Capital World Investors Sells 562,592 Shares of Flex Ltd. (NASDAQ:FLEX)

Capital World Investors lowered its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 12.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,897,628 shares of the technology company's stock after selling 562,592 shares during the period. Capital World Investors owned about 1.02% of Flex worth $149,630,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Evergreen Capital Management LLC grew its stake in shares of Flex by 1.0% in the 4th quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company's stock valued at $925,000 after buying an additional 246 shares during the period. Rockefeller Capital Management L.P. lifted its stake in Flex by 2.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company's stock worth $488,000 after acquiring an additional 266 shares in the last quarter. Sage Rhino Capital LLC boosted its stake in shares of Flex by 1.1% in the fourth quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company's stock valued at $1,358,000 after purchasing an additional 374 shares during the period. Arizona State Retirement System increased its position in shares of Flex by 0.4% during the fourth quarter. Arizona State Retirement System now owns 115,236 shares of the technology company's stock worth $4,424,000 after acquiring an additional 403 shares during the period. Finally, Quadrant Capital Group LLC raised its position in Flex by 11.2% in the 4th quarter. Quadrant Capital Group LLC now owns 4,432 shares of the technology company's stock valued at $170,000 after purchasing an additional 447 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

Insider Buying and Selling

In other news, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction on Monday, February 10th. The shares were 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 approximately $8,773,262.50. The trade was a 19.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 233,526 shares in the company, valued at $10,249,456.14. This trade represents a 21.72 % 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.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FLEX shares. KeyCorp dropped their price objective 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. Stifel Nicolaus started coverage on shares of Flex in a research report on Tuesday, February 11th. They issued a "buy" rating and a $52.00 price objective for the company. StockNews.com upgraded Flex from a "hold" rating to a "buy" rating in a report on Friday, February 14th. JPMorgan Chase & Co. cut their price target on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, The Goldman Sachs Group cut their target price on shares of Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $43.67.

Flex Stock Up 1.6 %

Shares of Flex stock traded up $0.56 during midday trading on Friday, hitting $35.22. The company's stock had a trading volume of 4,125,339 shares, compared to its average volume of 3,975,634. The firm has a market capitalization of $13.49 billion, a P/E ratio of 14.20, a PEG ratio of 2.43 and a beta of 0.99. The stock has a 50-day simple moving average of $34.17 and a 200-day simple moving average of $37.32. 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 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 earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. As a group, sell-side analysts expect that Flex Ltd. will post 2.33 earnings per share for the current year.

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.