Envestnet Portfolio Solutions Inc. Lowers Stock Position in Flex Ltd. (NASDAQ:FLEX)

Envestnet Portfolio Solutions Inc. trimmed its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 9.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 62,728 shares of the technology company’s stock after selling 6,256 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Flex were worth $2,408,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of FLEX. CIBC Asset Management Inc lifted its position in shares of Flex by 5.5% during the 3rd quarter. CIBC Asset Management Inc now owns 15,132 shares of the technology company’s stock valued at $506,000 after acquiring an additional 786 shares during the period. Natixis Advisors LLC lifted its position in shares of Flex by 38.7% during the 3rd quarter. Natixis Advisors LLC now owns 35,442 shares of the technology company’s stock valued at $1,185,000 after acquiring an additional 9,892 shares during the period. Pathstone Holdings LLC raised its position in shares of Flex by 5.5% during the 3rd quarter. Pathstone Holdings LLC now owns 60,375 shares of the technology company’s stock worth $2,018,000 after purchasing an additional 3,121 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Flex during the 3rd quarter worth approximately $429,000. Finally, Advisors Asset Management Inc. raised its position in shares of Flex by 7.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 51,254 shares of the technology company’s stock worth $1,713,000 after purchasing an additional 3,627 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Flex Trading Up 0.3 %

Shares of FLEX opened at $36.06 on Friday. The stock has a fifty day moving average of $39.76 and a two-hundred day moving average of $37.29. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The company has a market capitalization of $13.81 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 2.43 and a beta of 1.07. Flex Ltd. has a fifty-two week low of $25.27 and a fifty-two week high of $45.10.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate 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, analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

Insider Activity

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 value of $2,844,379.23. Following the transaction, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. The trade was a 21.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the transaction, the director now owns 202,850 shares in the company, valued at $8,773,262.50. This represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

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.