Hsbc Holdings PLC Lowers Stock Holdings in Flex Ltd. (NASDAQ:FLEX)

Hsbc Holdings PLC lessened its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 33.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 85,633 shares of the technology company's stock after selling 42,181 shares during the period. Hsbc Holdings PLC's holdings in Flex were worth $3,297,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. R Squared Ltd bought a new stake in Flex in the 4th quarter valued at $35,000. SBI Securities Co. Ltd. bought a new stake in shares of Flex in the fourth quarter worth about $38,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Flex by 112.9% in the fourth 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 in the last quarter. 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 valued at $58,000 after buying an additional 478 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Flex by 82.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,553 shares of the technology company's stock valued at $60,000 after acquiring an additional 704 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Flex Trading Down 0.6 %

FLEX stock opened at $34.88 on Wednesday. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $45.10. The firm's 50-day moving average is $33.75 and its 200 day moving average is $37.36. The company has a market capitalization of $13.36 billion, a PE ratio of 14.06, a P/E/G ratio of 2.43 and a beta of 0.99. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. On average, research analysts anticipate that Flex Ltd. will post 2.33 EPS for the current year.

Analyst Upgrades and Downgrades

FLEX has been the subject of a number of analyst reports. Barclays increased their price target on shares of Flex from $43.00 to $49.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. KeyCorp dropped their target price on Flex from $46.00 to $35.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Stifel Nicolaus assumed coverage on Flex in a report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price target on the stock. The Goldman Sachs Group cut their price objective on shares of Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $43.67.

Insiders Place Their Bets

In other news, insider Michael P. Hartung sold 64,807 shares of the firm's stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the transaction, the insider now owns 233,526 shares in the company, valued at approximately $10,249,456.14. This trade represents a 21.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the transaction, the director now owns 202,850 shares in the company, valued at approximately $8,773,262.50. The trade was a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by company insiders.

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.

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