Park West Asset Management LLC Sells 25,386 Shares of Flex Ltd. $FLEX

Key Points

• Park West Asset Management LLC has reduced its stake in Flex Ltd. by 5.5%, selling 25,386 shares and retaining 437,500 shares valued at approximately $14.47 million.
• A number of institutional investors have also modified their holdings in Flex Ltd., with significant new purchases and increases in positions during the first quarter of 2023.
• Flex Ltd. reported Q2 earnings of $0.72 per share, exceeding expectations and showing a 4.1% increase in revenue year over year, with guidance for FY 2026 set at 2.860-3.060 EPS.

Park West Asset Management LLC reduced its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 5.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 437,500 shares of the technology company's stock after selling 25,386 shares during the period. Park West Asset Management LLC owned approximately 0.11% of Flex worth $14,472,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Brighton Jones LLC acquired a new position in Flex during the 4th quarter valued at $260,000. AXA S.A. increased its holdings in shares of Flex by 98.4% during the 4th quarter. AXA S.A. now owns 43,469 shares of the technology company's stock worth $1,669,000 after purchasing an additional 21,561 shares during the period. Ameriprise Financial Inc. raised its position in shares of Flex by 78.1% during the fourth quarter. Ameriprise Financial Inc. now owns 853,179 shares of the technology company's stock valued at $32,754,000 after buying an additional 374,247 shares during the last quarter. Captrust Financial Advisors lifted its stake in shares of Flex by 8.8% in the fourth quarter. Captrust Financial Advisors now owns 38,308 shares of the technology company's stock valued at $1,471,000 after buying an additional 3,090 shares during the period. Finally, Centiva Capital LP acquired a new stake in Flex during the fourth quarter worth about $391,000. 94.30% of the stock is owned by institutional investors.

Flex Price Performance

Flex stock traded up $0.36 during trading hours on Tuesday, hitting $56.20. 3,106,227 shares of the stock were exchanged, compared to its average volume of 3,336,579. The stock has a market capitalization of $21.09 billion, a P/E ratio of 24.65, a P/E/G ratio of 1.90 and a beta of 1.13. The business's 50-day moving average is $51.81 and its two-hundred day moving average is $42.78. 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 12 month low of $25.11 and a 12 month high of $56.85.

Flex (NASDAQ:FLEX - Get Free Report) last announced its earnings results 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 return on equity of 20.25% and a net margin of 3.42%.The business had revenue of $6.58 billion for the quarter, compared to the consensus estimate of $6.27 billion. During the same period in the previous year, the business earned $0.51 EPS. Flex's revenue was up 4.1% compared to the same quarter last year. Flex has set its FY 2026 guidance at 2.860-3.060 EPS. Q2 2026 guidance at 0.700-0.780 EPS. Equities research analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FLEX has been the subject of several recent research reports. JPMorgan Chase & Co. upped their price target on Flex from $44.00 to $60.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Wall Street Zen upgraded Flex from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. KGI Securities downgraded shares of Flex from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. The Goldman Sachs Group restated a "buy" rating on shares of Flex in a research note on Friday, July 11th. Finally, Bank of America raised their price objective on shares of Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Thursday, July 10th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Flex presently has an average rating of "Moderate Buy" and a consensus target price of $53.71.

Insider Buying and Selling

In other news, CEO Revathi Advaithi sold 132,000 shares of Flex stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $43.70, for a total value of $5,768,400.00. Following the completion of the sale, the chief executive officer directly owned 1,331,695 shares of the company's stock, valued at approximately $58,195,071.50. This trade represents a 9.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David Scott Offer sold 9,759 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $43.25, for a total value of $422,076.75. Following the sale, the executive vice president owned 61,242 shares of the company's stock, valued at approximately $2,648,716.50. The trade was a 13.74% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 279,827 shares of company stock valued at $12,550,282. Insiders own 0.57% of the company's stock.

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.