Massachusetts Financial Services Co. MA Trims Stake in Flex Ltd. (NASDAQ:FLEX)

Massachusetts Financial Services Co. MA reduced its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 21.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,541,321 shares of the technology company's stock after selling 1,554,586 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.45% of Flex worth $212,731,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the stock. Norges Bank bought a new position in Flex during the fourth quarter valued at approximately $229,484,000. Geode Capital Management LLC grew its stake 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 worth $149,350,000 after acquiring an additional 3,844,935 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Flex by 210.6% during the fourth 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 acquiring an additional 1,327,298 shares in the last quarter. Principal Financial Group Inc. bought a new stake in Flex during the 4th quarter valued at $33,363,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Flex in the fourth quarter valued at about $32,293,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Stock Performance

NASDAQ:FLEX traded up $3.78 during trading hours on Wednesday, reaching $31.58. The company had a trading volume of 7,810,876 shares, compared to its average volume of 3,961,764. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. The business's 50 day moving average price is $36.67 and its 200-day moving average price is $37.48. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $45.10. The firm has a market cap of $12.10 billion, a PE ratio of 12.73, a price-to-earnings-growth ratio of 2.43 and a beta of 0.99.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (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%. Research analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. KeyCorp reduced their price objective on shares of Flex from $46.00 to $35.00 and set an "overweight" rating for the company in a research note on Tuesday. Stifel Nicolaus began coverage on Flex in a report on Tuesday, February 11th. They issued a "buy" rating and a $52.00 price target for the company. Barclays upped their price objective on shares of Flex from $43.00 to $49.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Finally, StockNews.com raised Flex from a "hold" rating to a "buy" rating in a research report on Friday, February 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $43.33.

Insider Buying and Selling

In related news, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction that occurred on 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 sale, the insider now owns 233,526 shares of the company's stock, valued at approximately $10,249,456.14. This trade represents a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lay Koon Tan sold 50,000 shares of the business'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 transaction, the director now directly owns 202,850 shares in the company, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.82% of the company's stock.

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.