Flex Ltd. (NASDAQ:FLEX) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. cut its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 8.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,518,809 shares of the technology company’s stock after selling 496,128 shares during the quarter. Victory Capital Management Inc. owned about 1.42% of Flex worth $211,867,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FLEX. Geode Capital Management LLC boosted its position in Flex by 619.3% during the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after acquiring an additional 3,844,935 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Flex by 462.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock worth $88,247,000 after acquiring an additional 2,170,262 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Flex by 210.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock worth $75,148,000 after purchasing an additional 1,327,298 shares during the period. Principal Financial Group Inc. purchased a new position in Flex during the fourth quarter worth about $33,363,000. Finally, Simcoe Capital Management LLC purchased a new position in Flex during the third quarter worth about $22,075,000. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Price Performance

Flex stock opened at $35.01 on Wednesday. The company’s 50 day simple moving average is $40.94 and its 200-day simple moving average is $37.15. The company has a market capitalization of $13.41 billion, a price-to-earnings ratio of 14.12, a price-to-earnings-growth ratio of 2.43 and a beta of 1.10. Flex Ltd. has a 1 year low of $25.27 and a 1 year high of $45.10. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. As a group, equities research analysts expect that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the sale, the insider now directly owns 233,526 shares of the company’s stock, valued at $10,249,456.14. This represents a 21.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the transaction, the director now owns 202,850 shares of the company’s stock, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FLEX. Barclays lifted their target price on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Finally, Stifel Nicolaus initiated coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target on the stock. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $44.33.

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.