Westfield Capital Management Co. LP Reduces Holdings in Flex Ltd. (NASDAQ:FLEX)

Westfield Capital Management Co. LP decreased its holdings in Flex Ltd. (NASDAQ:FLEX) by 1.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,873,012 shares of the technology company’s stock after selling 27,826 shares during the quarter. Westfield Capital Management Co. LP owned 0.75% of Flex worth $95,039,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC bought a new position in shares of Flex during the 4th quarter valued at approximately $260,000. Geode Capital Management LLC grew its stake in shares of Flex by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 4,598,271 shares of the technology company’s stock valued at $176,607,000 after acquiring an additional 132,457 shares during the period. Huntington National Bank grew its stake in shares of Flex by 46.7% during the 4th quarter. Huntington National Bank now owns 1,502 shares of the technology company’s stock valued at $58,000 after acquiring an additional 478 shares during the period. Prudential PLC grew its stake in shares of Flex by 5.7% during the 4th quarter. Prudential PLC now owns 20,622 shares of the technology company’s stock valued at $792,000 after acquiring an additional 1,108 shares during the period. Finally, Russell Investments Group Ltd. grew its stake in shares of Flex by 78.8% during the 4th quarter. Russell Investments Group Ltd. now owns 80,157 shares of the technology company’s stock valued at $3,078,000 after acquiring an additional 35,338 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Stock Performance

NASDAQ:FLEX opened at $49.52 on Monday. The stock’s fifty day moving average is $47.95 and its 200 day moving average is $40.97. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $53.97. The firm has a market capitalization of $18.59 billion, a PE ratio of 21.72, a PEG ratio of 1.69 and a beta of 1.05. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 1.36.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.09. Flex had a return on equity of 20.25% and a net margin of 3.42%. The company had revenue of $6.58 billion for the quarter, compared to analyst estimates of $6.27 billion. During the same quarter in the prior year, the firm posted $0.51 EPS. Flex’s quarterly revenue was up 4.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current year.

Insiders Place Their Bets

In other Flex news, CAO Daniel Wendler sold 1,245 shares of the stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $56,037.45. Following the sale, the chief accounting officer owned 47,619 shares in the company, valued at $2,143,331.19. This trade represents a 2.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Revathi Advaithi sold 37,465 shares of the stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $1,686,299.65. Following the completion of the sale, the chief executive officer owned 1,363,312 shares in the company, valued at approximately $61,362,673.12. The trade was a 2.67% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,061,348 shares of company stock valued at $45,038,292. Insiders own 0.57% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on FLEX shares. Wall Street Zen upgraded Flex from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 26th. KeyCorp upped their price target on Flex from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 2nd. Bank of America upped their price target on Flex from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Thursday, July 10th. KGI Securities downgraded Flex from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Finally, Barclays upped their price target on Flex from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, July 25th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $53.71.

Flex 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.