NewEdge Advisors LLC Sells 25,151 Shares of Flex Ltd. (NASDAQ:FLEX)

NewEdge Advisors LLC lowered its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 27.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,372 shares of the technology company's stock after selling 25,151 shares during the period. NewEdge Advisors LLC's holdings in Flex were worth $2,548,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. R Squared Ltd bought a new position in Flex in the 4th quarter worth about $35,000. SBI Securities Co. Ltd. bought a new position in shares of Flex in the fourth quarter worth approximately $38,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of 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 buying an additional 509 shares during the last quarter. Huntington National Bank increased its position in shares of Flex by 46.7% during the fourth quarter. Huntington National Bank now owns 1,502 shares of the technology company's stock valued at $58,000 after acquiring an additional 478 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in Flex by 82.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,553 shares of the technology company's stock worth $60,000 after acquiring an additional 704 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. StockNews.com raised Flex from a "hold" rating to a "buy" rating in a report on Friday, February 14th. The Goldman Sachs Group reduced their price objective on Flex from $53.00 to $41.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday, February 11th. They set a "buy" rating and a $52.00 target price on the stock. JPMorgan Chase & Co. reduced their price target on shares of Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, KeyCorp lowered their price objective on shares of Flex from $46.00 to $35.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $43.67.

Flex Stock Performance

Shares of NASDAQ:FLEX traded up $0.56 during trading on Friday, hitting $35.22. The company's stock had a trading volume of 4,126,233 shares, compared to its average volume of 3,975,634. The company has a 50-day moving average of $34.17 and a 200-day moving average of $37.32. 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 firm has a market cap of $13.49 billion, a price-to-earnings ratio of 14.20, a P/E/G ratio of 2.43 and a beta of 0.99. 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 issued its quarterly earnings results 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 net margin of 3.95% and a return on equity of 17.93%. On average, sell-side analysts expect that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Activity

In related news, Director Lay Koon Tan sold 50,000 shares of the business's 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 directly owns 202,850 shares of the company's stock, valued at approximately $8,773,262.50. The trade was a 19.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the sale, 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 disclosure for this sale can be found here. Company 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.