DAVENPORT & Co LLC Lowers Holdings in Flex Ltd. $FLEX

DAVENPORT & Co LLC cut its stake in Flex Ltd. (NASDAQ:FLEX) by 26.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,080 shares of the technology company’s stock after selling 1,850 shares during the period. DAVENPORT & Co LLC’s holdings in Flex were worth $254,000 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. Rise Advisors LLC purchased a new position in Flex in the first quarter valued at $25,000. Cullen Frost Bankers Inc. acquired a new stake in Flex in the first quarter valued at approximately $26,000. Olde Wealth Management LLC acquired a new stake in Flex in the first quarter valued at approximately $26,000. Pinnacle Bancorp Inc. raised its holdings in Flex by 39.4% in the second quarter. Pinnacle Bancorp Inc. now owns 864 shares of the technology company’s stock valued at $43,000 after acquiring an additional 244 shares in the last quarter. Finally, CX Institutional acquired a new stake in Flex in the first quarter valued at approximately $29,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Barclays raised their target price on shares of Flex from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, July 25th. Stifel Nicolaus raised their target price on shares of Flex from $45.00 to $52.00 and gave the company a “buy” rating in a report on Friday, July 25th. JPMorgan Chase & Co. increased their price target on shares of Flex from $44.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, July 17th. Wall Street Zen lowered shares of Flex from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, The Goldman Sachs Group set a $66.00 price target on shares of Flex in a research note on Monday, September 29th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $59.71.

Insider Buying and Selling at Flex

In related news, Director Erin Mcsweeney sold 10,000 shares of Flex stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $51.47, for a total value of $514,700.00. Following the transaction, the director directly owned 17,012 shares in the company, valued at $875,607.64. This trade represents a 37.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Kwang Hooi Tan sold 12,500 shares of Flex stock in a transaction on Monday, July 28th. The shares were sold at an average price of $50.25, for a total transaction of $628,125.00. Following the completion of the transaction, the chief operating officer owned 263,636 shares in the company, valued at approximately $13,247,709. This trade represents a 4.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 90,020 shares of company stock valued at $4,923,667. 0.57% of the stock is owned by company insiders.

Flex Stock Performance

Shares of FLEX opened at $58.83 on Tuesday. The company has a current ratio of 1.36, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a market cap of $22.08 billion, a PE ratio of 25.80, a price-to-earnings-growth ratio of 1.84 and a beta of 1.15. The company’s 50 day simple moving average is $54.83 and its 200-day simple moving average is $46.53. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $60.05.

Flex (NASDAQ:FLEX) last announced its earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.09. The business had revenue of $6.58 billion for the quarter, compared to analyst estimates of $6.27 billion. Flex had a net margin of 3.42% and a return on equity of 20.25%. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the firm posted $0.51 earnings per share. Flex has set its FY 2026 guidance at 2.860-3.060 EPS. Q2 2026 guidance at 0.700-0.780 EPS. As a group, equities analysts predict that Flex Ltd. will post 2.33 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.