Flex Ltd. $FLEX Stock: Generali Asset Management SPA SGR Decreases Holdings

Generali Asset Management SPA SGR lowered its position in shares of Flex Ltd. (NASDAQ:FLEX) by 96.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 279 shares of the technology company’s stock after selling 7,579 shares during the quarter. Generali Asset Management SPA SGR’s holdings in Flex were worth $31,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in FLEX. Sei Investments Co. boosted its holdings in Flex by 52.2% in the first quarter. Sei Investments Co. now owns 2,230,622 shares of the technology company’s stock worth $146,016,000 after purchasing an additional 764,558 shares during the period. KBC Group NV raised its stake in Flex by 541.5% during the first quarter. KBC Group NV now owns 1,965,811 shares of the technology company’s stock worth $128,682,000 after acquiring an additional 1,659,384 shares during the period. Amundi boosted its stake in Flex by 15.5% in the first quarter. Amundi now owns 1,494,418 shares of the technology company’s stock valued at $97,825,000 after acquiring an additional 200,553 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Flex by 9.3% during the first quarter. Pacer Advisors Inc. now owns 1,294,132 shares of the technology company’s stock valued at $84,714,000 after purchasing an additional 109,992 shares during the last quarter. Finally, Swiss National Bank raised its position in shares of Flex by 5.9% during the 1st quarter. Swiss National Bank now owns 1,085,250 shares of the technology company’s stock worth $71,040,000 after purchasing an additional 60,500 shares during the period. 94.30% of the stock is currently owned by institutional investors.

Flex Trading Down 7.1%

Shares of NASDAQ:FLEX opened at $86.48 on Friday. The company has a 50 day moving average of $105.70 and a 200-day moving average of $102.84. The company has a current ratio of 1.34, a quick ratio of 0.89 and a debt-to-equity ratio of 0.90. The firm has a market cap of $31.95 billion, a P/E ratio of 31.22, a P/E/G ratio of 0.44 and a beta of 1.67. Flex Ltd. has a twelve month low of $53.07 and a twelve month high of $166.86.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, October 28th. The technology company reported $1.18 EPS for the quarter, topping the consensus estimate of $1.06 by $0.12. Flex had a return on equity of 24.93% and a net margin of 3.35%. The firm had revenue of $8.49 billion for the quarter, compared to analysts’ expectations of $8.17 billion. During the same quarter in the previous year, the company earned $0.79 earnings per share. The firm’s quarterly revenue was up 24.8% compared to the same quarter last year. As a group, analysts anticipate that Flex Ltd. will post 4.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Flex news, insider Michael P. Hartung sold 2,755 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total value of $332,363.20. Following the transaction, the insider owned 243,175 shares of the company’s stock, valued at approximately $29,336,632. This represents a 1.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.62% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FLEX has been the topic of several analyst reports. Weiss Ratings lowered Flex from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, September 17th. Barclays lowered their price target on shares of Flex from $144.00 to $128.00 and set an “overweight” rating for the company in a research report on Thursday. Robert W. Baird dropped their price objective on shares of Flex from $142.00 to $135.00 in a report on Monday, October 19th. Zacks Research downgraded shares of Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, The Goldman Sachs Group decreased their target price on shares of Flex from $154.00 to $145.00 in a research report on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $131.78.

About Flex

Flex Ltd. (NASDAQ: FLEX) is a global manufacturing and supply chain solutions provider. The company helps original equipment manufacturers design, engineer, manufacture, distribute and service products across their lifecycles.

Flex serves customers in industries including automotive, communications, consumer electronics, health care, industrial, lifestyle and cloud infrastructure. Its capabilities include product design and engineering, printed circuit board assembly, systems integration, supply chain management, logistics, and aftermarket services.

The company was founded in 1969 as Flextronics and later adopted the name Flex.