Clear Harbor Asset Management LLC Has $50.42 Million Stake in Flex Ltd. $FLEX

Key Points

• Clear Harbor Asset Management trimmed its Flex stake by 1.2% in the fourth quarter, but still held 834,475 shares worth about $50.4 million, making Flex its third-largest position.
• Insiders have been selling: CEO Revathi Advaithi and Director Erin McSweeney both sold shares on May 22, and insiders have sold a total of 329,512 shares worth about $44.5 million over the past 90 days.
• Wall Street remains bullish on Flex, with the consensus rating at Moderate Buy and an average price target of $112.80; the stock recently opened at $150.65 after reporting quarterly EPS of $0.93 on revenue of $7.48 billion.

Clear Harbor Asset Management LLC lessened its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 1.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 834,475 shares of the technology company's stock after selling 9,908 shares during the quarter. Flex makes up approximately 3.4% of Clear Harbor Asset Management LLC's investment portfolio, making the stock its 3rd largest position. Clear Harbor Asset Management LLC owned 0.23% of Flex worth $50,419,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Nomura Asset Management Co. Ltd. raised its holdings in Flex by 2,543.3% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 122,120 shares of the technology company's stock valued at $7,378,000 after buying an additional 117,500 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Flex by 249.3% in the 4th quarter. BNP Paribas Financial Markets now owns 326,293 shares of the technology company's stock valued at $19,715,000 after buying an additional 232,876 shares during the last quarter. Gulf International Bank UK Ltd bought a new position in Flex in the 4th quarter valued at approximately $1,240,000. Impact Partnership Wealth LLC raised its holdings in Flex by 56.8% in the 4th quarter. Impact Partnership Wealth LLC now owns 17,318 shares of the technology company's stock valued at $1,046,000 after buying an additional 6,276 shares during the last quarter. Finally, Forsta AP Fonden bought a new position in Flex during the 4th quarter worth approximately $7,637,000. Institutional investors own 94.30% of the company's stock.

Insider Buying and Selling

In other news, CEO Revathi Advaithi sold 83,500 shares of Flex stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $132.87, for a total value of $11,094,645.00. Following the completion of the sale, the chief executive officer owned 605,522 shares in the company, valued at $80,455,708.14. The trade was a 12.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Erin Mcsweeney sold 2,000 shares of Flex stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $132.51, for a total transaction of $265,020.00. Following the completion of the sale, the director directly owned 9,512 shares of the company's stock, valued at approximately $1,260,435.12. The trade was a 17.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 329,512 shares of company stock worth $44,459,298 over the last ninety days. 0.57% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have issued reports on FLEX. JPMorgan Chase & Co. raised their price target on shares of Flex from $75.00 to $84.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Raymond James Financial set a $80.00 price target on shares of Flex and gave the stock an "outperform" rating in a report on Wednesday, February 4th. The Goldman Sachs Group raised their price target on shares of Flex from $84.00 to $177.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Zacks Research upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 13th. Finally, Stifel Nicolaus raised their price target on shares of Flex from $75.00 to $95.00 and gave the stock a "buy" rating in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $112.80.

Flex Stock Performance

NASDAQ:FLEX opened at $150.65 on Monday. The company has a fifty day moving average of $98.58 and a 200-day moving average of $75.50. The firm has a market capitalization of $55.19 billion, a P/E ratio of 64.66, a P/E/G ratio of 0.79 and a beta of 1.63. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. Flex Ltd. has a twelve month low of $41.43 and a twelve month high of $154.25.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. The company had revenue of $7.48 billion during the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. As a group, sell-side analysts anticipate that Flex Ltd. will post 4.15 EPS for the current year.

About Flex

Flex NASDAQ: FLEX, formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.

Want to see what other hedge funds are holding FLEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Flex Ltd. (NASDAQ:FLEX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.