Flex Ltd. (NASDAQ:FLEX) Shares Sold by LPL Financial LLC

LPL Financial LLC lessened its holdings in Flex Ltd. (NASDAQ:FLEX) by 2.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,241,587 shares of the technology company’s stock after selling 28,037 shares during the period. LPL Financial LLC owned approximately 0.32% of Flex worth $47,664,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FLEX. Geode Capital Management LLC boosted its stake in Flex by 619.3% during the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after buying an additional 3,844,935 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Flex by 462.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock worth $88,247,000 after acquiring an additional 2,170,262 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Flex by 210.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock worth $75,148,000 after purchasing an additional 1,327,298 shares during the period. Principal Financial Group Inc. purchased a new stake in Flex in the fourth quarter valued at approximately $33,363,000. Finally, Raymond James Financial Inc. acquired a new position in Flex during the fourth quarter worth $32,293,000. 94.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Stifel Nicolaus initiated coverage on Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price objective for the company. Barclays lifted their target price on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Finally, StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $44.33.

Flex Price Performance

FLEX stock opened at $34.46 on Friday. The business’s 50-day moving average is $39.28 and its two-hundred day moving average is $37.48. 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 firm has a market capitalization of $13.20 billion, a P/E ratio of 13.90, a P/E/G ratio of 2.43 and a beta of 1.07. Flex Ltd. has a 1 year low of $25.27 and a 1 year high of $45.10.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share 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%. Analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Transactions at Flex

In related news, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 202,850 shares in the company, valued at $8,773,262.50. The trade was a 19.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 233,526 shares of the company’s stock, valued at $10,249,456.14. This trade represents a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

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.