Flex Ltd. (NASDAQ:FLEX) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC reduced its stake in Flex Ltd. (NASDAQ:FLEX) by 5.2% in the second quarter, HoldingsChannel reports. The fund owned 375,020 shares of the technology company’s stock after selling 20,480 shares during the quarter. Gabelli Funds LLC’s holdings in Flex were worth $10,366,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in FLEX. FMR LLC lifted its stake in shares of Flex by 49.2% in the 1st quarter. FMR LLC now owns 32,727,697 shares of the technology company’s stock worth $753,064,000 after acquiring an additional 10,793,420 shares during the period. Invesco Ltd. lifted its stake in Flex by 119.3% during the first quarter. Invesco Ltd. now owns 10,551,440 shares of the technology company’s stock valued at $195,729,000 after purchasing an additional 5,741,044 shares during the last quarter. Norges Bank acquired a new stake in Flex during the fourth quarter valued at approximately $103,178,000. LSV Asset Management lifted its stake in Flex by 281.7% during the first quarter. LSV Asset Management now owns 4,334,130 shares of the technology company’s stock valued at $99,728,000 after purchasing an additional 3,198,600 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Flex by 156.8% during the fourth quarter. Millennium Management LLC now owns 5,047,486 shares of the technology company’s stock valued at $108,319,000 after acquiring an additional 3,081,799 shares during the period. 95.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP David Scott Offer sold 150,000 shares of the company’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $25.82, for a total transaction of $3,873,000.00. Following the completion of the sale, the executive vice president now directly owns 237,094 shares of the company’s stock, valued at approximately $6,121,767.08. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Flex news, EVP David Scott Offer sold 150,000 shares of the stock in a transaction on Monday, October 30th. The shares were sold at an average price of $25.82, for a total value of $3,873,000.00. Following the completion of the sale, the executive vice president now directly owns 237,094 shares of the company’s stock, valued at approximately $6,121,767.08. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Erin Mcsweeney sold 9,500 shares of the stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $25.64, for a total transaction of $243,580.00. Following the completion of the sale, the director now directly owns 27,227 shares of the company’s stock, valued at $698,100.28. The disclosure for this sale can be found here. In the last three months, insiders sold 213,017 shares of company stock valued at $5,493,037. Company insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. StockNews.com assumed coverage on shares of Flex in a report on Thursday, October 5th. They set a “hold” rating on the stock. Barclays assumed coverage on shares of Flex in a report on Thursday, September 7th. They set an “overweight” rating and a $35.00 price target on the stock. Finally, Credit Suisse Group restated an “outperform” rating and set a $34.00 price target on shares of Flex in a report on Monday, July 24th.

Flex Stock Performance

Shares of FLEX opened at $26.54 on Tuesday. The company’s fifty day moving average is $25.87 and its 200-day moving average is $26.17. Flex Ltd. has a 12 month low of $19.44 and a 12 month high of $28.90. The firm has a market cap of $11.54 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 0.99 and a beta of 1.30. The company has a quick ratio of 0.82, a current ratio of 1.53 and a debt-to-equity ratio of 0.54.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, October 25th. The technology company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.51 by $0.09. Flex had a net margin of 2.62% and a return on equity of 16.86%. The company had revenue of $7.47 billion for the quarter, compared to analyst estimates of $7.52 billion. Equities analysts expect that Flex Ltd. will post 2.19 EPS for the current fiscal year.

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.