Ionic Capital Management LLC Sells 78,956 Shares of Flex Ltd. (NASDAQ:FLEX)

Ionic Capital Management LLC lowered its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 44.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 98,024 shares of the technology company's stock after selling 78,956 shares during the period. Flex accounts for about 0.4% of Ionic Capital Management LLC's investment portfolio, making the stock its 12th largest holding. Ionic Capital Management LLC's holdings in Flex were worth $3,763,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. R Squared Ltd purchased a new position in Flex during the fourth quarter valued at $35,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Flex during the 4th quarter valued at about $35,000. SBI Securities Co. Ltd. bought a new stake in Flex during the fourth quarter worth about $38,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in 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 purchasing an additional 509 shares during the period. 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 purchasing an additional 478 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on FLEX shares. JPMorgan Chase & Co. dropped their price target on Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. StockNews.com downgraded Flex from a "buy" rating to a "hold" rating in a report on Monday. KeyCorp raised their price target on Flex from $35.00 to $44.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Barclays upped their price target on shares of Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Finally, Stifel Nicolaus began coverage on shares of Flex in a research note on Tuesday, February 11th. They set a "buy" rating and a $52.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Flex presently has an average rating of "Moderate Buy" and an average price target of $45.33.

Flex Stock Up 0.2%

Shares of FLEX stock traded up $0.07 during mid-day trading on Friday, hitting $42.02. The company's stock had a trading volume of 2,712,271 shares, compared to its average volume of 3,940,099. The stock has a market cap of $16.10 billion, a price-to-earnings ratio of 16.94, a PEG ratio of 2.43 and a beta of 0.96. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $45.10. The business has a 50-day moving average price of $34.12 and a 200 day moving average price of $37.65.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.69 by $0.04. The company had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. Flex had a return on equity of 17.93% and a net margin of 3.95%. Flex's revenue for the quarter was up 3.7% on a year-over-year basis. During the same period last year, the company earned $0.57 EPS. Research analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Activity

In other Flex news, insider Michael P. Hartung sold 32,173 shares of Flex stock in a transaction that occurred on 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 sale, the insider now owns 270,483 shares of the company's stock, valued at approximately $11,357,581.17. The trade was a 10.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Daniel Wendler sold 4,502 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total transaction of $189,038.98. Following the sale, the chief accounting officer now owns 38,676 shares of the company's stock, valued at approximately $1,624,005.24. This represents a 10.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 475,255 shares of company stock valued at $19,002,628 over the last three months. Insiders own 0.82% of the company's stock.

Flex Company 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.