Principal Financial Group Inc. Sells 6,426 Shares of Flex Ltd. (NASDAQ:FLEX)

Principal Financial Group Inc. lessened its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 0.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 862,632 shares of the technology company's stock after selling 6,426 shares during the period. Principal Financial Group Inc. owned 0.23% of Flex worth $28,536,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. CX Institutional acquired a new position in shares of Flex during the first quarter valued at $29,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Flex during the 4th quarter worth about $35,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Flex by 112.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock valued at $38,000 after purchasing an additional 509 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of Flex during the 4th quarter worth approximately $38,000. Finally, Huntington National Bank raised its stake in shares of Flex by 46.7% during the fourth quarter. Huntington National Bank now owns 1,502 shares of the technology company's stock worth $58,000 after buying an additional 478 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on FLEX shares. Wall Street Zen lowered shares of Flex from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. KeyCorp lifted their price objective on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. dropped their price objective on Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. The Goldman Sachs Group reduced their target price on Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Finally, Bank of America upped their price target on Flex from $50.00 to $58.00 and gave the company a "buy" rating in a research note on Thursday. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $49.43.

Insider Transactions at Flex

In other news, CEO Revathi Advaithi sold 181,028 shares of the business'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 directly owned 1,463,695 shares in the company, valued at $62,807,152.45. The trade was a 11.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David Scott Offer sold 87,093 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total value of $3,172,797.99. Following the sale, the executive vice president directly owned 71,001 shares of the company's stock, valued at $2,586,566.43. This represents a 55.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,135,941 shares of company stock valued at $47,582,965 in the last ninety days. Corporate insiders own 0.57% of the company's stock.

Flex Stock Up 0.5%

Shares of NASDAQ FLEX traded up $0.26 during mid-day trading on Friday, reaching $52.19. 2,898,766 shares of the company's stock were exchanged, compared to its average volume of 4,049,065. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $52.54. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $19.50 billion, a price-to-earnings ratio of 24.62, a PEG ratio of 1.94 and a beta of 1.07. The business has a fifty day simple moving average of $44.58 and a 200 day simple moving average of $39.77.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.04. Flex had a net margin of 3.25% and a return on equity of 19.01%. The firm had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.22 billion. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The business's revenue was up 3.7% on a year-over-year basis. As a group, equities analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.

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.