Flex Ltd. (NASDAQ:FLEX) Position Cut by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership lessened its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 85.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 107,244 shares of the technology company's stock after selling 647,777 shares during the quarter. Arrowstreet Capital Limited Partnership's holdings in Flex were worth $4,117,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. HighTower Advisors LLC grew its holdings in Flex by 9.6% in the 3rd quarter. HighTower Advisors LLC now owns 121,037 shares of the technology company's stock valued at $4,045,000 after buying an additional 10,560 shares during the period. State Street Corp boosted its holdings in shares of Flex by 19.7% in the 3rd quarter. State Street Corp now owns 3,664,463 shares of the technology company's stock valued at $122,503,000 after purchasing an additional 603,208 shares during the last quarter. National Bank of Canada FI raised its position in shares of Flex by 0.4% in the 3rd quarter. National Bank of Canada FI now owns 381,461 shares of the technology company's stock worth $12,751,000 after buying an additional 1,382 shares during the period. MML Investors Services LLC grew its position in Flex by 7.4% during the third quarter. MML Investors Services LLC now owns 57,390 shares of the technology company's stock valued at $1,919,000 after acquiring an additional 3,964 shares during the period. Finally, Barclays PLC increased its stake in Flex by 42.6% during the third quarter. Barclays PLC now owns 774,856 shares of the technology company's stock worth $25,902,000 after acquiring an additional 231,572 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

Flex Stock Up 4.4 %

Shares of FLEX stock traded up $1.31 during mid-day trading on Monday, reaching $30.90. 249,842 shares of the company were exchanged, compared to its average volume of 3,956,152. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The business's 50 day simple moving average is $36.20 and its 200 day simple moving average is $37.47. The company has a market capitalization of $11.84 billion, a P/E ratio of 12.48, a P/E/G ratio of 2.43 and a beta of 0.99. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $45.10.

Flex (NASDAQ:FLEX - Get Free Report) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. Research analysts predict that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Transactions at Flex

In other Flex news, Director Lay Koon Tan sold 50,000 shares of the firm's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the transaction, the director now owns 202,850 shares of the company's stock, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the transaction, the insider now owns 233,526 shares of the company's stock, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.82% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FLEX. Stifel Nicolaus began coverage on shares of Flex in a research report on Tuesday, February 11th. They set a "buy" rating and a $52.00 target price for the company. StockNews.com raised shares of Flex from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. The Goldman Sachs Group lowered their price target on Flex from $53.00 to $41.00 and set a "buy" rating for the company in a report on Thursday. Barclays upped their target price on Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Finally, KeyCorp decreased their price target on Flex from $46.00 to $35.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, Flex has a consensus rating of "Buy" and an average target price of $43.67.

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.