CIBC Private Wealth Group LLC Sells 40,350 Shares of Flex Ltd. (NASDAQ:FLEX)

CIBC Private Wealth Group LLC lowered its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 65.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 21,331 shares of the technology company's stock after selling 40,350 shares during the quarter. CIBC Private Wealth Group LLC's holdings in Flex were worth $876,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Cerity Partners LLC boosted its holdings in Flex by 9.0% in the third quarter. Cerity Partners LLC now owns 18,716 shares of the technology company's stock valued at $626,000 after acquiring an additional 1,538 shares in the last quarter. Captrust Financial Advisors boosted its stake in shares of Flex by 10.1% during the 3rd quarter. Captrust Financial Advisors now owns 35,218 shares of the technology company's stock valued at $1,177,000 after purchasing an additional 3,224 shares in the last quarter. HighTower Advisors LLC raised its stake in Flex by 9.6% in the third quarter. HighTower Advisors LLC now owns 121,037 shares of the technology company's stock worth $4,045,000 after buying an additional 10,560 shares in the last quarter. State Street Corp lifted its holdings in Flex by 19.7% in the third quarter. State Street Corp now owns 3,664,463 shares of the technology company's stock worth $122,503,000 after buying an additional 603,208 shares during the period. Finally, Temasek Holdings Private Ltd bought a new stake in Flex during the 3rd quarter valued at approximately $3,332,000. 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 a number of research analyst reports. StockNews.com upgraded Flex from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. KeyCorp dropped their target price on shares of Flex from $46.00 to $35.00 and set an "overweight" rating on the stock in a report on Tuesday. Barclays increased their price target on shares of Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Finally, Stifel Nicolaus began coverage on shares of Flex in a research note on Tuesday, February 11th. They set a "buy" rating and a $52.00 price objective on the stock. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $43.33.

Insiders Place Their Bets

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

Flex Stock Up 13.6 %

Shares of FLEX traded up $3.78 during trading hours on Wednesday, hitting $31.58. The company had a trading volume of 7,810,876 shares, compared to its average volume of 3,961,764. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $45.10. The firm has a fifty day moving average price of $36.67 and a 200-day moving average price of $37.48. The stock has a market capitalization of $12.10 billion, a price-to-earnings ratio of 12.73, a P/E/G ratio of 2.43 and a beta of 0.99. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41.

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, 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%. On average, equities research analysts forecast that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Flex Company 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.