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

Sound Shore Management Inc. CT lowered its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 9.2% in the 1st quarter, HoldingsChannel reports. The firm owned 924,882 shares of the technology company’s stock after selling 93,432 shares during the period. Sound Shore Management Inc. CT’s holdings in Flex were worth $60,543,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Flex by 196.1% in the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after buying an additional 25,662,586 shares during the period. State Street Corp grew its position in shares of Flex by 17.8% during the 4th quarter. State Street Corp now owns 14,055,533 shares of the technology company’s stock worth $849,235,000 after buying an additional 2,126,440 shares during the period. Geode Capital Management LLC increased its stake in shares of Flex by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company’s stock valued at $459,829,000 after acquiring an additional 181,266 shares in the last quarter. Norges Bank bought a new stake in shares of Flex in the 4th quarter valued at $319,756,000. Finally, Polar Capital Holdings Plc lifted its position in shares of Flex by 141.8% during the 4th quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock valued at $223,140,000 after acquiring an additional 2,165,780 shares during the period. 94.30% of the stock is currently owned by institutional investors.

Insider Activity at Flex

In other Flex news, EVP David Scott Offer sold 6,657 shares of Flex stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.23, for a total transaction of $966,796.11. Following the completion of the transaction, the executive vice president owned 91,122 shares in the company, valued at approximately $13,233,648.06. The trade was a 6.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 39,188 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.18, for a total value of $5,689,313.84. Following the sale, the chief executive officer directly owned 584,278 shares of the company’s stock, valued at $84,825,480.04. This represents a 6.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders sold a total of 769,195 shares of company stock valued at $110,116,823 over the last quarter. 0.62% of the stock is currently owned by company insiders.

Flex Stock Performance

NASDAQ FLEX opened at $119.25 on Monday. The company has a fifty day simple moving average of $143.16 and a 200 day simple moving average of $96.02. Flex Ltd. has a 12-month low of $47.83 and a 12-month high of $166.86. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The company has a market cap of $43.69 billion, a P/E ratio of 51.18, a PEG ratio of 0.62 and a beta of 1.64.

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

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Stifel Nicolaus increased their target price on shares of Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. KeyCorp lifted their price target on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. The Goldman Sachs Group increased their price objective on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. raised their target price on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Finally, Robert W. Baird set a $165.00 target price on Flex in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $115.70.

About Flex

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.