SG Americas Securities LLC Lowers Stake in Flex Ltd. (NASDAQ:FLEX)

SG Americas Securities LLC lowered its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 38.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 15,294 shares of the technology company's stock after selling 9,373 shares during the period. SG Americas Securities LLC's holdings in Flex were worth $506,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Evergreen Capital Management LLC boosted its holdings in shares of Flex by 1.0% during the 4th quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company's stock valued at $925,000 after purchasing an additional 246 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Flex by 2.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company's stock valued at $488,000 after acquiring an additional 266 shares during the last quarter. Sage Rhino Capital LLC raised its position in Flex by 1.1% in the 4th quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company's stock worth $1,358,000 after purchasing an additional 374 shares during the period. Arizona State Retirement System raised its position in Flex by 0.4% in the 4th quarter. Arizona State Retirement System now owns 115,236 shares of the technology company's stock worth $4,424,000 after purchasing an additional 403 shares during the period. Finally, Park Avenue Securities LLC raised its position in Flex by 1.8% in the 1st quarter. Park Avenue Securities LLC now owns 24,916 shares of the technology company's stock worth $824,000 after purchasing an additional 432 shares during the period. Institutional investors own 94.30% of the company's stock.

Insider Buying and Selling

In related news, CAO Daniel Wendler sold 1,245 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $56,037.45. Following the completion of the sale, the chief accounting officer now owns 47,619 shares of the company's stock, valued at approximately $2,143,331.19. This represents a 2.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David Scott Offer sold 4,554 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $43.49, for a total transaction of $198,053.46. Following the sale, the executive vice president now directly owns 155,530 shares of the company's stock, valued at approximately $6,763,999.70. This represents a 2.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,135,941 shares of company stock worth $47,582,965 in the last 90 days. Insiders own 0.82% of the company's stock.

Flex Stock Performance

FLEX traded up $0.32 on Monday, reaching $46.35. The stock had a trading volume of 2,758,406 shares, compared to its average volume of 3,883,223. The business's 50-day moving average price is $39.75 and its two-hundred day moving average price is $38.57. The company has a market cap of $17.30 billion, a P/E ratio of 21.86, a price-to-earnings-growth ratio of 1.71 and a beta of 1.04. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $47.60. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. The business had revenue of $6.40 billion during 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 was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.57 earnings per share. Sell-side analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current year.

Wall Street Analyst Weigh In

FLEX has been the topic of a number of research reports. The Goldman Sachs Group reduced their target price on shares of Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Bank of America raised their target price on shares of Flex from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Barclays raised their target price on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. KeyCorp reiterated an "overweight" rating on shares of Flex in a research note on Tuesday, June 3rd. Finally, Wall Street Zen upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 28th. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $46.00.

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.