Flex Ltd. (NASDAQ:FLEX) is Lyrical Asset Management LP's 3rd Largest Position

Lyrical Asset Management LP lowered its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 1.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,733,612 shares of the technology company's stock after selling 106,702 shares during the quarter. Flex makes up 5.0% of Lyrical Asset Management LP's portfolio, making the stock its 3rd biggest position. Lyrical Asset Management LP owned 2.28% of Flex worth $335,283,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of FLEX. R Squared Ltd bought a new position in Flex in the fourth quarter worth about $35,000. SBI Securities Co. Ltd. bought a new position in shares of Flex during the 4th quarter worth approximately $38,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Flex by 112.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock valued at $38,000 after acquiring an additional 509 shares during the last quarter. Huntington National Bank grew its holdings in Flex by 46.7% in 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 last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of Flex by 82.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,553 shares of the technology company's stock worth $60,000 after purchasing an additional 704 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

Flex Stock Performance

NASDAQ FLEX traded up $0.14 on Friday, hitting $29.56. 1,522,472 shares of the company's stock traded hands, compared to its average volume of 3,959,534. The firm has a market capitalization of $11.32 billion, a PE ratio of 11.89, a P/E/G ratio of 2.43 and a beta of 0.99. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $45.10. The firm's 50-day moving average price is $36.45 and its two-hundred day moving average price is $37.46. 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 (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, beating 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, analysts expect that Flex Ltd. will post 2.33 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. KeyCorp dropped their target price on Flex from $46.00 to $35.00 and set an "overweight" rating on the stock in a research note on Tuesday. Stifel Nicolaus assumed coverage on shares of Flex in a report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price objective on the stock. StockNews.com upgraded shares of Flex from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. Barclays upped their price target on shares of Flex from $43.00 to $49.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Finally, The Goldman Sachs Group lowered their price objective on shares of Flex from $53.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $43.67.

Insider Buying and Selling at Flex

In related news, insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction dated 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 owns 233,526 shares in the company, valued at $10,249,456.14. The trade was a 21.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the transaction, the director now owns 202,850 shares in the company, valued at $8,773,262.50. This represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by corporate insiders.

About Flex

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.