Primecap Management Co. CA Sells 3,065,994 Shares of Flex Ltd. (NASDAQ:FLEX)

Primecap Management Co. CA lessened its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 7.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 36,124,847 shares of the technology company's stock after selling 3,065,994 shares during the quarter. Primecap Management Co. CA owned about 9.43% of Flex worth $1,195,010,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FLEX. Cullen Frost Bankers Inc. bought a new position in shares of Flex in the first quarter valued at approximately $26,000. Olde Wealth Management LLC bought a new position in shares of Flex in the first quarter valued at approximately $26,000. CX Institutional bought a new position in shares of Flex in the first quarter valued at approximately $29,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Flex in the fourth quarter valued at approximately $35,000. Finally, CWM LLC boosted its position in shares of Flex by 73.3% in the first 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 period. Institutional investors own 94.30% of the company's stock.

Flex Trading Down 0.8%

FLEX stock opened at $50.54 on Wednesday. The company has a market capitalization of $18.97 billion, a PE ratio of 22.17, a price-to-earnings-growth ratio of 1.73 and a beta of 1.05. Flex Ltd. has a one year low of $25.11 and a one year high of $53.97. The company's 50 day moving average price is $48.30 and its two-hundred day moving average price is $41.10. 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 (NASDAQ:FLEX - Get Free Report) last posted its quarterly 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. The firm had revenue of $6.58 billion for the quarter, compared to the consensus estimate of $6.27 billion. Flex had a net margin of 3.42% and a return on equity of 20.25%. The business's revenue was up 4.1% compared to the same quarter last year. During the same period last year, the firm posted $0.51 earnings per share. As a group, analysts predict that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Flex

In other Flex news, CEO Revathi Advaithi sold 181,028 shares of Flex stock in a transaction that occurred on 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 directly owned 1,463,695 shares of the company's stock, valued at approximately $62,807,152.45. This trade represents a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP David Scott Offer sold 35,394 shares of Flex stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total transaction of $1,517,340.78. Following the completion of the transaction, the executive vice president directly owned 140,013 shares in the company, valued at approximately $6,002,357.31. The trade was a 20.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 941,068 shares of company stock valued at $40,456,827. 0.57% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Wall Street Zen upgraded shares of Flex from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 26th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Flex in a research note on Friday, July 11th. Stifel Nicolaus raised their target price on shares of Flex from $45.00 to $52.00 and gave the company a "buy" rating in a research note on Friday, July 25th. JPMorgan Chase & Co. raised their target price 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. Finally, Bank of America raised their target price on shares of Flex from $50.00 to $58.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. One research 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 stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $53.71.

Flex Company 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.

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