Primecap Management Co. CA Sells 4,000,193 Shares of Flex Ltd. (NASDAQ:FLEX)

Primecap Management Co. CA cut its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 9.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,190,841 shares of the technology company's stock after selling 4,000,193 shares during the period. Flex accounts for 1.2% of Primecap Management Co. CA's holdings, making the stock its 25th biggest holding. Primecap Management Co. CA owned 10.23% of Flex worth $1,504,536,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FLEX. Huntington National Bank grew its stake in Flex by 87.9% during the third quarter. Huntington National Bank now owns 1,024 shares of the technology company's stock valued at $34,000 after acquiring an additional 479 shares in the last quarter. R Squared Ltd bought a new position in shares of Flex during the 4th quarter valued at about $35,000. SBI Securities Co. Ltd. purchased a new position in shares of Flex during the fourth quarter valued at about $38,000. First Horizon Advisors Inc. increased its holdings in shares of Flex by 23.6% in the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company's stock worth $53,000 after purchasing an additional 305 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Flex by 82.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,553 shares of the technology company's stock valued at $60,000 after buying an additional 704 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

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Insider Transactions at Flex

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 transaction, the insider now owns 233,526 shares of the company's stock, valued at $10,249,456.14. This represents a 21.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction on Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the sale, the director now directly owns 202,850 shares of the company's stock, valued at approximately $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. Company insiders own 0.82% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Barclays upped their price objective on Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Stifel Nicolaus assumed coverage on shares of Flex in a research note on Tuesday, February 11th. They set a "buy" rating and a $52.00 price target on the stock. Finally, StockNews.com raised shares of Flex from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $44.33.

Flex Trading Up 0.9 %

NASDAQ:FLEX traded up $0.34 during mid-day trading on Friday, hitting $36.40. 8,769,539 shares of the stock traded hands, compared to its average volume of 3,793,831. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. Flex Ltd. has a 52 week low of $25.27 and a 52 week high of $45.10. The stock has a market capitalization of $13.94 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 2.43 and a beta of 1.07. The firm's 50 day moving average is $39.76 and its two-hundred day moving average is $37.29.

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 return on equity of 17.93% and a net margin of 3.95%. On average, equities research analysts predict that Flex Ltd. will post 2.33 earnings per share for the current year.

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.