Wellington Management Group LLP Decreases Holdings in Flex Ltd. (NASDAQ:FLEX)

Wellington Management Group LLP reduced its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 39.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,745,918 shares of the technology company's stock after selling 13,619,944 shares during the period. Wellington Management Group LLP owned 5.42% of Flex worth $796,436,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FLEX. R Squared Ltd bought a new position in shares of Flex during the 4th quarter worth approximately $35,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Flex by 112.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock worth $38,000 after acquiring an additional 509 shares during the period. SBI Securities Co. Ltd. purchased a new position in Flex in the fourth quarter worth $38,000. EverSource Wealth Advisors LLC grew its stake in Flex by 82.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,553 shares of the technology company's stock valued at $60,000 after purchasing an additional 704 shares during the period. Finally, UMB Bank n.a. bought a new stake in shares of Flex during the 4th quarter worth $64,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Flex

In other Flex news, Director Lay Koon Tan sold 50,000 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the director now owns 202,850 shares of the company's stock, valued at $8,773,262.50. The trade was a 19.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction on 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 position. The disclosure for this sale can be found here. Insiders own 0.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on FLEX shares. Barclays raised their price objective on shares of Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. 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 price target for the company. 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 MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $44.33.

Flex Stock Performance

Shares of FLEX traded down $2.64 during trading hours on Friday, hitting $26.68. The company's stock had a trading volume of 13,280,787 shares, compared to its average volume of 3,919,760. The company has a market cap of $10.22 billion, a price-to-earnings ratio of 10.76, a PEG ratio of 2.43 and a beta of 0.99. 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 50 day simple moving average of $37.83 and a two-hundred day simple moving average of $37.62. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $45.10.

Flex (NASDAQ:FLEX - Get Free Report) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating 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%. On average, equities analysts expect that Flex Ltd. will post 2.33 earnings per share for the current fiscal 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.