Sumitomo Mitsui Trust Group Inc. Cuts Position in Flex Ltd. (NASDAQ:FLEX)

Sumitomo Mitsui Trust Group Inc. cut its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 13.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 108,053 shares of the technology company's stock after selling 16,709 shares during the period. Sumitomo Mitsui Trust Group Inc.'s holdings in Flex were worth $4,148,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Harbor Capital Advisors Inc. acquired a new position in Flex during the 3rd quarter valued at about $29,000. Huntington National Bank boosted its stake in Flex by 87.9% during the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company's stock valued at $34,000 after purchasing an additional 479 shares during the last quarter. R Squared Ltd acquired a new position in Flex during the 4th quarter valued at about $35,000. First Horizon Advisors Inc. boosted its stake in 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 during the last quarter. Finally, UMB Bank n.a. acquired a new position in Flex during the 4th quarter valued at about $64,000. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Craig Hallum lifted their price target on Flex from $39.00 to $45.00 and gave the company a "buy" rating in a research note on Thursday, October 31st. KeyCorp began coverage on Flex in a research note on Tuesday, October 22nd. They issued an "overweight" rating and a $41.00 target price on the stock. Stifel Nicolaus began coverage on Flex in a research note on Tuesday, February 11th. They issued a "buy" rating and a $52.00 target price on the stock. Barclays boosted their target price on Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Finally, StockNews.com upgraded Flex from a "hold" rating to a "buy" rating in a research note on Friday. Six equities research 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, Flex presently has an average rating of "Buy" and an average price target of $44.33.

Flex Stock Performance

Shares of NASDAQ:FLEX traded up $0.12 during mid-day trading on Monday, reaching $42.51. The company had a trading volume of 1,506,046 shares, compared to its average volume of 3,842,607. The company has a current ratio of 1.41, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The firm has a market cap of $16.29 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 2.58 and a beta of 1.10. The company's 50-day moving average price is $40.72 and its 200-day moving average price is $36.40. Flex Ltd. has a one year low of $25.27 and a one year high of $45.10.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS 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, equities research analysts anticipate that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling at Flex

In other Flex news, insider Michael P. Hartung sold 64,807 shares of the business's stock in a transaction 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 owns 233,526 shares of the company's stock, valued at $10,249,456.14. The trade was a 21.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lay Koon Tan sold 50,000 shares of the business'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 sale, the director now directly owns 202,850 shares in the company, valued at $8,773,262.50. The trade was a 19.77 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.82% of the company's stock.

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.