Swiss National Bank Sells 29,600 Shares of Flex Ltd. (NASDAQ:FLEX)

Swiss National Bank lessened its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 3.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 751,314 shares of the technology company's stock after selling 29,600 shares during the quarter. Swiss National Bank owned approximately 0.20% of Flex worth $24,853,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cullen Frost Bankers Inc. acquired a new position in Flex in the 1st quarter valued at about $26,000. Olde Wealth Management LLC acquired a new position in Flex in the 1st quarter valued at about $26,000. CX Institutional acquired a new position in Flex in the 1st quarter valued at about $29,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Flex during the 4th quarter valued at about $35,000. Finally, CWM LLC increased its stake in shares of Flex by 73.3% during the 1st quarter. CWM LLC now owns 1,281 shares of the technology company's stock valued at $42,000 after acquiring an additional 542 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

Flex Trading Down 0.9%

Shares of NASDAQ:FLEX traded down $0.44 during midday trading on Friday, reaching $49.00. The company had a trading volume of 4,663,018 shares, compared to its average volume of 4,225,455. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 1.36. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $53.97. The firm has a market cap of $18.39 billion, a price-to-earnings ratio of 21.49, a price-to-earnings-growth ratio of 1.67 and a beta of 1.05. The company has a fifty day simple moving average of $49.51 and a two-hundred day simple moving average of $41.51.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.09. Flex had a return on equity of 20.25% and a net margin of 3.42%. The business had revenue of $6.58 billion during the quarter, compared to analyst estimates of $6.27 billion. During the same quarter last year, the company posted $0.51 EPS. Flex's revenue for the quarter was up 4.1% on a year-over-year basis. Research analysts predict that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Activity

In other Flex news, COO Kwang Hooi Tan sold 12,500 shares of the firm's 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 directly owned 263,636 shares in the company, valued at approximately $13,247,709. This trade represents a 4.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Revathi Advaithi sold 37,465 shares of the firm's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $1,686,299.65. Following the sale, the chief executive officer directly owned 1,363,312 shares of the company's stock, valued at $61,362,673.12. This trade represents a 2.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 659,186 shares of company stock worth $28,621,302. Corporate insiders own 0.57% of the company's stock.

Analyst Ratings Changes

FLEX has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Flex from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Flex in a research report on Friday, July 11th. KGI Securities lowered Flex from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. JPMorgan Chase & Co. increased their target price on Flex from $44.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Finally, Bank of America increased their target price on Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $53.71.

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.