Flex Ltd. (NASDAQ:FLEX) Shares Sold by Raiffeisen Bank International AG

Raiffeisen Bank International AG lessened its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 42.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 205,576 shares of the technology company's stock after selling 149,376 shares during the quarter. Raiffeisen Bank International AG owned approximately 0.05% of Flex worth $6,821,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in FLEX. Olde Wealth Management LLC acquired a new stake in shares of Flex during the first quarter worth $26,000. Cullen Frost Bankers Inc. purchased a new position in Flex in the 1st quarter worth $26,000. CX Institutional acquired a new position in shares of Flex in the first quarter valued at about $29,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Flex during the fourth quarter worth about $35,000. Finally, CWM LLC increased its holdings in Flex by 73.3% in the 1st quarter. CWM LLC now owns 1,281 shares of the technology company's stock worth $42,000 after buying an additional 542 shares during the period. 94.30% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Stifel Nicolaus boosted their target price on shares of Flex from $45.00 to $52.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Barclays upped their target price on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. The Goldman Sachs Group reiterated a "buy" rating on shares of Flex in a research report on Friday, July 11th. KeyCorp raised their price objective on shares of Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Finally, Wall Street Zen raised 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 given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $53.71.

Insider Transactions at Flex

In other Flex news, COO Kwang Hooi Tan sold 12,500 shares of the company's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $50.25, for a total value of $628,125.00. Following the completion of the sale, the chief operating officer directly owned 263,636 shares in the company, valued at $13,247,709. This represents a 4.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael P. Hartung sold 6,887 shares of Flex stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $309,983.87. Following the transaction, the insider owned 303,718 shares in the company, valued at approximately $13,670,347.18. This represents a 2.22% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,061,348 shares of company stock valued at $45,038,292. 0.57% of the stock is currently owned by company insiders.

Flex Price Performance

FLEX stock traded down $0.40 during trading on Tuesday, hitting $50.54. The stock had a trading volume of 2,671,931 shares, compared to its average volume of 4,243,615. The company's 50-day moving average price is $48.30 and its two-hundred day moving average price is $41.10. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $53.97. The stock has a market capitalization of $18.97 billion, a P/E ratio of 22.17, a PEG ratio of 1.73 and a beta of 1.05. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.36 and a quick ratio of 0.83.

Flex (NASDAQ:FLEX - Get Free Report) last issued 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. Flex had a return on equity of 20.25% and a net margin of 3.42%. The firm had revenue of $6.58 billion during the quarter, compared to analysts' expectations of $6.27 billion. During the same period in the previous year, the business earned $0.51 earnings per share. The firm's revenue for the quarter was up 4.1% on a year-over-year basis. As a group, research analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

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.