Sowell Financial Services LLC Purchases Shares of 7,450 Flex Ltd. (NASDAQ:FLEX)

Sowell Financial Services LLC bought a new stake in Flex Ltd. (NASDAQ:FLEX - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 7,450 shares of the technology company's stock, valued at approximately $246,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FLEX. Evergreen Capital Management LLC boosted its stake in Flex by 1.0% during the 4th quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company's stock worth $925,000 after purchasing an additional 246 shares during the period. Rockefeller Capital Management L.P. raised its holdings in shares of Flex by 2.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company's stock valued at $488,000 after buying an additional 266 shares during the last quarter. Sage Rhino Capital LLC boosted its stake in shares of Flex by 1.1% during the fourth quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company's stock worth $1,358,000 after buying an additional 374 shares during the period. Arizona State Retirement System boosted its stake in shares of Flex by 0.4% during the fourth quarter. Arizona State Retirement System now owns 115,236 shares of the technology company's stock worth $4,424,000 after buying an additional 403 shares during the period. Finally, Park Avenue Securities LLC grew 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 worth $824,000 after buying an additional 432 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on FLEX. Wall Street Zen raised Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 28th. Barclays increased their price target on Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. The Goldman Sachs Group lowered their price objective 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 upped their price objective on shares of Flex from $48.00 to $50.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Finally, KeyCorp restated an "overweight" rating on shares of Flex in a research note on Tuesday, June 3rd. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Flex presently has an average rating of "Buy" and a consensus target price of $46.00.

Insider Transactions at Flex

In related news, CAO Daniel Wendler sold 4,502 shares of Flex stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total transaction of $189,038.98. Following the completion of the transaction, the chief accounting officer now directly owns 38,676 shares of the company's stock, valued at approximately $1,624,005.24. The trade was a 10.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP David Scott Offer sold 87,093 shares of the business's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total value of $3,172,797.99. Following the sale, the executive vice president now owns 71,001 shares in the company, valued at approximately $2,586,566.43. The trade was a 55.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,135,941 shares of company stock valued at $47,582,965 in the last quarter. 0.82% of the stock is currently owned by corporate insiders.

Flex Price Performance

Flex stock opened at $46.03 on Monday. The company has a market cap of $17.18 billion, a P/E ratio of 21.71, a price-to-earnings-growth ratio of 1.71 and a beta of 1.04. Flex Ltd. has a one year low of $25.11 and a one year high of $46.90. The business has a fifty day moving average of $39.44 and a two-hundred day moving average of $38.52. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.79 and a current ratio of 1.30.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.69 by $0.04. The firm had revenue of $6.40 billion during the quarter, compared to analysts' expectations of $6.22 billion. Flex had a net margin of 3.25% and a return on equity of 19.01%. The business's revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.57 earnings per share. As a group, analysts predict that Flex Ltd. will post 2.33 earnings per share for the current fiscal 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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