Sumitomo Mitsui Trust Group Inc. Has $4.15 Million Stock Holdings in Flex Ltd. (NASDAQ:FLEX)

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 13.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 108,053 shares of the technology company’s stock after selling 16,709 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Flex were worth $4,148,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of FLEX. Harbor Capital Advisors Inc. acquired a new stake in shares of Flex during the third quarter worth $29,000. Huntington National Bank grew its holdings in shares of Flex by 87.9% during the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after buying an additional 479 shares in the last quarter. R Squared Ltd purchased a new position in shares of Flex during the fourth quarter valued at $35,000. First Horizon Advisors Inc. grew its holdings in shares of Flex by 23.6% during the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock valued at $53,000 after buying an additional 305 shares in the last quarter. Finally, UMB Bank n.a. purchased a new position in shares of Flex during the fourth quarter valued at $64,000. 94.30% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Flex

In related news, Director Lay Koon Tan sold 50,000 shares of the business’s 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 completion of the transaction, the director now owns 202,850 shares of the company’s stock, valued at approximately $8,773,262.50. The trade was a 19.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total value of $2,844,379.23. Following the transaction, the insider now directly owns 233,526 shares of the company’s stock, valued at $10,249,456.14. This represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by corporate insiders.

Flex Stock Performance

Shares of NASDAQ FLEX opened at $42.39 on Friday. The business’s 50-day moving average price is $40.50 and its two-hundred day moving average price is $36.14. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.85. Flex Ltd. has a one year low of $25.27 and a one year high of $45.10. The company has a market capitalization of $16.24 billion, a P/E ratio of 17.09, a price-to-earnings-growth ratio of 2.58 and a beta of 1.10.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. Analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. KeyCorp assumed coverage on Flex in a report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price target on the stock. Stifel Nicolaus assumed coverage on Flex in a report on Tuesday. They set a “buy” rating and a $52.00 price target on the stock. The Goldman Sachs Group set a $39.00 price target on Flex in a report on Thursday, October 17th. Craig Hallum boosted their target price on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, Barclays boosted their target price on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $44.33.

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.