Flex Ltd. (NASDAQ:FLEX) Shares Sold by Lyrical Asset Management LP

Lyrical Asset Management LP lowered its holdings in Flex Ltd. (NASDAQ:FLEX) by 1.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,733,612 shares of the technology company’s stock after selling 106,702 shares during the quarter. Flex accounts for about 5.0% of Lyrical Asset Management LP’s investment portfolio, making the stock its 3rd largest position. Lyrical Asset Management LP owned about 2.28% of Flex worth $335,283,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Cerity Partners LLC lifted its stake in shares of Flex by 9.0% in the third quarter. Cerity Partners LLC now owns 18,716 shares of the technology company’s stock valued at $626,000 after buying an additional 1,538 shares during the period. Captrust Financial Advisors lifted its position in shares of Flex by 10.1% in the 3rd quarter. Captrust Financial Advisors now owns 35,218 shares of the technology company’s stock worth $1,177,000 after acquiring an additional 3,224 shares during the period. HighTower Advisors LLC grew its holdings in shares of Flex by 9.6% during the 3rd quarter. HighTower Advisors LLC now owns 121,037 shares of the technology company’s stock worth $4,045,000 after purchasing an additional 10,560 shares in the last quarter. State Street Corp increased its position in shares of Flex by 19.7% during the third quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock valued at $122,503,000 after purchasing an additional 603,208 shares during the period. Finally, Wahed Invest LLC lifted its position in Flex by 7.4% in the third quarter. Wahed Invest LLC now owns 9,637 shares of the technology company’s stock worth $322,000 after purchasing an additional 667 shares during the period. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FLEX has been the topic of several analyst reports. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Stifel Nicolaus assumed coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price on the stock. Finally, Barclays raised their price target on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $44.33.

Insider Activity at Flex

In other news, Director Lay Koon Tan sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the transaction, the director now directly owns 202,850 shares in the company, valued at approximately $8,773,262.50. This represents a 19.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael P. Hartung sold 64,807 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the sale, the insider now directly owns 233,526 shares of the company’s stock, valued at approximately $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 company insiders.

Flex Trading Down 9.0 %

Shares of FLEX stock opened at $26.68 on Friday. The company has a market capitalization of $10.22 billion, a P/E ratio of 10.76, a P/E/G ratio of 2.43 and a beta of 0.99. 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. The firm has a 50-day moving average price of $37.83 and a 200 day moving average price of $37.62.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, January 29th. The technology company reported $0.70 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%. Research analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Flex 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.