Flex Ltd. (NASDAQ:FLEX) Position Cut by Deutsche Bank AG

Deutsche Bank AG decreased its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 43.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 54,403 shares of the technology company's stock after selling 42,588 shares during the quarter. Deutsche Bank AG's holdings in Flex were worth $2,089,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. United Services Automobile Association bought a new stake in shares of Flex during the fourth quarter valued at approximately $982,000. Brandywine Global Investment Management LLC increased its position in Flex by 219.2% in the 4th quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company's stock valued at $5,119,000 after acquiring an additional 91,571 shares during the period. Mutual of America Capital Management LLC bought a new stake in Flex during the 4th quarter valued at $7,864,000. Raymond James Financial Inc. bought a new stake in Flex during the 4th quarter valued at $32,293,000. Finally, American Century Companies Inc. boosted its position in Flex by 19.7% during the 4th quarter. American Century Companies Inc. now owns 693,846 shares of the technology company's stock worth $26,637,000 after acquiring an additional 114,350 shares during the period. 94.30% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Flex news, insider Michael P. Hartung sold 32,173 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total value of $1,350,944.27. Following the completion of the transaction, the insider now directly owns 270,483 shares in the company, valued at $11,357,581.17. This trade represents a 10.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP David Scott Offer sold 87,093 shares of Flex stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the completion of the transaction, the executive vice president now directly owns 71,001 shares in the company, valued at approximately $2,586,566.43. This trade represents a 55.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 489,255 shares of company stock worth $19,589,788. Corporate insiders own 0.82% of the company's stock.

Flex Price Performance

NASDAQ:FLEX opened at $41.44 on Friday. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The business's 50-day moving average price is $34.87 and its 200 day moving average price is $37.88. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $45.10. The firm has a market cap of $15.88 billion, a P/E ratio of 16.71, a PEG ratio of 2.43 and a beta of 0.96.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $6.22 billion. During the same quarter last year, the firm posted $0.57 EPS. The business's revenue for the quarter was up 3.7% on a year-over-year basis. As a group, sell-side analysts predict that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FLEX. The Goldman Sachs Group lowered their price target on Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. JPMorgan Chase & Co. lowered their target price on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Stifel Nicolaus started coverage on shares of Flex in a research report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price target on the stock. KeyCorp upped their price target on shares of Flex from $35.00 to $44.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Finally, Barclays raised 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. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $45.33.

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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