Flex Ltd. (NASDAQ:FLEX) is Sound Shore Management Inc. CT’s 10th Largest Position

Sound Shore Management Inc. CT reduced its stake in Flex Ltd. (NASDAQ:FLEX) by 26.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,144,867 shares of the technology company’s stock after selling 1,149,763 shares during the quarter. Flex comprises approximately 3.1% of Sound Shore Management Inc. CT’s portfolio, making the stock its 10th biggest holding. Sound Shore Management Inc. CT’s holdings in Flex were worth $92,742,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in FLEX. XTX Topco Ltd purchased a new position in shares of Flex during the second quarter valued at approximately $1,595,000. First Eagle Investment Management LLC boosted its holdings in shares of Flex by 24.6% during the second quarter. First Eagle Investment Management LLC now owns 15,204 shares of the technology company’s stock worth $448,000 after purchasing an additional 3,000 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Flex by 254.9% during the second quarter. Hsbc Holdings PLC now owns 50,770 shares of the technology company’s stock worth $1,499,000 after purchasing an additional 36,465 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in Flex by 10.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 21,198 shares of the technology company’s stock valued at $625,000 after purchasing an additional 1,971 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in Flex during the second quarter worth about $1,626,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Barclays upped their price objective on shares of Flex from $34.00 to $39.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Stifel Nicolaus upped their price target on shares of Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Craig Hallum raised shares of Flex from a “hold” rating to a “buy” rating and increased their price target for the stock from $27.00 to $39.00 in a research note on Thursday, July 25th. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. increased their target price on Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Flex has an average rating of “Buy” and a consensus target price of $38.40.

Insider Transactions at Flex

In related news, insider Kwang Hooi Tan sold 8,028 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $31.78, for a total transaction of $255,129.84. Following the sale, the insider now directly owns 175,468 shares in the company, valued at approximately $5,576,373.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Flex news, EVP David Scott Offer sold 10,000 shares of the business’s stock in a transaction on Monday, August 26th. The shares were 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 in the company, valued at approximately $5,209,197.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kwang Hooi Tan sold 8,028 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $31.78, for a total value of $255,129.84. Following the sale, the insider now owns 175,468 shares of the company’s stock, valued at $5,576,373.04. The disclosure for this sale can be found here. Insiders sold 28,028 shares of company stock valued at $904,530 over the last quarter. Company insiders own 0.82% of the company’s stock.

Flex Trading Up 1.6 %

Shares of FLEX stock opened at $32.93 on Friday. Flex Ltd. has a fifty-two week low of $21.84 and a fifty-two week high of $34.12. The firm’s 50 day moving average price is $30.70 and its two-hundred day moving average price is $30.06. The stock has a market cap of $13.13 billion, a price-to-earnings ratio of 14.32, a price-to-earnings-growth ratio of 1.74 and a beta of 1.09. The company has a quick ratio of 0.75, a current ratio of 1.40 and a debt-to-equity ratio of 0.53.

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

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.