Los Angeles Capital Management LLC Decreases Stake in Flex Ltd. (NASDAQ:FLEX)

Los Angeles Capital Management LLC lowered its position in Flex Ltd. (NASDAQ:FLEX) by 21.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 8,831 shares of the technology company’s stock after selling 2,341 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Flex were worth $253,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in FLEX. Richardson Financial Services Inc. purchased a new position in Flex during the 4th quarter valued at about $34,000. CWM LLC boosted its position in shares of Flex by 92.5% during the 4th quarter. CWM LLC now owns 1,609 shares of the technology company’s stock valued at $49,000 after acquiring an additional 773 shares during the last quarter. Fifth Third Bancorp boosted its position in shares of Flex by 276.6% during the 4th quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock valued at $60,000 after acquiring an additional 1,455 shares during the last quarter. Bruce G. Allen Investments LLC bought a new stake in shares of Flex during the 4th quarter valued at about $75,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in shares of Flex during the 4th quarter valued at about $77,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insiders Place Their Bets

In other Flex news, insider Kwang Hooi Tan sold 14,599 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $28.65, for a total value of $418,261.35. Following the completion of the transaction, the insider now owns 163,656 shares in the company, valued at $4,688,744.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Flex news, insider Kwang Hooi Tan sold 14,599 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $28.65, for a total value of $418,261.35. Following the completion of the transaction, the insider now owns 163,656 shares in the company, valued at $4,688,744.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Daniel Wendler sold 1,275 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $31.30, for a total value of $39,907.50. Following the transaction, the chief accounting officer now owns 32,510 shares of the company’s stock, valued at $1,017,563. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 804,542 shares of company stock worth $25,147,972. 0.56% of the stock is owned by corporate insiders.

Flex Stock Performance

NASDAQ:FLEX opened at $29.37 on Friday. The business has a 50 day moving average price of $30.45 and a 200-day moving average price of $28.31. Flex Ltd. has a fifty-two week low of $21.84 and a fifty-two week high of $34.12. The firm has a market cap of $11.80 billion, a PE ratio of 12.77, a price-to-earnings-growth ratio of 2.06 and a beta of 1.13. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 1.52.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, May 1st. The technology company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. Flex had a return on equity of 16.46% and a net margin of 3.58%. The company had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.10 billion. Equities research analysts predict that Flex Ltd. will post 2.06 earnings per share for the current year.

Wall Street Analyst Weigh In

FLEX has been the subject of a number of research analyst reports. The Goldman Sachs Group lifted their price target on Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research report on Monday, March 4th. JPMorgan Chase & Co. boosted their target price on Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research report on Wednesday. Craig Hallum downgraded Flex from a “buy” rating to a “hold” rating and dropped their target price for the stock from $28.00 to $27.00 in a research report on Thursday, May 2nd. Finally, Barclays boosted their target price on Flex from $30.00 to $34.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Flex has a consensus rating of “Moderate Buy” and a consensus target price of $32.83.

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.