TD Private Client Wealth LLC decreased its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 25.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 21,126 shares of the technology company's stock after selling 7,193 shares during the period. TD Private Client Wealth LLC's holdings in Flex were worth $699,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Olde Wealth Management LLC acquired a new stake in shares of Flex during the first quarter worth $26,000. CX Institutional acquired a new position in Flex in the first quarter valued at $29,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Flex in the fourth quarter valued at $35,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Flex by 112.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock valued at $38,000 after acquiring an additional 509 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in Flex in the fourth quarter valued at $38,000. Hedge funds and other institutional investors own 94.30% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts recently weighed in on the company. Barclays lifted their target price on Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. reduced their target price on Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Bank of America lifted their target price on Flex from $50.00 to $58.00 and gave the company a "buy" rating in a report on Thursday. KeyCorp lifted their target price on Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Finally, Wall Street Zen cut Flex from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $49.43.
Get Our Latest Research Report on FLEX
Insider Activity
In other Flex news, CAO Daniel Wendler sold 1,245 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $56,037.45. Following the sale, the chief accounting officer owned 47,619 shares in the company, valued at $2,143,331.19. This represents a 2.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP David Scott Offer sold 6,887 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total value of $309,983.87. Following the sale, the executive vice president owned 148,643 shares in the company, valued at $6,690,421.43. The trade was a 4.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,135,941 shares of company stock valued at $47,582,965 over the last three months. Company insiders own 0.57% of the company's stock.
Flex Stock Up 0.5%
Shares of FLEX traded up $0.26 during midday trading on Friday, reaching $52.19. 2,898,766 shares of the company were exchanged, compared to its average volume of 4,049,065. The stock has a 50-day moving average price of $44.58 and a 200-day moving average price of $39.77. The company has a market cap of $19.50 billion, a price-to-earnings ratio of 24.62, a P/E/G ratio of 1.94 and a beta of 1.07. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $52.54. 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 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. Flex had a return on equity of 19.01% and a net margin of 3.25%. The company had revenue of $6.40 billion for the quarter, compared to analysts' expectations of $6.22 billion. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The firm's quarterly revenue was up 3.7% on a year-over-year basis. Research analysts expect that Flex Ltd. will post 2.33 earnings per share for the current year.
About Flex
(
Free Report)
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.
See Also
Before you consider Flex, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Flex wasn't on the list.
While Flex currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Market downturns give many investors pause, and for good reason. Wondering how to offset this risk? Enter your email address to learn more about using beta to protect your portfolio.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
