Silvercrest Asset Management Group LLC Sells 20,833 Shares of Flex Ltd. (NASDAQ:FLEX)

Silvercrest Asset Management Group LLC trimmed its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 21.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 76,722 shares of the technology company's stock after selling 20,833 shares during the period. Silvercrest Asset Management Group LLC's holdings in Flex were worth $2,945,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in FLEX. Norges Bank purchased a new stake in shares of Flex in the fourth quarter valued at about $229,484,000. Invesco Ltd. raised its holdings in shares of Flex by 42.9% in the fourth quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock valued at $207,107,000 after purchasing an additional 1,620,812 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Flex by 210.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company's stock worth $75,148,000 after buying an additional 1,327,298 shares during the last quarter. Neuberger Berman Group LLC increased its holdings in Flex by 13,790.0% during the fourth quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company's stock worth $47,528,000 after buying an additional 1,229,106 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Flex by 89.1% during the fourth quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company's stock worth $95,965,000 after buying an additional 1,177,923 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

Insider Activity

In other Flex news, insider Michael P. Hartung sold 32,173 shares of Flex stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total transaction of $1,350,944.27. Following the completion of the sale, the insider now directly owns 270,483 shares in the company, valued at $11,357,581.17. The trade was a 10.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Erin Mcsweeney sold 14,000 shares of Flex stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $41.94, for a total transaction of $587,160.00. Following the sale, the director now owns 22,299 shares of the company's stock, valued at approximately $935,220.06. The trade was a 38.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 489,255 shares of company stock worth $19,589,788. 0.82% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on FLEX shares. StockNews.com downgraded shares of Flex from a "buy" rating to a "hold" rating in a report on Monday, May 12th. The Goldman Sachs Group decreased their price objective on shares of Flex from $53.00 to $41.00 and set a "buy" rating for the company in a report on Thursday, April 10th. KeyCorp raised their price objective on shares of Flex from $35.00 to $44.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Stifel Nicolaus initiated coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a "buy" rating and a $52.00 target price for the company. Finally, Barclays lifted their target price on shares of Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $45.33.

Flex Price Performance

FLEX opened at $41.75 on Tuesday. The company has a market capitalization of $15.99 billion, a price-to-earnings ratio of 16.83, a PEG ratio of 2.43 and a beta of 0.96. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The firm has a 50-day moving average price of $34.44 and a 200-day moving average price of $37.78. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $45.10.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.04. Flex had a net margin of 3.95% and a return on equity of 17.93%. The company had revenue of $6.40 billion during the quarter, compared to analyst estimates of $6.22 billion. During the same period last year, the business earned $0.57 earnings per share. Flex's revenue was up 3.7% compared to the same quarter last year. Equities analysts expect that Flex Ltd. will post 2.33 EPS for the current year.

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.

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