Brandes Investment Partners LP Sells 421,651 Shares of Flex Ltd. (NASDAQ:FLEX)

Brandes Investment Partners LP trimmed its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 20.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,667,330 shares of the technology company’s stock after selling 421,651 shares during the period. Brandes Investment Partners LP owned 0.44% of Flex worth $64,009,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. R Squared Ltd bought a new stake in shares of Flex during the fourth quarter worth approximately $35,000. SBI Securities Co. Ltd. bought a new stake in shares of Flex during the fourth quarter worth approximately $38,000. Huntington National Bank raised its stake in shares of Flex by 87.9% during the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after buying an additional 479 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Flex by 82.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,553 shares of the technology company’s stock worth $60,000 after buying an additional 704 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its stake in shares of Flex by 23.6% during the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after buying an additional 305 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Flex Stock Up 2.6 %

Shares of FLEX stock opened at $34.49 on Friday. Flex Ltd. has a 12-month low of $25.27 and a 12-month high of $45.10. The firm has a fifty day moving average of $40.19 and a 200-day moving average of $37.20. The company has a market capitalization of $13.21 billion, a price-to-earnings ratio of 13.91, a P/E/G ratio of 2.43 and a beta of 1.07. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, topping 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, equities research analysts predict that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on FLEX shares. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price for the company. Finally, Barclays upped their target price on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Flex presently has an average rating of “Buy” and an average target price of $44.33.

Insider Buying and Selling at Flex

In other news, 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 transaction of $2,162,500.00. Following the completion of the sale, the director now owns 202,850 shares in the company, valued at approximately $8,773,262.50. This trade represents a 19.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michael P. Hartung sold 64,807 shares of the firm’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 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. Corporate 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.