Lyrical Asset Management LP Sells 128,543 Shares of Flex Ltd. (NASDAQ:FLEX)

Lyrical Asset Management LP lowered its position in shares of Flex Ltd. (NASDAQ:FLEX) by 1.5% during the first quarter, Holdings Channel reports. The firm owned 8,605,069 shares of the technology company’s stock after selling 128,543 shares during the quarter. Flex makes up about 4.4% of Lyrical Asset Management LP’s portfolio, making the stock its 8th largest holding. Lyrical Asset Management LP’s holdings in Flex were worth $284,656,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in FLEX. Evergreen Capital Management LLC grew its holdings in shares of Flex by 1.0% during the fourth quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company’s stock worth $925,000 after buying an additional 246 shares during the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of Flex by 2.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock worth $488,000 after buying an additional 266 shares during the last quarter. Dynasty Wealth Management LLC grew its holdings in shares of Flex by 0.7% during the first quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company’s stock worth $1,232,000 after buying an additional 276 shares during the last quarter. SBI Securities Co. Ltd. grew its holdings in shares of Flex by 30.8% during the first quarter. SBI Securities Co. Ltd. now owns 1,299 shares of the technology company’s stock worth $43,000 after buying an additional 306 shares during the last quarter. Finally, Stephens Inc. AR grew its holdings in shares of Flex by 2.7% during the first quarter. Stephens Inc. AR now owns 12,634 shares of the technology company’s stock worth $418,000 after buying an additional 332 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $50.35 on Thursday. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $53.97. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.36 and a quick ratio of 0.83. The business’s 50 day simple moving average is $49.25 and its 200-day simple moving average is $41.38. The firm has a market capitalization of $18.90 billion, a price-to-earnings ratio of 22.08, a price-to-earnings-growth ratio of 1.76 and a beta of 1.05.

Flex (NASDAQ:FLEX) last posted its earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.09. The firm had revenue of $6.58 billion for the quarter, compared to analyst estimates of $6.27 billion. Flex had a return on equity of 20.25% and a net margin of 3.42%. Flex’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.51 EPS. As a group, equities analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Flex from $44.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, July 17th. Wall Street Zen upgraded Flex from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 26th. Bank of America boosted their target price on Flex from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday, July 10th. KeyCorp boosted their target price on Flex from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 2nd. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Flex in a research note on Friday, July 11th. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $53.71.

Insider Buying and Selling

In other Flex news, EVP David Scott Offer sold 35,394 shares of the business’s stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total value of $1,517,340.78. Following the completion of the transaction, the executive vice president directly owned 140,013 shares in the company, valued at approximately $6,002,357.31. The trade was a 20.18% decrease in their position. The sale 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 business’s stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total value of $1,609,039.71. Following the completion of the transaction, the chief operating officer owned 269,151 shares of the company’s stock, 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 worth $29,208,462 in the last three months. 0.57% of the stock is currently owned by insiders.

Flex Company 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.