Robertson Stephens Wealth Management LLC Sells 23,499 Shares of Flex Ltd. (NASDAQ:FLEX)

Robertson Stephens Wealth Management LLC lessened its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 26.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 63,966 shares of the technology company's stock after selling 23,499 shares during the quarter. Robertson Stephens Wealth Management LLC's holdings in Flex were worth $2,116,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Evergreen Capital Management LLC grew its stake in shares of Flex by 1.0% in the 4th quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company's stock worth $925,000 after buying an additional 246 shares during the last quarter. Rockefeller Capital Management L.P. boosted its holdings in Flex by 2.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company's stock worth $488,000 after acquiring an additional 266 shares in the last quarter. Sage Rhino Capital LLC boosted its holdings in Flex by 1.1% in the fourth quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company's stock worth $1,358,000 after acquiring an additional 374 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Flex by 0.4% in the fourth quarter. Arizona State Retirement System now owns 115,236 shares of the technology company's stock worth $4,424,000 after acquiring an additional 403 shares during the last quarter. Finally, Park Avenue Securities LLC increased its holdings in shares of Flex by 1.8% during the first quarter. Park Avenue Securities LLC now owns 24,916 shares of the technology company's stock valued at $824,000 after acquiring an additional 432 shares in the last quarter. Institutional investors own 94.30% of the company's stock.

Insider Activity at Flex

In other Flex news, EVP David Scott Offer sold 87,093 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the completion of the transaction, the executive vice president now owns 71,001 shares of the company's stock, valued at $2,586,566.43. This represents a 55.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Revathi Advaithi sold 120,280 shares of Flex stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $38.09, for a total value of $4,581,465.20. Following the completion of the sale, the chief executive officer now directly owns 1,112,193 shares in the company, valued at $42,363,431.37. This trade represents a 9.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,074,948 shares of company stock valued at $44,837,670. 0.82% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on FLEX. KeyCorp reiterated an "overweight" rating on shares of Flex in a research note on Tuesday, June 3rd. JPMorgan Chase & Co. decreased their target price on shares of Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Bank of America increased their price target on shares of Flex from $48.00 to $50.00 and gave the company a "buy" rating in a report on Monday, June 9th. Wall Street Zen raised shares of Flex from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 28th. Finally, Barclays upped their price objective on Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $46.00.

Flex Stock Up 3.1%

FLEX stock opened at $45.27 on Wednesday. The business's 50-day moving average price is $38.48 and its 200-day moving average price is $38.38. The stock has a market cap of $16.90 billion, a P/E ratio of 21.35, a PEG ratio of 1.63 and a beta of 1.04. The company has a quick ratio of 0.79, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $45.84.

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

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