BNP Paribas Financial Markets Sells 353,789 Shares of Flex Ltd. (NASDAQ:FLEX)

BNP Paribas Financial Markets cut its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 71.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 139,870 shares of the technology company's stock after selling 353,789 shares during the quarter. BNP Paribas Financial Markets' holdings in Flex were worth $5,370,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Flex during the 4th quarter worth approximately $35,000. R Squared Ltd bought a new stake in Flex during the 4th quarter worth approximately $35,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Flex by 112.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock worth $38,000 after acquiring an additional 509 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Flex during the 4th quarter worth approximately $38,000. Finally, Huntington National Bank grew its holdings in Flex by 46.7% during the 4th quarter. Huntington National Bank now owns 1,502 shares of the technology company's stock worth $58,000 after acquiring an additional 478 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Flex Trading Up 0.2%

Shares of NASDAQ:FLEX traded up $0.07 during trading on Friday, reaching $42.02. The stock had a trading volume of 2,712,274 shares, compared to its average volume of 3,956,319. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $45.10. The firm's fifty day moving average is $34.29 and its 200 day moving average is $37.72. The stock has a market cap of $16.10 billion, a price-to-earnings ratio of 16.94, a P/E/G ratio of 2.43 and a beta of 0.96.

Flex (NASDAQ:FLEX - Get Free Report) last released its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.04. Flex had a net margin of 3.95% and a return on equity of 17.93%. The company had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. During the same quarter in the previous year, the company earned $0.57 EPS. Flex's quarterly revenue was up 3.7% compared to the same quarter last year. As a group, equities analysts forecast that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Activity at Flex

In other Flex 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 transaction, the chief executive officer now owns 1,112,193 shares in the company, valued at approximately $42,363,431.37. This represents a 9.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Daniel Wendler sold 4,502 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total transaction of $189,038.98. Following the transaction, the chief accounting officer now owns 38,676 shares in the company, valued at approximately $1,624,005.24. The trade was a 10.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 489,255 shares of company stock worth $19,589,788 in the last quarter. Company insiders own 0.82% of the company's stock.

Wall Street Analyst Weigh In

FLEX has been the topic of a number of research reports. Stifel Nicolaus initiated coverage on shares of Flex in a report on Tuesday, February 11th. They set a "buy" rating and a $52.00 target price on the stock. JPMorgan Chase & Co. reduced their target price 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. The Goldman Sachs Group reduced their price objective on shares of Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Barclays upped their price objective on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. Finally, StockNews.com lowered shares of Flex from a "buy" rating to a "hold" rating in a research note on Monday, May 12th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $45.33.

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.