sold 87,093 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total value of $3,172,797.99. Following the transaction, the executive vice president directly owned 71,001 shares in the company, valued at approximately $2,586,566.43. This represents a 55.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,135,941 shares of company stock valued at $47,582,965 over the last quarter. 0.57% of the stock is owned by insiders.

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.