Flex Ltd. (NASDAQ:FLEX) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lessened its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 0.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,528,996 shares of the technology company's stock after selling 12,325 shares during the quarter. Massachusetts Financial Services Co. MA owned about 1.44% of Flex worth $182,899,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. United Services Automobile Association purchased a new stake in Flex in the fourth quarter valued at approximately $982,000. Sowell Financial Services LLC purchased a new stake in Flex in the 1st quarter valued at $246,000. Mirae Asset Global Investments Co. Ltd. raised its position in Flex by 7,157.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 69,016 shares of the technology company's stock valued at $2,290,000 after purchasing an additional 68,065 shares during the last quarter. Brandywine Global Investment Management LLC raised its position in Flex by 219.2% in the 4th quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company's stock valued at $5,119,000 after purchasing an additional 91,571 shares during the last quarter. Finally, Sequoia Financial Advisors LLC raised its position in Flex by 7.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 107,713 shares of the technology company's stock valued at $3,563,000 after purchasing an additional 7,637 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on FLEX shares. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Flex in a report on Friday, July 11th. Wall Street Zen cut Flex from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th. JPMorgan Chase & Co. dropped their price target on Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Bank of America boosted their target price on Flex from $50.00 to $58.00 and gave the company a "buy" rating in a report on Thursday, July 10th. Finally, Barclays boosted their target price on Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $49.43.

Insider Activity at Flex

In related news, insider Michael P. Hartung sold 35,393 shares of the company's stock in a transaction that occurred on 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 sale, 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP David Scott Offer sold 87,093 shares of the company's stock in a transaction that occurred 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 completion of the sale, the executive vice president 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. Over the last three months, insiders have sold 1,135,941 shares of company stock valued at $47,582,965. 0.57% of the stock is owned by corporate insiders.

Flex Stock Performance

NASDAQ FLEX traded up $0.29 on Wednesday, hitting $51.85. 3,178,277 shares of the company's stock were exchanged, compared to its average volume of 4,044,268. The firm's 50-day moving average price is $45.46 and its two-hundred day moving average price is $40.02. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $52.62. The firm has a market cap of $19.38 billion, a price-to-earnings ratio of 24.46, a P/E/G ratio of 1.93 and a beta of 1.07. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.79.

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