Meitav Investment House Ltd. Trims Stock Holdings in Flex Ltd. (NASDAQ:FLEX)

Meitav Investment House Ltd. trimmed its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 9.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 173,114 shares of the technology company's stock after selling 18,005 shares during the quarter. Meitav Investment House Ltd.'s holdings in Flex were worth $6,646,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Handelsbanken Fonder AB increased its position in shares of Flex by 19.9% during the fourth quarter. Handelsbanken Fonder AB now owns 43,400 shares of the technology company's stock worth $1,666,000 after buying an additional 7,200 shares during the period. New York State Common Retirement Fund increased its position in shares of Flex by 11.6% during the fourth quarter. New York State Common Retirement Fund now owns 1,501,307 shares of the technology company's stock worth $57,635,000 after buying an additional 155,703 shares during the period. Venturi Wealth Management LLC acquired a new stake in shares of Flex during the fourth quarter worth $452,000. D.A. Davidson & CO. increased its position in shares of Flex by 14.4% during the fourth quarter. D.A. Davidson & CO. now owns 15,729 shares of the technology company's stock worth $604,000 after buying an additional 1,980 shares during the period. Finally, Truist Financial Corp increased its position in shares of Flex by 5.3% during the fourth quarter. Truist Financial Corp now owns 93,269 shares of the technology company's stock worth $3,581,000 after buying an additional 4,708 shares during the period. 94.30% of the stock is owned by institutional investors.

Flex Stock Down 3.2 %

NASDAQ:FLEX traded down $1.34 during trading hours on Friday, reaching $40.35. The company had a trading volume of 3,552,565 shares, compared to its average volume of 3,452,899. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The firm has a market cap of $15.46 billion, a price-to-earnings ratio of 16.27, a P/E/G ratio of 2.48 and a beta of 1.10. The business's 50-day simple moving average is $41.01 and its two-hundred day simple moving average is $36.66. Flex Ltd. has a twelve month low of $25.27 and a twelve month high of $45.10.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. On average, equities analysts expect that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Buying and Selling at Flex

In other Flex news, insider Michael P. Hartung sold 64,807 shares of the firm'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 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of the firm's stock in a transaction 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 directly owns 202,850 shares in the company, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Barclays increased their price objective 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. Stifel Nicolaus assumed coverage on shares of Flex in a research report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price objective for the company. Craig Hallum increased their price objective on shares of Flex from $39.00 to $45.00 and gave the stock a "buy" rating in a research report on Thursday, October 31st. Finally, StockNews.com upgraded shares of Flex from a "hold" rating to a "buy" rating in a report on Friday, February 14th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $44.33.

Flex 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.