FMR LLC cut its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 19.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,184,107 shares of the technology company's stock after selling 7,018,842 shares during the quarter. FMR LLC owned about 7.62% of Flex worth $1,120,378,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. United Services Automobile Association bought a new position in Flex during the fourth quarter worth $982,000. Brandywine Global Investment Management LLC grew its stake in shares of Flex by 219.2% in the 4th quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company's stock valued at $5,119,000 after buying an additional 91,571 shares during the period. Mutual of America Capital Management LLC bought a new stake in Flex in the 4th quarter valued at about $7,864,000. Raymond James Financial Inc. acquired a new position in Flex during the 4th quarter worth approximately $32,293,000. Finally, American Century Companies Inc. boosted its holdings in Flex by 19.7% in the fourth quarter. American Century Companies Inc. now owns 693,846 shares of the technology company's stock worth $26,637,000 after acquiring an additional 114,350 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on FLEX. KeyCorp lowered their target price on Flex from $46.00 to $35.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. The Goldman Sachs Group dropped their price objective on shares of Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday. StockNews.com raised shares of Flex from a "hold" rating to a "buy" rating in a research report on Friday, February 14th. Barclays raised their price target on shares of Flex from $43.00 to $49.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Finally, Stifel Nicolaus initiated coverage on Flex in a report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $43.67.
Check Out Our Latest Stock Analysis on FLEX
Insider Buying and Selling
In other Flex news, Director Lay Koon Tan sold 50,000 shares of the firm's stock in a transaction 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 completion of the sale, the director now directly owns 202,850 shares of the company's stock, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Michael P. Hartung sold 64,807 shares of the company's stock in a transaction on 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 transaction, the insider now directly owns 233,526 shares in the company, valued at $10,249,456.14. This represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by corporate insiders.
Flex Stock Performance
Shares of Flex stock traded up $0.17 during mid-day trading on Friday, hitting $29.59. 3,829,359 shares of the stock were exchanged, compared to its average volume of 3,970,534. The company has a market capitalization of $11.34 billion, a P/E ratio of 11.93, 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. The company has a 50-day simple moving average of $36.20 and a 200 day simple moving average of $37.47. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $45.10.
Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share 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%. Sell-side analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.
About Flex
(
Free Report)
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.
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