14,353 Flex Ltd. $FLEX Shares Sold by Nisa Investment Advisors LLC

Key Points

• Nisa Investment Advisors reduced its Flex stake by 43.5% in the third quarter, selling 14,353 shares and retaining 18,654 shares valued at approximately $2.05 million. Institutional investors collectively own 94.30% of Flex.
• Analyst sentiment remains positive but has weakened, with Flex holding a “Moderate Buy” consensus rating and an average price target of $126.33. Several firms recently lowered their targets, including Barclays, Goldman Sachs and Robert W. Baird.
• Flex shares opened at $76.55, well below their 52-week high of $166.86. The company reported quarterly earnings of $1.00 per share on $7.93 billion in revenue, while analysts forecast full-year EPS of $4.27.

Nisa Investment Advisors LLC cut its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 43.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,654 shares of the technology company's stock after selling 14,353 shares during the quarter. Nisa Investment Advisors LLC's holdings in Flex were worth $2,052,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Diversify Advisory Services LLC raised its stake in Flex by 16.4% during the 3rd quarter. Diversify Advisory Services LLC now owns 2,595 shares of the technology company's stock valued at $285,000 after buying an additional 365 shares during the last quarter. Net Worth Advisory Group bought a new position in shares of Flex during the 3rd quarter valued at $220,000. Optivise Advisory Services LLC lifted its holdings in shares of Flex by 118.2% during the 3rd quarter. Optivise Advisory Services LLC now owns 3,029 shares of the technology company's stock valued at $333,000 after buying an additional 1,641 shares during the period. SteelPeak Wealth LLC purchased a new position in shares of Flex in the 3rd quarter worth $1,359,000. Finally, IFP Advisors Inc boosted its stake in shares of Flex by 41.8% in the 3rd quarter. IFP Advisors Inc now owns 5,653 shares of the technology company's stock worth $622,000 after buying an additional 1,665 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Raymond James Financial set a $170.00 price objective on Flex and gave the stock an "outperform" rating in a report on Wednesday, July 29th. Robert W. Baird dropped their target price on Flex from $142.00 to $135.00 in a research report on Monday, October 19th. Weiss Ratings downgraded Flex from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, September 17th. The Goldman Sachs Group reduced their price target on shares of Flex from $154.00 to $145.00 in a research report on Friday, October 16th. Finally, Barclays reduced their price target on shares of Flex from $203.00 to $144.00 and set an "overweight" rating for the company in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $126.33.

Insider Activity at Flex

In other news, insider Michael P. Hartung sold 2,755 shares of the firm's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total value of $332,363.20. Following the transaction, the insider owned 243,175 shares of the company's stock, valued at $29,336,632. This trade represents a 1.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.62% of the stock is owned by company insiders.

Flex Stock Performance

NASDAQ:FLEX opened at $76.55 on Monday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.38 and a quick ratio of 0.89. The firm has a market capitalization of $28.28 billion, a price-to-earnings ratio of 29.56, a price-to-earnings-growth ratio of 0.39 and a beta of 1.67. Flex Ltd. has a one year low of $53.07 and a one year high of $166.86. The business has a fifty day moving average price of $108.70 and a 200-day moving average price of $119.64.

Flex (NASDAQ:FLEX - Get Free Report) last announced its earnings results on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. The company had revenue of $7.93 billion for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. Sell-side analysts forecast that Flex Ltd. will post 4.27 EPS for the current year.

Flex Company Profile

Flex Ltd. NASDAQ: FLEX is a global manufacturing and supply chain solutions provider. The company helps original equipment manufacturers design, engineer, manufacture, distribute and service products across their lifecycles.

Flex serves customers in industries including automotive, communications, consumer electronics, health care, industrial, lifestyle and cloud infrastructure. Its capabilities include product design and engineering, printed circuit board assembly, systems integration, supply chain management, logistics, and aftermarket services.

The company was founded in 1969 as Flextronics and later adopted the name Flex.

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