Blue Door Asset Management LLC Sells 157,000 Shares of Flex Ltd. (NASDAQ:FLEX)

Blue Door Asset Management LLC lowered its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 22.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 545,950 shares of the technology company's stock after selling 157,000 shares during the period. Flex comprises approximately 7.8% of Blue Door Asset Management LLC's investment portfolio, making the stock its 4th biggest position. Blue Door Asset Management LLC owned approximately 0.14% of Flex worth $20,959,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of FLEX. Boston Partners lifted its holdings in Flex by 2.2% during the fourth quarter. Boston Partners now owns 26,114,574 shares of the technology company's stock valued at $1,006,436,000 after purchasing an additional 569,916 shares in the last quarter. Vanguard Group Inc. lifted its stake in Flex by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company's stock valued at $472,155,000 after buying an additional 817,215 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Flex by 12.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company's stock worth $326,833,000 after buying an additional 916,085 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Flex by 6.0% during the 4th quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company's stock worth $246,006,000 after buying an additional 361,049 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Flex in the fourth quarter valued at approximately $229,484,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FLEX has been the subject of several recent research reports. StockNews.com raised Flex from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. JPMorgan Chase & Co. reduced their target price on shares of Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday, February 11th. They set a "buy" rating and a $52.00 price objective for the company. KeyCorp decreased their target price on shares of Flex from $46.00 to $35.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Finally, Barclays upped their price target on Flex from $43.00 to $49.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $43.67.

Insider Activity at Flex

In related news, insider Michael P. Hartung sold 64,807 shares of the business's stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total value of $2,844,379.23. Following the sale, the insider now owns 233,526 shares in the company, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 disclosure for this sale can be found here. 0.82% of the stock is owned by insiders.

Flex Stock Performance

NASDAQ:FLEX opened at $31.27 on Wednesday. The company's 50-day moving average is $34.52 and its two-hundred day moving average is $37.35. The firm has a market capitalization of $11.98 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 2.43 and a beta of 0.99. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $45.10.

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

About Flex

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.

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