Sei Investments Co. Cuts Position in Flex Ltd. (NASDAQ:FLEX)

Sei Investments Co. trimmed its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 24.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,032,887 shares of the technology company's stock after selling 337,919 shares during the quarter. Sei Investments Co. owned 0.27% of Flex worth $39,653,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of FLEX. R Squared Ltd bought a new stake in shares of Flex during the 4th quarter worth $35,000. SBI Securities Co. Ltd. purchased a new stake in Flex during the fourth quarter worth about $38,000. First Horizon Advisors Inc. raised its position in 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 acquiring an additional 305 shares during the period. EverSource Wealth Advisors LLC boosted its stake in Flex by 82.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,553 shares of the technology company's stock valued at $60,000 after acquiring an additional 704 shares during the last quarter. Finally, UMB Bank n.a. bought a new position in shares of Flex during the 4th quarter valued at approximately $64,000. Hedge funds and other institutional investors own 94.30% of the company's stock.

Wall Street Analysts Forecast Growth

FLEX has been the topic of several research analyst reports. Barclays upped their price objective on Flex from $43.00 to $49.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Stifel Nicolaus started coverage on Flex in a research report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price target on the stock. Finally, StockNews.com upgraded 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, Flex currently has an average rating of "Buy" and a consensus target price of $44.33.

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Flex Stock Performance

Shares of Flex stock traded down $0.91 during trading hours on Thursday, reaching $34.46. The company had a trading volume of 2,857,652 shares, compared to its average volume of 3,765,267. The firm has a market cap of $13.20 billion, a PE ratio of 13.90, a price-to-earnings-growth ratio of 2.43 and a beta of 1.07. Flex Ltd. has a one year low of $25.27 and a one year high of $45.10. 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 has a fifty day simple moving average of $39.28 and a 200 day simple moving average of $37.48.

Flex (NASDAQ:FLEX - Get Free Report) last posted its earnings results 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 return on equity of 17.93% and a net margin of 3.95%. On average, analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Michael P. Hartung sold 64,807 shares of the business's stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the transaction, the insider now directly owns 233,526 shares in the company, valued at $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of the firm's stock in a transaction dated 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 completion of the sale, the director now directly owns 202,850 shares in the company, valued at approximately $8,773,262.50. The trade was a 19.77 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by insiders.

About Flex

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.