Gateway Investment Advisers LLC Sells 17,658 Shares of Flex Ltd. (NASDAQ:FLEX)

Gateway Investment Advisers LLC decreased its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 13.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 114,202 shares of the technology company's stock after selling 17,658 shares during the period. Gateway Investment Advisers LLC's holdings in Flex were worth $3,778,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of FLEX. Tower Wealth Partners Inc. boosted its position in Flex by 16.3% during the 1st quarter. Tower Wealth Partners Inc. now owns 6,445 shares of the technology company's stock valued at $213,000 after acquiring an additional 904 shares in the last quarter. Affinity Wealth Management LLC purchased a new position in shares of Flex in the 1st quarter valued at approximately $3,366,000. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Flex in the 1st quarter valued at approximately $215,000. Fulton Bank N.A. boosted its position in shares of Flex by 209.8% during the first quarter. Fulton Bank N.A. now owns 46,264 shares of the technology company's stock valued at $1,530,000 after purchasing an additional 31,329 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Flex by 10,855.3% in the first quarter. GAMMA Investing LLC now owns 54,119 shares of the technology company's stock worth $1,636,000 after purchasing an additional 53,625 shares during the period. Hedge funds and other institutional investors own 94.30% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Barclays raised their price objective on Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. The Goldman Sachs Group decreased their price target on shares of Flex from $53.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. JPMorgan Chase & Co. dropped their price objective on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Stifel Nicolaus started coverage on shares of Flex in a report on Tuesday, February 11th. They issued a "buy" rating and a $52.00 price objective on the stock. Finally, Wall Street Zen upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 28th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Flex has an average rating of "Buy" and a consensus target price of $45.33.

Flex Stock Performance

Shares of FLEX stock opened at $43.07 on Friday. The company has a market capitalization of $16.08 billion, a price-to-earnings ratio of 17.37, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. Flex Ltd. has a one year low of $25.11 and a one year high of $45.10. The company's 50-day moving average is $36.44 and its 200 day moving average is $38.19.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.04. Flex had a net margin of 3.95% and a return on equity of 17.93%. The firm had revenue of $6.40 billion for the quarter, compared to analysts' expectations of $6.22 billion. During the same quarter in the prior year, the company posted $0.57 earnings per share. The business's revenue for the quarter was up 3.7% on a year-over-year basis. Sell-side analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Activity at Flex

In other Flex news, CEO Revathi Advaithi sold 181,028 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $42.91, for a total transaction of $7,767,911.48. Following the transaction, the chief executive officer now owns 1,463,695 shares in the company, valued at approximately $62,807,152.45. This represents a 11.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David Scott Offer sold 87,093 shares of Flex stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the completion of the sale, the executive vice president now owns 71,001 shares of the company's stock, valued at $2,586,566.43. This represents a 55.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 891,134 shares of company stock valued at $36,818,451 over the last ninety days. Insiders own 0.82% of the company's stock.

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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