Victory Capital Management Inc. Sells 3,220,744 Shares of Flex Ltd. (NASDAQ:FLEX)

Victory Capital Management Inc. trimmed its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 58.4% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,298,065 shares of the technology company's stock after selling 3,220,744 shares during the quarter. Victory Capital Management Inc. owned 0.60% of Flex worth $76,020,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in FLEX. Olde Wealth Management LLC acquired a new stake in shares of Flex in the 1st quarter valued at approximately $26,000. CX Institutional acquired a new stake in Flex during the 1st quarter valued at $29,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Flex during the 4th quarter valued at $35,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Flex by 112.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock valued at $38,000 after purchasing an additional 509 shares during the last quarter. Finally, CWM LLC lifted its holdings in Flex by 73.3% during the 1st 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 last quarter. 94.30% of the stock is owned by institutional investors.

Insider Transactions at Flex

In related news, insider Michael P. Hartung sold 35,393 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total transaction of $1,517,297.91. Following the sale, the insider owned 293,195 shares of the company's stock, valued at approximately $12,569,269.65. This represents a 10.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Revathi Advaithi sold 181,028 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $42.91, for a total value of $7,767,911.48. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders sold 1,135,941 shares of company stock worth $47,582,965 over the last quarter. 0.57% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on FLEX shares. Bank of America lifted their target price on Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Thursday, July 10th. Barclays lifted their target price 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 reissued a "buy" rating on shares of Flex in a report on Friday, July 11th. KeyCorp lifted their target price on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. raised their price target on Flex from $44.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $52.29.

Flex Stock Down 0.2%

Shares of NASDAQ:FLEX traded down $0.12 during trading on Friday, reaching $53.06. 3,852,754 shares of the stock were exchanged, compared to its average volume of 4,049,835. The stock has a fifty day moving average of $46.05 and a two-hundred day moving average of $40.25. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $53.75. The firm has a market cap of $19.83 billion, a price-to-earnings ratio of 25.03, a price-to-earnings-growth ratio of 1.96 and a beta of 1.07. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.79.

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

Flex 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.