Daiwa Securities Group Inc. Sells 9,590 Shares of Flex Ltd. (NASDAQ:FLEX)

Daiwa Securities Group Inc. reduced its stake in Flex Ltd. (NASDAQ:FLEX) by 23.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,935 shares of the technology company’s stock after selling 9,590 shares during the period. Daiwa Securities Group Inc.’s holdings in Flex were worth $942,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Boston Partners boosted its position in shares of Flex by 113.8% in the 1st quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock worth $548,519,000 after purchasing an additional 10,201,162 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Flex by 2.4% during the first quarter. Vanguard Group Inc. now owns 5,971,083 shares of the technology company’s stock worth $170,833,000 after acquiring an additional 141,580 shares in the last quarter. Norges Bank bought a new position in Flex during the fourth quarter worth about $165,000,000. Brandes Investment Partners LP lifted its holdings in Flex by 26.8% during the fourth quarter. Brandes Investment Partners LP now owns 1,936,148 shares of the technology company’s stock worth $58,975,000 after acquiring an additional 409,435 shares in the last quarter. Finally, Westfield Capital Management Co. LP bought a new position in Flex during the first quarter worth about $51,543,000. 94.30% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Stifel Nicolaus lifted their target price on Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Barclays lifted their target price on Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Craig Hallum upgraded Flex from a “hold” rating to a “buy” rating and boosted their price target for the company from $27.00 to $39.00 in a report on Thursday, July 25th. JPMorgan Chase & Co. boosted their price target on Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Finally, StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a report on Friday, August 2nd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $38.40.

Flex Price Performance

NASDAQ:FLEX opened at $29.80 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.75 and a current ratio of 1.40. The stock’s 50-day simple moving average is $30.54 and its 200 day simple moving average is $29.99. The company has a market cap of $11.88 billion, a P/E ratio of 12.96, a P/E/G ratio of 1.74 and a beta of 1.09. Flex Ltd. has a 52-week low of $21.84 and a 52-week high of $34.12.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, July 24th. The technology company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.09. The business had revenue of $6.31 billion for the quarter, compared to the consensus estimate of $5.89 billion. Flex had a return on equity of 16.23% and a net margin of 3.54%. As a group, sell-side analysts forecast that Flex Ltd. will post 2.09 EPS for the current fiscal year.

Insider Activity at Flex

In related news, EVP David Scott Offer sold 10,000 shares of Flex stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $32.95, for a total value of $329,500.00. Following the sale, the executive vice president now owns 158,094 shares of the company’s stock, valued at $5,209,197.30. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $31.78, for a total transaction of $255,129.84. Following the transaction, the insider now owns 175,468 shares of the company’s stock, valued at $5,576,373.04. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP David Scott Offer sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $32.95, for a total value of $329,500.00. Following the transaction, the executive vice president now directly owns 158,094 shares in the company, valued at approximately $5,209,197.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,028 shares of company stock valued at $904,530. 0.82% of the stock is owned by insiders.

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.