Neuberger Berman Group LLC Cuts Holdings in Flex Ltd. (NASDAQ:FLEX)

Key Points

• Neuberger Berman Group LLC reduced its holdings in Flex Ltd. by 57.1%, selling over 706,000 shares, leaving them with approximately 531,456 shares valued at about $17.58 million.
• Several institutional investors increased their stakes in Flex, with Russell Investments Group Ltd. boosting its stake by 194.9%, now owning over 236,000 shares valued at $7.82 million.
• Flex's latest earnings report showed a quarterly revenue of $6.58 billion alongside an EPS of $0.72, surpassing analysts' expectations.

Neuberger Berman Group LLC decreased its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 57.1% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 531,456 shares of the technology company's stock after selling 706,563 shares during the period. Neuberger Berman Group LLC owned approximately 0.14% of Flex worth $17,581,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Russell Investments Group Ltd. boosted its stake in shares of Flex by 194.9% in the 1st quarter. Russell Investments Group Ltd. now owns 236,350 shares of the technology company's stock valued at $7,819,000 after purchasing an additional 156,193 shares in the last quarter. Virtu Financial LLC boosted its stake in shares of Flex by 125.2% in the 1st quarter. Virtu Financial LLC now owns 19,697 shares of the technology company's stock valued at $652,000 after purchasing an additional 10,950 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Flex by 55.0% in the 1st quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company's stock valued at $276,652,000 after purchasing an additional 2,968,285 shares in the last quarter. Atlas Capital Advisors Inc. boosted its stake in shares of Flex by 10.5% in the 1st quarter. Atlas Capital Advisors Inc. now owns 38,333 shares of the technology company's stock valued at $1,268,000 after purchasing an additional 3,645 shares in the last quarter. Finally, Benjamin Edwards Inc. purchased a new stake in shares of Flex in the 1st quarter valued at $258,000. Hedge funds and other institutional investors own 94.30% of the company's stock.

Flex Trading Down 2.9%

NASDAQ:FLEX opened at $50.35 on Thursday. The company has a quick ratio of 0.83, a current ratio of 1.36 and a debt-to-equity ratio of 0.59. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $53.97. The firm has a market capitalization of $18.90 billion, a P/E ratio of 22.08, a P/E/G ratio of 1.76 and a beta of 1.05. The company has a fifty day moving average of $49.25 and a 200 day moving average of $41.38.

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of Flex from $44.00 to $60.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. KGI Securities cut shares of Flex from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. KeyCorp upped their price target on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Bank of America upped their price target on shares of Flex from $50.00 to $58.00 and gave the company a "buy" rating in a report on Thursday, July 10th. Finally, Wall Street Zen upgraded shares of Flex from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Flex currently has a consensus rating of "Buy" and an average target price of $53.71.

Insiders Place Their Bets

In other Flex news, CEO Revathi Advaithi sold 181,028 shares of the company's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $42.91, for a total value of $7,767,911.48. Following the completion of the transaction, the chief executive officer directly owned 1,463,695 shares in the company, valued at approximately $62,807,152.45. This represents a 11.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Kwang Hooi Tan sold 37,533 shares of the company's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total transaction of $1,609,039.71. Following the completion of the transaction, the chief operating officer owned 269,151 shares of the company's stock, valued at $11,538,503.37. This trade represents a 12.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 673,186 shares of company stock worth $29,208,462. Company insiders own 0.57% 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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