Marietta Investment Partners LLC Sells 33,902 Shares of Flex Ltd. (NASDAQ:FLEX)

Marietta Investment Partners LLC lessened its holdings in Flex Ltd. (NASDAQ:FLEX) by 12.9% during the second quarter, HoldingsChannel.com reports. The fund owned 228,663 shares of the technology company’s stock after selling 33,902 shares during the period. Flex makes up about 1.5% of Marietta Investment Partners LLC’s holdings, making the stock its 21st biggest holding. Marietta Investment Partners LLC’s holdings in Flex were worth $6,743,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. SG Americas Securities LLC grew its holdings in shares of Flex by 441.6% during the second quarter. SG Americas Securities LLC now owns 47,477 shares of the technology company’s stock worth $1,400,000 after purchasing an additional 38,711 shares during the last quarter. Twin Tree Management LP grew its holdings in shares of Flex by 29,912.0% during the first quarter. Twin Tree Management LP now owns 97,239 shares of the technology company’s stock worth $2,782,000 after purchasing an additional 96,915 shares during the last quarter. Valliance Asset Management Ltd bought a new stake in shares of Flex during the second quarter worth about $2,654,000. Capstone Investment Advisors LLC bought a new stake in shares of Flex during the first quarter worth about $783,000. Finally, Quantbot Technologies LP bought a new stake in shares of Flex during the first quarter worth about $633,000. Institutional investors own 94.30% of the company’s stock.

Insider Transactions at Flex

In other news, EVP David Scott Offer sold 10,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $32.95, for a total transaction of $329,500.00. Following the completion of the transaction, the executive vice president now owns 158,094 shares in the company, valued at approximately $5,209,197.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP David Scott Offer sold 10,000 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $32.95, for a total transaction of $329,500.00. Following the sale, the executive vice president now owns 158,094 shares of the company’s stock, valued at approximately $5,209,197.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $31.78, for a total value 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 28,028 shares of company stock worth $904,530. 0.82% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on FLEX. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a report on Friday, August 2nd. Stifel Nicolaus upped their target price on Flex from $32.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Craig Hallum upgraded Flex from a “hold” rating to a “buy” rating and upped their target price for the company from $27.00 to $39.00 in a report on Thursday, July 25th. JPMorgan Chase & Co. upped their target price on Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Finally, Barclays boosted their price target on Flex from $34.00 to $39.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $38.40.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $32.93 on Monday. 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 Ltd. has a twelve month low of $21.84 and a twelve month high of $34.12. The stock’s 50 day moving average is $30.70 and its 200-day moving average is $30.05. The firm has a market capitalization of $13.13 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 1.74 and a beta of 1.09.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.09. The business had revenue of $6.31 billion during the quarter, compared to analyst estimates of $5.89 billion. Flex had a return on equity of 16.23% and a net margin of 3.54%. Sell-side analysts forecast that Flex Ltd. will post 2.09 EPS for the current fiscal 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.