Alliancebernstein L.P. Decreases Stock Position in Flex Ltd. (NASDAQ:FLEX)

Alliancebernstein L.P. cut its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 12.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,137,163 shares of the technology company's stock after selling 1,646,320 shares during the quarter. Alliancebernstein L.P. owned approximately 2.91% of Flex worth $427,556,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in shares of Flex during the fourth quarter valued at approximately $229,484,000. Geode Capital Management LLC lifted its position in Flex by 619.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company's stock valued at $149,350,000 after acquiring an additional 3,844,935 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Flex by 210.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company's stock valued at $75,148,000 after purchasing an additional 1,327,298 shares during the last quarter. Principal Financial Group Inc. bought a new stake in shares of Flex in the 4th quarter worth $33,363,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Flex in the fourth quarter worth $32,293,000. 94.30% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Stifel Nicolaus started coverage on Flex in a research report on Tuesday, February 11th. They issued a "buy" rating and a $52.00 target price for the company. StockNews.com upgraded shares of Flex from a "hold" rating to a "buy" rating in a research report on Friday, February 14th. Finally, Barclays lifted their target price on shares of Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $44.33.

Flex Stock Performance

NASDAQ FLEX traded down $2.64 during trading hours on Friday, hitting $26.68. 13,280,787 shares of the company's stock traded hands, compared to its average volume of 3,919,760. 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 52 week low of $25.11 and a 52 week high of $45.10. The firm has a market capitalization of $10.22 billion, a P/E ratio of 10.76, a P/E/G ratio of 2.43 and a beta of 0.99. The business's fifty day moving average price is $37.83 and its two-hundred day moving average price is $37.62.

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 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%. Equities research analysts predict that Flex Ltd. will post 2.33 EPS for the current year.

Insider Activity at Flex

In related news, Director Lay Koon Tan sold 50,000 shares of the company's stock in a transaction 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 transaction, the director now owns 202,850 shares of the company's stock, valued at approximately $8,773,262.50. This represents a 19.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael P. Hartung sold 64,807 shares of the business's stock in a transaction dated 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 transaction, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. The trade was 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 corporate insiders.

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.