Gabelli Funds LLC Sells 45,000 Shares of Flex Ltd. (NASDAQ:FLEX)

Gabelli Funds LLC lessened its stake in Flex Ltd. (NASDAQ:FLEX) by 26.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 124,500 shares of the technology company’s stock after selling 45,000 shares during the period. Gabelli Funds LLC’s holdings in Flex were worth $3,562,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Flex by 5.7% during the third quarter. Vanguard Group Inc. now owns 5,581,270 shares of the technology company’s stock valued at $150,583,000 after acquiring an additional 302,086 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Flex by 7.7% in the 4th quarter. Raymond James & Associates now owns 593,439 shares of the technology company’s stock worth $18,076,000 after purchasing an additional 42,400 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Flex by 2.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 72,447 shares of the technology company’s stock worth $2,207,000 after buying an additional 1,953 shares during the last quarter. Global Retirement Partners LLC increased its holdings in Flex by 8.4% during the fourth quarter. Global Retirement Partners LLC now owns 8,746 shares of the technology company’s stock valued at $266,000 after buying an additional 679 shares during the last quarter. Finally, Fifth Third Bancorp increased its holdings in Flex by 276.6% during the fourth quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock valued at $60,000 after buying an additional 1,455 shares during the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Stifel Nicolaus lifted 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. Barclays raised their price objective on Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a research note on Thursday. JPMorgan Chase & Co. lifted their price objective on Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a research report on Tuesday. StockNews.com lowered shares of Flex from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Craig Hallum raised shares of Flex from a “hold” rating to a “buy” rating and lifted their price target for the company from $27.00 to $39.00 in a report on Thursday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $38.40.

Flex Price Performance

FLEX stock traded up $1.07 during midday trading on Friday, hitting $32.01. The company’s stock had a trading volume of 4,862,928 shares, compared to its average volume of 3,106,687. The firm has a market capitalization of $12.77 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 2.07 and a beta of 1.12. The company has a quick ratio of 0.79, a current ratio of 1.52 and a debt-to-equity ratio of 0.61. Flex Ltd. has a 12 month low of $21.84 and a 12 month high of $34.12. The company has a 50 day moving average of $31.14 and a two-hundred day moving average of $28.59.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, May 1st. The technology company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. The firm had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.10 billion. Flex had a net margin of 3.54% and a return on equity of 15.53%. On average, analysts expect that Flex Ltd. will post 2.06 EPS for the current year.

Insider Buying and Selling

In other news, CEO Revathi Advaithi sold 37,170 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $31.30, for a total transaction of $1,163,421.00. Following the completion of the transaction, the chief executive officer now directly owns 2,057,473 shares in the company, valued at approximately $64,398,904.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Revathi Advaithi sold 37,170 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $31.30, for a total value of $1,163,421.00. Following the sale, the chief executive officer now directly owns 2,057,473 shares in the company, valued at approximately $64,398,904.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Paul Lundstrom sold 7,895 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $31.30, for a total transaction of $247,113.50. Following the completion of the transaction, the chief financial officer now directly owns 346,943 shares of the company’s stock, valued at approximately $10,859,315.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 804,542 shares of company stock worth $25,147,972. Corporate insiders own 0.82% of the company’s stock.

About Flex

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.