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

Todd Asset Management LLC lessened its holdings in Flex Ltd. (NASDAQ:FLEX) by 79.7% during the first quarter, according to the company in its most recent Form 13F 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 quarter. Todd Asset Management LLC’s holdings in Flex were worth $886,000 as of its most recent SEC filing.

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

Flex Price Performance

NASDAQ:FLEX opened at $50.16 on Tuesday. Flex Ltd. has a one year low of $25.11 and a one year high of $53.97. The company has a market cap of $18.83 billion, a P/E ratio of 22.00, a P/E/G ratio of 1.71 and a beta of 1.05. The firm’s fifty day moving average price is $48.93 and its two-hundred day moving average price is $41.25. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.36 and a quick ratio of 0.83.

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

Insiders Place Their Bets

In related news, insider Michael P. Hartung sold 35,393 shares of the company’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total value of $1,517,297.91. Following the transaction, the insider directly owned 293,195 shares in the company, valued at approximately $12,569,269.65. This represents a 10.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Kwang Hooi Tan sold 37,533 shares of the company’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total transaction of $1,609,039.71. Following the completion of the transaction, the chief operating officer owned 269,151 shares in the company, valued at $11,538,503.37. This trade represents a 12.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 673,186 shares of company stock valued at $29,208,462 in the last three months. Insiders own 0.57% of the company’s stock.

Analysts Set New Price Targets

FLEX has been the topic of several analyst reports. Stifel Nicolaus upped their price target on shares of Flex from $45.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, July 25th. Barclays upped their price target on shares of Flex from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, July 25th. JPMorgan Chase & Co. upped their price target on shares of Flex from $44.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, July 17th. Wall Street Zen upgraded shares of Flex from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 26th. Finally, KGI Securities downgraded shares of Flex from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $53.71.

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.