Tocqueville Asset Management L.P. Has $10.40 Million Holdings in Flex Ltd. (NASDAQ:FLEX)

Key Points

• Tocqueville Asset Management L.P. reduced its stake in Flex Ltd. by 69.8%, holding 314,371 shares valued at approximately $10.40 million as of the end of the first quarter.
• Flex last reported earnings showing $0.72 earnings per share, exceeding analysts' expectations of $0.63, with revenue of $6.58 billion, which was also above the forecast.
• Multiple analysts have raised their target prices for Flex, with some elevating it to $60.00, while the stock currently has an average rating of "Buy" and a consensus price target of $53.71.

Tocqueville Asset Management L.P. decreased its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 69.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 314,371 shares of the technology company's stock after selling 727,410 shares during the quarter. Tocqueville Asset Management L.P. owned approximately 0.08% of Flex worth $10,399,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Brighton Jones LLC acquired a new stake in shares of Flex during the fourth quarter worth $260,000. Rockefeller Capital Management L.P. grew its stake in 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 acquiring an additional 266 shares during the period. Mariner LLC grew its stake in Flex by 2.7% in the fourth quarter. Mariner LLC now owns 57,243 shares of the technology company's stock valued at $2,198,000 after acquiring an additional 1,497 shares during the period. Guggenheim Capital LLC grew its stake in Flex by 14.3% in the fourth quarter. Guggenheim Capital LLC now owns 10,824 shares of the technology company's stock valued at $416,000 after acquiring an additional 1,356 shares during the period. Finally, GeoWealth Management LLC grew its stake in Flex by 798.2% in the fourth quarter. GeoWealth Management LLC now owns 6,377 shares of the technology company's stock valued at $245,000 after acquiring an additional 5,667 shares during the period. Institutional investors and hedge funds own 94.30% of the company's stock.

Flex Stock Performance

Shares of FLEX opened at $49.00 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.36 and a quick ratio of 0.83. The stock has a 50-day moving average of $49.51 and a 200-day moving average of $41.51. The company has a market cap of $18.39 billion, a PE ratio of 21.49, a P/E/G ratio of 1.67 and a beta of 1.05. Flex Ltd. has a one year low of $25.11 and a one year high of $53.97.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $6.27 billion. During the same quarter in the previous year, the business earned $0.51 EPS. The company's quarterly revenue was up 4.1% on a year-over-year basis. On average, equities research analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on FLEX shares. JPMorgan Chase & Co. boosted their target price on Flex from $44.00 to $60.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Barclays boosted their target price on Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Stifel Nicolaus boosted their price target on Flex from $45.00 to $52.00 and gave the company a "buy" rating in a report on Friday, July 25th. KeyCorp boosted their price target on Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Finally, Bank of America boosted their price target on Flex from $50.00 to $58.00 and gave the company a "buy" rating in a report on Thursday, July 10th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $53.71.

Insider Buying and Selling

In other news, CAO Daniel Wendler sold 1,245 shares of the business's stock in a transaction on 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 transaction, the chief accounting officer directly owned 47,619 shares in the company, valued at $2,143,331.19. The trade was a 2.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Revathi Advaithi sold 37,465 shares of the business's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $1,686,299.65. Following the transaction, the chief executive officer owned 1,363,312 shares of the company's stock, valued at $61,362,673.12. This trade represents a 2.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 659,186 shares of company stock worth $28,621,302 in the last three months. Insiders own 0.57% of the company's stock.

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.

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