Gabelli Funds LLC Sells 20,480 Shares of Flex Ltd. (NASDAQ:FLEX)

Gabelli Funds LLC lessened its stake in Flex Ltd. (NASDAQ:FLEX) by 5.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 375,020 shares of the technology company’s stock after selling 20,480 shares during the period. Gabelli Funds LLC owned about 0.08% of Flex worth $10,366,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Quarry LP bought a new stake in shares of Flex in the 1st quarter valued at about $38,000. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Flex during the 1st quarter valued at about $76,000. Covestor Ltd boosted its position in shares of Flex by 130.7% during the 1st quarter. Covestor Ltd now owns 5,137 shares of the technology company’s stock valued at $95,000 after purchasing an additional 2,910 shares in the last quarter. Assetmark Inc. boosted its position in shares of Flex by 12.4% during the 1st quarter. Assetmark Inc. now owns 6,214 shares of the technology company’s stock valued at $143,000 after purchasing an additional 685 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its position in shares of Flex by 320.3% during the 2nd quarter. Exchange Traded Concepts LLC now owns 6,792 shares of the technology company’s stock valued at $188,000 after purchasing an additional 5,176 shares in the last quarter. Institutional investors own 95.26% of the company’s stock.

Insider Transactions at Flex

In other news, Director Erin Mcsweeney sold 9,500 shares of the stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $25.64, for a total value of $243,580.00. Following the completion of the sale, the director now directly owns 27,227 shares of the company’s stock, valued at $698,100.28. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Paul Lundstrom sold 53,517 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $25.72, for a total value of $1,376,457.24. Following the completion of the transaction, the chief financial officer now directly owns 431,350 shares of the company’s stock, valued at $11,094,322. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Erin Mcsweeney sold 9,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $25.64, for a total value of $243,580.00. Following the completion of the transaction, the director now directly owns 27,227 shares of the company’s stock, valued at $698,100.28. The disclosure for this sale can be found here. Insiders sold a total of 213,017 shares of company stock valued at $5,493,037 over the last ninety days. 0.56% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FLEX. Barclays began coverage on Flex in a research report on Thursday, September 7th. They set an “overweight” rating and a $35.00 target price on the stock. StockNews.com started coverage on Flex in a research report on Thursday, October 5th. They set a “hold” rating on the stock. Finally, Credit Suisse Group reaffirmed an “outperform” rating and set a $34.00 price target on shares of Flex in a research note on Monday, July 24th.

Flex Stock Up 1.1 %

FLEX stock opened at $26.54 on Tuesday. The stock’s 50 day simple moving average is $25.87 and its 200 day simple moving average is $26.17. Flex Ltd. has a fifty-two week low of $19.44 and a fifty-two week high of $28.90. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.82 and a current ratio of 1.53. The company has a market cap of $11.54 billion, a P/E ratio of 15.34, a price-to-earnings-growth ratio of 0.99 and a beta of 1.30.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, October 25th. The technology company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.51 by $0.09. The firm had revenue of $7.47 billion during the quarter, compared to the consensus estimate of $7.52 billion. Flex had a return on equity of 16.86% and a net margin of 2.62%. On average, research analysts expect that Flex Ltd. will post 2.19 earnings per share for the current fiscal year.

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.