Sound Shore Management Inc. CT Has $68.58 Million Holdings in Flex Ltd. (NASDAQ:FLEX)

Sound Shore Management Inc. CT decreased its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 22.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,786,322 shares of the technology company's stock after selling 531,476 shares during the quarter. Flex comprises approximately 2.3% of Sound Shore Management Inc. CT's investment portfolio, making the stock its 27th biggest holding. Sound Shore Management Inc. CT owned about 0.47% of Flex worth $68,577,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. R Squared Ltd acquired a new position in shares of Flex in the 4th quarter valued at $35,000. SBI Securities Co. Ltd. acquired a new position in Flex in the fourth quarter valued at about $38,000. EverSource Wealth Advisors LLC increased its holdings in shares of Flex by 82.9% in the fourth 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 in the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Flex by 23.6% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company's stock valued at $53,000 after purchasing an additional 305 shares in the last quarter. Finally, UMB Bank n.a. acquired a new position in shares of Flex in the 4th quarter valued at approximately $64,000. Institutional investors and hedge funds own 94.30% of the company's stock.

Analyst Ratings Changes

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

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Insider Activity at Flex

In related news, Director Lay Koon Tan sold 50,000 shares of the company'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 transaction, the director now owns 202,850 shares in the company, valued at approximately $8,773,262.50. This represents a 19.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the business's 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 sale, the insider now owns 233,526 shares of the company's stock, valued at approximately $10,249,456.14. This represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by company insiders.

Flex Stock Down 1.7 %

Shares of NASDAQ:FLEX traded down $0.62 during trading on Tuesday, hitting $36.80. 2,008,397 shares of the company were exchanged, compared to its average volume of 3,774,457. Flex Ltd. has a fifty-two week low of $25.27 and a fifty-two week high of $45.10. The stock has a market cap of $14.10 billion, a price-to-earnings ratio of 14.84, a P/E/G ratio of 2.43 and a beta of 1.07. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The firm has a fifty day moving average price of $39.64 and a two-hundred day moving average price of $37.46.

Flex (NASDAQ:FLEX - Get Free Report) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping 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%. As a group, research analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

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.