Victory Capital Management Inc. Sells 3,220,744 Shares of Flex Ltd. (NASDAQ:FLEX)

Victory Capital Management Inc. lowered its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 58.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,298,065 shares of the technology company’s stock after selling 3,220,744 shares during the quarter. Victory Capital Management Inc.’s holdings in Flex were worth $76,020,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FLEX. United Services Automobile Association acquired a new position in Flex during the fourth quarter worth $982,000. Sowell Financial Services LLC acquired a new position in shares of Flex during the 1st quarter worth about $246,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Flex by 7,157.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 69,016 shares of the technology company’s stock valued at $2,290,000 after purchasing an additional 68,065 shares during the period. Brandywine Global Investment Management LLC lifted its stake in shares of Flex by 219.2% in the 4th quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company’s stock valued at $5,119,000 after purchasing an additional 91,571 shares during the period. Finally, Sequoia Financial Advisors LLC grew its holdings in shares of Flex by 7.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 107,713 shares of the technology company’s stock valued at $3,563,000 after acquiring an additional 7,637 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Trading Up 2.6%

Shares of FLEX stock opened at $53.18 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.79. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $53.43. The firm has a market cap of $19.87 billion, a PE ratio of 25.09, a price-to-earnings-growth ratio of 1.92 and a beta of 1.07. The company has a 50-day moving average of $45.75 and a two-hundred day moving average of $40.12.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.04. Flex had a net margin of 3.25% and a return on equity of 19.01%. The company had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. During the same quarter last year, the company earned $0.57 earnings per share. Flex’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, analysts predict that Flex Ltd. will post 2.33 EPS for the current year.

Insider Transactions at Flex

In related news, COO Kwang Hooi Tan sold 8,509 shares of the stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $382,990.09. Following the completion of the sale, the chief operating officer directly owned 276,136 shares of the company’s stock, valued at approximately $12,428,881.36. This represents a 2.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David Scott Offer sold 6,887 shares of Flex stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $309,983.87. Following the sale, the executive vice president directly owned 148,643 shares of the company’s stock, valued at $6,690,421.43. This represents a 4.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,135,941 shares of company stock valued at $47,582,965. 0.57% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Barclays upped their price objective on shares of Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, May 8th. KeyCorp increased their price objective on shares of Flex from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, July 2nd. Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 27th. Bank of America boosted their price target on shares of Flex from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Thursday, July 10th. Finally, JPMorgan Chase & Co. increased their price objective on Flex from $44.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $52.29.

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.