Algert Global LLC Sells 257,030 Shares of Flex Ltd. (NASDAQ:FLEX)

Algert Global LLC trimmed its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 93.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,905 shares of the technology company's stock after selling 257,030 shares during the quarter. Algert Global LLC's holdings in Flex were worth $726,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. R Squared Ltd bought a new stake in Flex during the fourth quarter valued at approximately $35,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Flex during the fourth quarter valued at approximately $35,000. SBI Securities Co. Ltd. purchased a new position in Flex during the fourth quarter valued at approximately $38,000. 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 valued at $38,000 after purchasing an additional 509 shares in the last quarter. Finally, Huntington National Bank lifted its holdings in Flex by 46.7% during the fourth quarter. Huntington National Bank now owns 1,502 shares of the technology company's stock valued at $58,000 after purchasing an additional 478 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors.

Insider Activity at Flex

In related news, CEO Revathi Advaithi sold 120,280 shares of the company's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $38.09, for a total transaction of $4,581,465.20. Following the sale, the chief executive officer now owns 1,112,193 shares of the company's stock, valued at $42,363,431.37. This represents a 9.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP David Scott Offer sold 87,093 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the completion of the sale, the executive vice president now directly owns 71,001 shares in the company, valued at approximately $2,586,566.43. This represents a 55.09% decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FLEX. Barclays lifted their price target on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday. The Goldman Sachs Group lowered their price target on shares of Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. StockNews.com raised shares of Flex from a "hold" rating to a "buy" rating in a report on Friday, February 14th. Stifel Nicolaus began coverage on shares of Flex in a report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price target on the stock. Finally, JPMorgan Chase & Co. lowered their price target on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Flex has an average rating of "Buy" and a consensus price target of $45.33.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $38.48 on Monday. 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 firm has a fifty day moving average price of $33.55 and a 200 day moving average price of $37.51. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $45.10. The firm has a market cap of $14.74 billion, a price-to-earnings ratio of 15.52, a P/E/G ratio of 2.43 and a beta of 0.96.

Flex (NASDAQ:FLEX - Get Free Report) last issued its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. The firm had revenue of $6.40 billion during the quarter, compared to analyst estimates of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. Flex's revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 earnings per share. As a group, sell-side analysts expect that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

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.

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