Sound Shore Management Inc. CT Sells 1,149,763 Shares of Flex Ltd. (NASDAQ:FLEX)

Sound Shore Management Inc. CT lessened its position in shares of Flex Ltd. (NASDAQ:FLEX) by 26.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,144,867 shares of the technology company’s stock after selling 1,149,763 shares during the period. Flex comprises 3.1% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 10th biggest holding. Sound Shore Management Inc. CT owned about 0.79% of Flex worth $92,742,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of FLEX. SG Americas Securities LLC lifted its stake in Flex by 441.6% during the second quarter. SG Americas Securities LLC now owns 47,477 shares of the technology company’s stock worth $1,400,000 after purchasing an additional 38,711 shares during the last quarter. Twin Tree Management LP boosted its holdings in shares of Flex by 29,912.0% in the 1st quarter. Twin Tree Management LP now owns 97,239 shares of the technology company’s stock valued at $2,782,000 after buying an additional 96,915 shares in the last quarter. Valliance Asset Management Ltd purchased a new position in shares of Flex in the 2nd quarter valued at $2,654,000. Capstone Investment Advisors LLC acquired a new stake in Flex during the 1st quarter worth $783,000. Finally, Quantbot Technologies LP purchased a new stake in Flex in the first quarter valued at $633,000. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insiders Place Their Bets

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

Flex Trading Up 1.6 %

NASDAQ FLEX opened at $32.93 on Friday. The company has a quick ratio of 0.75, a current ratio of 1.40 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $13.13 billion, a P/E ratio of 14.32, 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. The firm has a 50-day moving average price of $30.70 and a 200 day moving average price of $30.06.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.09. Flex had a return on equity of 16.23% and a net margin of 3.54%. The firm had revenue of $6.31 billion for the quarter, compared to analyst estimates of $5.89 billion. Equities research analysts expect that Flex Ltd. will post 2.09 EPS for the current 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.