Bank of America Corp DE Sells 1,711,586 Shares of Flex Ltd. (NASDAQ:FLEX)

Bank of America Corp DE lowered its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 18.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,571,483 shares of the technology company's stock after selling 1,711,586 shares during the quarter. Bank of America Corp DE owned about 1.98% of Flex worth $290,669,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of FLEX. Evergreen Capital Management LLC increased its position in Flex by 1.0% in the 4th quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company's stock valued at $925,000 after acquiring an additional 246 shares during the period. Rockefeller Capital Management L.P. grew its position in shares of Flex by 2.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company's stock valued at $488,000 after purchasing an additional 266 shares during the last quarter. Sage Rhino Capital LLC grew its position in shares of Flex by 1.1% in the fourth quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company's stock valued at $1,358,000 after purchasing an additional 374 shares during the last quarter. Arizona State Retirement System grew its position in shares of Flex by 0.4% in the fourth quarter. Arizona State Retirement System now owns 115,236 shares of the technology company's stock valued at $4,424,000 after purchasing an additional 403 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its position in shares of Flex by 11.2% in the fourth quarter. Quadrant Capital Group LLC now owns 4,432 shares of the technology company's stock valued at $170,000 after purchasing an additional 447 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on FLEX. JPMorgan Chase & Co. reduced their price objective on Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. StockNews.com lowered Flex from a "buy" rating to a "hold" rating in a research note on Monday. Barclays raised their target price on Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. KeyCorp boosted their target price on Flex from $35.00 to $44.00 and gave the stock an "overweight" rating in a report on Friday. Finally, The Goldman Sachs Group reduced their price target on Flex from $53.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Flex presently has an average rating of "Moderate Buy" and a consensus price target of $45.33.

Insider Activity

In related news, CEO Revathi Advaithi sold 120,280 shares of the business's stock in a transaction on Wednesday, May 7th. The stock was 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 directly owns 1,112,193 shares in the company, valued at approximately $42,363,431.37. The trade was a 9.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP David Scott Offer sold 87,093 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $36.43, for a total value of $3,172,797.99. Following the sale, the executive vice president now owns 71,001 shares of the company's stock, valued at $2,586,566.43. This represents a 55.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.82% of the company's stock.

Flex Price Performance

Shares of FLEX stock traded up $1.24 on Tuesday, hitting $42.12. 1,361,434 shares of the company's stock were exchanged, compared to its average volume of 3,927,218. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $45.10. The stock has a market cap of $16.14 billion, a P/E ratio of 16.98, a price-to-earnings-growth ratio of 2.43 and a beta of 0.96. The company has a 50 day moving average of $33.65 and a 200 day moving average of $37.55.

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