Flex Ltd. (NASDAQ:FLEX) Shares Sold by Sound Shore Management Inc. CT

Sound Shore Management Inc. CT lessened its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 3.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,730,945 shares of the technology company's stock after selling 55,377 shares during the quarter. Sound Shore Management Inc. CT owned about 0.45% of Flex worth $57,260,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Flex by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company's stock valued at $472,155,000 after acquiring an additional 817,215 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Flex by 12.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company's stock valued at $326,833,000 after buying an additional 916,085 shares during the period. JPMorgan Chase & Co. grew its holdings in Flex by 6.0% during the fourth quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company's stock worth $246,006,000 after acquiring an additional 361,049 shares during the period. Norges Bank purchased a new position in Flex in the fourth quarter worth $229,484,000. Finally, Invesco Ltd. raised its position in Flex by 42.9% in the fourth quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock worth $207,107,000 after acquiring an additional 1,620,812 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

Flex Price Performance

NASDAQ:FLEX traded up $0.32 during trading hours on Friday, reaching $49.99. 3,961,468 shares of the company traded hands, compared to its average volume of 5,286,389. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $53.97. The firm's 50-day moving average is $47.06 and its 200-day moving average is $40.64. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.36 and a quick ratio of 0.79. The stock has a market cap of $18.68 billion, a P/E ratio of 21.93, a P/E/G ratio of 1.83 and a beta of 1.07.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The technology company reported $0.72 earnings per share (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 business had revenue of $6.58 billion for the quarter, compared to analysts' expectations of $6.27 billion. During the same quarter last year, the firm earned $0.51 earnings per share. The business's revenue was up 4.1% on a year-over-year basis. Equities research analysts expect that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Transactions at Flex

In related news, insider Michael P. Hartung sold 35,393 shares of Flex stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total value of $1,517,297.91. Following the transaction, the insider owned 293,195 shares in the company, valued at approximately $12,569,269.65. This trade represents a 10.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Revathi Advaithi sold 181,028 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $42.91, for a total value of $7,767,911.48. Following the completion of the transaction, the chief executive officer directly owned 1,463,695 shares in the company, valued at $62,807,152.45. This trade represents a 11.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,135,941 shares of company stock worth $47,582,965 over the last ninety days. 0.57% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Stifel Nicolaus increased their price objective on Flex from $45.00 to $52.00 and gave the stock a "buy" rating in a research report on Friday. Barclays increased their price objective on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Friday. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Flex in a research note on Friday, July 11th. Bank of America raised their price objective on Flex from $50.00 to $58.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. Finally, Wall Street Zen raised Flex from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Flex presently has a consensus rating of "Buy" and an average target price of $53.71.

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.