Envestnet Asset Management Inc. Has $47.09 Million Stake in Flex Ltd. (NASDAQ:FLEX)

Envestnet Asset Management Inc. lessened its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 5.9% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,226,532 shares of the technology company's stock after selling 77,537 shares during the period. Envestnet Asset Management Inc. owned about 0.32% of Flex worth $47,087,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Prudential PLC raised its position in Flex by 5.7% during the fourth quarter. Prudential PLC now owns 20,622 shares of the technology company's stock worth $792,000 after acquiring an additional 1,108 shares in the last quarter. ExodusPoint Capital Management LP bought a new stake in shares of Flex in the 4th quarter valued at about $9,152,000. Cinctive Capital Management LP acquired a new stake in Flex in the 4th quarter valued at about $3,408,000. Huntington National Bank grew its holdings in Flex by 46.7% during the fourth quarter. Huntington National Bank now owns 1,502 shares of the technology company's stock worth $58,000 after purchasing an additional 478 shares during the period. Finally, Kesler Norman & Wride LLC increased its position in Flex by 3.9% during the fourth quarter. Kesler Norman & Wride LLC now owns 13,462 shares of the technology company's stock worth $517,000 after buying an additional 511 shares during the last quarter. Institutional investors own 94.30% of the company's stock.

Flex Stock Performance

Shares of NASDAQ:FLEX traded down $0.04 on Wednesday, reaching $31.33. 551,411 shares of the company's stock were exchanged, compared to its average volume of 3,952,522. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $45.10. The company has a fifty day moving average of $35.69 and a 200-day moving average of $37.41. The company has a market capitalization of $12.00 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 2.43 and a beta of 0.99.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, topping 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%. On average, research analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Michael P. Hartung sold 64,807 shares of the business's stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the sale, the insider now directly owns 233,526 shares in the company, valued at approximately $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 accessible through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the firm's stock in a transaction that occurred 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 transaction, the director now owns 202,850 shares of the company's stock, valued at approximately $8,773,262.50. This trade represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FLEX. Barclays lifted their target price on Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. StockNews.com upgraded shares of Flex from a "hold" rating to a "buy" rating in a report on Friday, February 14th. 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 target price for the company. The Goldman Sachs Group decreased their price target 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. Finally, KeyCorp reduced their price objective on Flex from $46.00 to $35.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $43.67.

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.