Sound Shore Management Inc. CT Has $60.54 Million Position in Flex Ltd. $FLEX

Sound Shore Management Inc. CT cut its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 9.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 924,882 shares of the technology company’s stock after selling 93,432 shares during the quarter. Sound Shore Management Inc. CT owned 0.25% of Flex worth $60,543,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. USA Financial Formulas acquired a new stake in Flex in the fourth quarter valued at approximately $28,000. Frazier Financial Advisors LLC bought a new stake in shares of Flex during the fourth quarter worth $28,000. Parkside Financial Bank & Trust increased its holdings in shares of Flex by 57.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after buying an additional 166 shares in the last quarter. Gables Capital Management Inc. bought a new position in shares of Flex in the 4th quarter valued at $42,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of Flex by 6,318.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock valued at $43,000 after acquiring an additional 695 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Stock Performance

NASDAQ FLEX opened at $119.25 on Monday. The firm has a market capitalization of $43.69 billion, a PE ratio of 51.18, a price-to-earnings-growth ratio of 0.62 and a beta of 1.64. The business’s 50-day moving average price is $143.16 and its two-hundred day moving average price is $96.02. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Flex Ltd. has a 12 month low of $47.83 and a 12 month high of $166.86.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. The company had revenue of $7.48 billion during the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. On average, analysts expect that Flex Ltd. will post 4.18 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Zacks Research lowered Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Robert W. Baird set a $165.00 target price on Flex in a research report on Thursday, May 7th. JPMorgan Chase & Co. lifted their price target on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. KeyCorp boosted their price target on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Finally, Stifel Nicolaus upped their price objective on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $115.70.

Insider Activity

In other news, CEO Revathi Advaithi sold 197,879 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the completion of the sale, the chief executive officer directly owned 623,466 shares in the company, valued at $89,978,613.12. This represents a 24.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 33,000 shares of Flex stock in a transaction on Friday, June 5th. The stock was sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the transaction, the executive vice president directly owned 73,471 shares of the company’s stock, valued at $11,307,921.61. This represents a 30.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 769,195 shares of company stock worth $110,116,823 in the last 90 days. 0.62% of the stock is owned by company insiders.

Flex Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.