Todd Asset Management LLC Sells 104,943 Shares of Flex Ltd. (NASDAQ:FLEX)

Key Points

• Todd Asset Management LLC reduced its stake in Flex Ltd. by 79.7%, now holding 26,775 shares worth approximately $886,000.
• Flex Ltd. reported $0.72 earnings per share for the most recent quarter, surpassing analysts' expectations of $0.63, with revenue increasing by 4.1% year-over-year.
• Analysts have varied ratings on Flex shares, with KGI Securities downgrading it from "strong-buy" to "hold," while others raised their price targets significantly.

Todd Asset Management LLC lowered its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 79.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,775 shares of the technology company's stock after selling 104,943 shares during the period. Todd Asset Management LLC's holdings in Flex were worth $886,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Cullen Frost Bankers Inc. bought a new stake in Flex in the 1st quarter valued at $26,000. Olde Wealth Management LLC bought a new stake in Flex in the 1st quarter valued at $26,000. CX Institutional bought a new position in shares of Flex in the first quarter valued at about $29,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Flex in the fourth quarter valued at about $35,000. Finally, CWM LLC raised its position in shares of Flex by 73.3% in the first quarter. CWM LLC now owns 1,281 shares of the technology company's stock valued at $42,000 after purchasing an additional 542 shares during the period. Institutional investors own 94.30% of the company's stock.

Flex Price Performance

Flex stock traded down $0.91 during trading hours on Thursday, reaching $49.44. 3,080,820 shares of the stock were exchanged, compared to its average volume of 4,116,593. The stock has a 50 day moving average of $49.39 and a two-hundred day moving average of $41.46. The company has a market cap of $18.56 billion, a P/E ratio of 21.68, a price-to-earnings-growth ratio of 1.76 and a beta of 1.05. The company has a current ratio of 1.36, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $53.97.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.63 by $0.09. The business had revenue of $6.58 billion during the quarter, compared to the consensus estimate of $6.27 billion. Flex had a net margin of 3.42% and a return on equity of 20.25%. The company's revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.51 earnings per share. Equities analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling at Flex

In related news, insider Michael P. Hartung sold 6,887 shares of Flex stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $309,983.87. Following the sale, the insider directly owned 303,718 shares of the company's stock, valued at approximately $13,670,347.18. The trade was a 2.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Daniel Wendler sold 1,245 shares of the stock in a transaction that occurred 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 of the company's stock, valued at approximately $2,143,331.19. The trade was a 2.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold 673,186 shares of company stock worth $29,208,462 over the last quarter. 0.57% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FLEX shares. Stifel Nicolaus increased their price target on shares of Flex from $45.00 to $52.00 and gave the company a "buy" rating in a report on Friday, July 25th. Barclays increased their target price on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Wall Street Zen upgraded Flex from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. KGI Securities cut Flex from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Finally, KeyCorp increased their price objective on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Flex has a consensus rating of "Buy" and a consensus 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.