Flex Ltd. (NASDAQ:FLEX) Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA reduced its stake in Flex Ltd. (NASDAQ:FLEX) by 3.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 44,285,974 shares of the technology company’s stock after selling 1,479,490 shares during the period. Flex accounts for about 0.9% of Primecap Management Co. CA’s investment portfolio, making the stock its 28th biggest holding. Primecap Management Co. CA owned about 11.10% of Flex worth $1,305,993,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Quantbot Technologies LP boosted its stake in Flex by 564.5% in the second quarter. Quantbot Technologies LP now owns 146,995 shares of the technology company’s stock valued at $4,335,000 after acquiring an additional 124,873 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Flex by 1.6% during the second quarter. Dimensional Fund Advisors LP now owns 7,978,522 shares of the technology company’s stock valued at $235,289,000 after buying an additional 127,688 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Flex by 10.4% during the second quarter. Envestnet Asset Management Inc. now owns 1,291,821 shares of the technology company’s stock valued at $38,096,000 after buying an additional 122,183 shares during the last quarter. Oppenheimer Asset Management Inc. raised its holdings in shares of Flex by 36.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 189,404 shares of the technology company’s stock valued at $5,586,000 after buying an additional 50,656 shares during the last quarter. Finally, Qsemble Capital Management LP raised its holdings in shares of Flex by 251.8% during the second quarter. Qsemble Capital Management LP now owns 50,810 shares of the technology company’s stock valued at $1,498,000 after buying an additional 36,367 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Flex

In other Flex news, EVP David Scott Offer sold 10,000 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $32.95, for a total value of $329,500.00. Following the transaction, the executive vice president now owns 158,094 shares of the company’s stock, valued at $5,209,197.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Flex news, EVP David Scott Offer sold 10,000 shares of Flex stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $32.95, for a total transaction of $329,500.00. Following the transaction, 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 filing with the SEC, which is available at the SEC website. Also, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction that occurred on Monday, July 29th. The stock was 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 in the company, valued at $5,576,373.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,028 shares of company stock valued at $904,530. Corporate insiders own 0.82% of the company’s stock.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $29.88 on Tuesday. The stock has a market cap of $11.92 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 1.74 and a beta of 1.09. Flex Ltd. has a 12 month low of $21.84 and a 12 month high of $34.12. The stock’s 50 day moving average price is $30.55 and its 200 day moving average price is $30.00. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.40 and a quick ratio of 0.75.

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

Wall Street Analyst Weigh In

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

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.