Royce & Associates LP Has $7.74 Million Position in Flex Ltd. (NASDAQ:FLEX)

Key Points

• Royce & Associates LP has reduced its holdings in Flex Ltd. by 17.3%, selling 48,790 shares during the first quarter, leaving them with 233,867 shares valued at approximately $7.7 million.
• Several institutional investors have modified their positions in Flex, with notable increases from One Wealth Advisors LLC and KLP Kapitalforvaltning AS, indicating a strong interest in the technology company.
• Flex recently reported earnings of $0.72 EPS, exceeding analysts' expectations, with $6.58 billion in revenue for the quarter, a 4.1% increase from the previous year.

Royce & Associates LP trimmed its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 17.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 233,867 shares of the technology company's stock after selling 48,790 shares during the period. Royce & Associates LP owned about 0.06% of Flex worth $7,736,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Flex during the 4th quarter worth about $229,484,000. Invesco Ltd. increased its position in Flex by 42.9% during the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock worth $207,107,000 after purchasing an additional 1,620,812 shares in the last quarter. Neuberger Berman Group LLC increased its position in Flex by 13,790.0% during the 4th quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company's stock worth $47,528,000 after purchasing an additional 1,229,106 shares in the last quarter. Northern Trust Corp increased its position in Flex by 89.1% during the 4th quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company's stock worth $95,965,000 after purchasing an additional 1,177,923 shares in the last quarter. Finally, LMR Partners LLP acquired a new stake in Flex during the 4th quarter worth approximately $36,470,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Flex Stock Performance

Flex stock traded up $0.50 during mid-day trading on Monday, reaching $50.49. The company's stock had a trading volume of 3,292,784 shares, compared to its average volume of 4,143,070. The firm has a market cap of $18.87 billion, a price-to-earnings ratio of 22.14, a PEG ratio of 1.84 and a beta of 1.07. The business has a 50 day moving average price of $47.06 and a 200-day moving average price of $40.63. The company has a current ratio of 1.36, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $53.97.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.09. The firm had revenue of $6.58 billion during 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 firm's revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.51 earnings per share. Sell-side analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling

In other Flex news, COO Kwang Hooi Tan sold 8,509 shares of the firm's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $382,990.09. Following the sale, the chief operating officer directly owned 276,136 shares in the company, valued at approximately $12,428,881.36. This trade represents a 2.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Revathi Advaithi sold 37,465 shares of the firm's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total value of $1,686,299.65. Following the completion of the sale, the chief executive officer owned 1,363,312 shares in the company, valued at $61,362,673.12. The trade was a 2.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,135,941 shares of company stock valued at $47,582,965 in the last three months. 0.57% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on FLEX shares. Stifel Nicolaus increased their target price on shares of Flex from $45.00 to $52.00 and gave the stock a "buy" rating in a research report on Friday. Bank of America increased their target price on shares of Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. The Goldman Sachs Group reissued a "buy" rating on shares of Flex in a research report on Friday, July 11th. Barclays increased their price objective on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Friday. Finally, KeyCorp increased their price objective on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Flex currently has a consensus rating of "Buy" and a consensus 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.