Brandes Investment Partners LP Sells 421,651 Shares of Flex Ltd. (NASDAQ:FLEX)

Brandes Investment Partners LP trimmed its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 20.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,667,330 shares of the technology company's stock after selling 421,651 shares during the period. Brandes Investment Partners LP owned approximately 0.44% of Flex worth $64,009,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in Flex in the 4th quarter valued at approximately $32,293,000. Mutual of America Capital Management LLC purchased a new position in Flex in the 4th quarter valued at approximately $7,864,000. State of Alaska Department of Revenue purchased a new position in Flex in the 4th quarter valued at approximately $1,697,000. One Wealth Advisors LLC purchased a new position in shares of Flex during the 4th quarter valued at $368,000. Finally, JPMorgan Chase & Co. grew its position in shares of Flex by 5.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company's stock valued at $202,152,000 after purchasing an additional 296,505 shares in the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Barclays boosted their price target on shares of Flex from $43.00 to $49.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. StockNews.com upgraded shares of Flex from a "hold" rating to a "buy" rating in a research report on Friday, February 14th. Finally, Stifel Nicolaus assumed coverage on shares of Flex in a research report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price target for the company. Five 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, the stock presently has an average rating of "Buy" and an average target price of $44.33.

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Flex Price Performance

NASDAQ:FLEX traded up $1.16 during midday trading on Wednesday, hitting $35.95. The company had a trading volume of 2,147,044 shares, compared to its average volume of 3,783,452. Flex Ltd. has a 52-week low of $25.27 and a 52-week high of $45.10. The stock's fifty day moving average price is $39.96 and its 200-day moving average price is $37.31. The company has a market capitalization of $13.77 billion, a PE ratio of 14.50, a P/E/G ratio of 2.43 and a beta of 1.07. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63.

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

Insiders Place Their Bets

In other Flex news, insider Michael P. Hartung sold 64,807 shares of the business's stock in a transaction 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 sale, the insider now directly owns 233,526 shares of the company's stock, valued at $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the business's stock in a transaction on Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the sale, the director now directly owns 202,850 shares of the company's stock, valued at $8,773,262.50. This 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 currently owned by insiders.

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.