Victory Capital Management Inc. Sells 2,748,643 Shares of Flex Ltd. (NASDAQ:FLEX)

Victory Capital Management Inc. reduced its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 31.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,014,937 shares of the technology company's stock after selling 2,748,643 shares during the quarter. Victory Capital Management Inc. owned approximately 1.55% of Flex worth $201,079,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in FLEX. Quantbot Technologies LP bought a new stake in Flex in the 1st quarter valued at about $633,000. SG Americas Securities LLC raised its stake in shares of Flex by 24.6% during the 1st quarter. SG Americas Securities LLC now owns 8,766 shares of the technology company's stock valued at $251,000 after purchasing an additional 1,729 shares during the period. Oppenheimer & Co. Inc. lifted its holdings in Flex by 22.7% during the 1st quarter. Oppenheimer & Co. Inc. now owns 18,087 shares of the technology company's stock worth $517,000 after purchasing an additional 3,342 shares in the last quarter. Sei Investments Co. grew its holdings in Flex by 10.3% during the 1st quarter. Sei Investments Co. now owns 1,367,356 shares of the technology company's stock valued at $39,120,000 after buying an additional 128,003 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of Flex during the first quarter valued at about $149,000. 94.30% of the stock is currently owned by institutional investors.

Flex Price Performance

NASDAQ:FLEX traded down $1.08 during mid-day trading on Tuesday, reaching $37.96. The stock had a trading volume of 2,061,520 shares, compared to its average volume of 4,123,449. Flex Ltd. has a one year low of $21.84 and a one year high of $40.30. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.85 and a current ratio of 1.43. The firm has a 50 day moving average price of $33.67 and a two-hundred day moving average price of $31.73. The stock has a market capitalization of $14.72 billion, a P/E ratio of 16.80, a P/E/G ratio of 2.55 and a beta of 1.08.

Insider Transactions at Flex

In related news, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $35.39, for a total transaction of $284,110.92. Following the completion of the sale, the insider now directly owns 240,018 shares in the company, valued at $8,494,237.02. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $35.39, for a total transaction of $284,110.92. Following the completion of the sale, the insider now owns 240,018 shares of the company's stock, valued at $8,494,237.02. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Charles K. Stevens III sold 13,157 shares of the firm's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total transaction of $509,044.33. Following the completion of the sale, the director now directly owns 55,713 shares in the company, valued at approximately $2,155,535.97. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,185 shares of company stock worth $1,442,555. 0.82% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. The Goldman Sachs Group set a $39.00 target price on shares of Flex in a report on Thursday, October 17th. Stifel Nicolaus increased their price objective on Flex from $32.00 to $37.00 and gave the stock a "buy" rating in a research report on Thursday, July 25th. StockNews.com raised Flex from a "hold" rating to a "buy" rating in a research note on Tuesday, October 29th. Craig Hallum raised their price target on Flex from $39.00 to $45.00 and gave the company a "buy" rating in a report on Thursday, October 31st. Finally, Barclays boosted their price objective on Flex from $39.00 to $43.00 and gave the stock an "overweight" rating in a report on Thursday, October 31st. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $40.83.

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.