Flex Ltd. (NASDAQ:FLEX) Holdings Decreased by Carnegie Capital Asset Management LLC

Carnegie Capital Asset Management LLC reduced its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 1.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 47,817 shares of the technology company’s stock after selling 800 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in Flex were worth $1,457,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. FMR LLC raised its stake in shares of Flex by 0.6% during the third quarter. FMR LLC now owns 44,662,657 shares of the technology company’s stock valued at $1,204,998,000 after purchasing an additional 247,024 shares in the last quarter. BlackRock Inc. grew its stake in Flex by 5.9% during the 1st quarter. BlackRock Inc. now owns 16,377,282 shares of the technology company’s stock valued at $376,841,000 after acquiring an additional 916,299 shares in the last quarter. Invesco Ltd. grew its stake in shares of Flex by 119.3% in the 1st quarter. Invesco Ltd. now owns 10,551,440 shares of the technology company’s stock valued at $195,729,000 after buying an additional 5,741,044 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Flex by 0.9% in the 1st quarter. Bank of America Corp DE now owns 8,742,594 shares of the technology company’s stock valued at $201,167,000 after buying an additional 73,829 shares in the last quarter. Finally, Macquarie Group Ltd. grew its stake in shares of Flex by 0.5% in the 2nd quarter. Macquarie Group Ltd. now owns 7,738,381 shares of the technology company’s stock valued at $111,975,000 after buying an additional 35,557 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors.

Insider Transactions at Flex

In related news, EVP David Scott Offer sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total value of $2,064,000.00. Following the transaction, the executive vice president now owns 162,094 shares in the company, valued at $4,460,826.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP David Scott Offer sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total value of $2,064,000.00. Following the transaction, the executive vice president now owns 162,094 shares in the company, valued at $4,460,826.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Rebecca Sidelinger sold 13,675 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $27.99, for a total value of $382,763.25. Following the completion of the transaction, the insider now owns 161,913 shares in the company, valued at approximately $4,531,944.87. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 141,943 shares of company stock worth $4,055,311. Insiders own 0.56% of the company’s stock.

Flex Price Performance

Shares of FLEX stock opened at $28.08 on Tuesday. The stock’s fifty day moving average is $28.20 and its 200-day moving average is $26.69. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.86 and a current ratio of 1.59. The stock has a market capitalization of $11.83 billion, a PE ratio of 16.71, a PEG ratio of 1.76 and a beta of 1.20. Flex Ltd. has a 52 week low of $19.44 and a 52 week high of $30.93.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, January 31st. The technology company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.53 by $0.10. The company had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.73 billion. Flex had a return on equity of 16.24% and a net margin of 2.56%. Equities research analysts expect that Flex Ltd. will post 2.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FLEX. StockNews.com assumed coverage on Flex in a report on Wednesday, March 6th. They issued a “hold” rating for the company. JPMorgan Chase & Co. upped their price target on Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Finally, The Goldman Sachs Group upped their target price on Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, March 4th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Flex currently has an average rating of “Moderate Buy” and an average price target of $34.20.

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.