Two Sigma Advisers LP Sells 12,300 Shares of Flex Ltd. (NASDAQ:FLEX)

Two Sigma Advisers LP reduced its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 13.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 78,200 shares of the technology company's stock after selling 12,300 shares during the quarter. Two Sigma Advisers LP's holdings in Flex were worth $3,002,000 at the end of the most recent quarter.

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

Insider Activity

In other news, insider Michael P. Hartung sold 32,173 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total value of $1,350,944.27. Following 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 position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Daniel Wendler sold 4,502 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total value of $189,038.98. Following the completion of the transaction, the chief accounting officer now directly owns 38,676 shares in the company, valued at $1,624,005.24. The trade was a 10.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 489,255 shares of company stock valued at $19,589,788 over the last three months. Insiders own 0.82% of the company's stock.

Flex Stock Up 0.5%

Flex stock traded up $0.19 during trading hours on Friday, hitting $42.13. The stock had a trading volume of 4,449,214 shares, compared to its average volume of 3,909,849. The stock's 50-day moving average price is $35.45 and its 200-day moving average price is $37.98. The stock has a market capitalization of $15.73 billion, a P/E ratio of 16.99, a price-to-earnings-growth ratio of 2.43 and a beta of 0.96. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $45.10. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly 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 return on equity of 17.93% and a net margin of 3.95%. The firm had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. During the same period in the prior year, the company posted $0.57 earnings per share. The company's quarterly revenue was up 3.7% on a year-over-year basis. Equities research analysts anticipate that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Stifel Nicolaus assumed coverage on shares of Flex in a research report on Tuesday, February 11th. They issued a "buy" rating and a $52.00 target price for the company. Barclays upped 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. Wall Street Zen upgraded Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday. The Goldman Sachs Group reduced their price target on Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Finally, KeyCorp boosted their target price on shares of Flex from $35.00 to $44.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Flex currently has an average rating of "Buy" and an average price target of $45.33.

About Flex

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.