Flex Ltd. (NASDAQ:FLEX) Shares Sold by Portolan Capital Management LLC

Portolan Capital Management LLC cut its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 1.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 435,302 shares of the technology company’s stock after selling 5,554 shares during the period. Flex makes up 1.1% of Portolan Capital Management LLC’s holdings, making the stock its 26th biggest holding. Portolan Capital Management LLC owned approximately 0.11% of Flex worth $16,711,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Boston Partners increased its holdings in Flex by 2.2% in the 4th quarter. Boston Partners now owns 26,114,574 shares of the technology company’s stock valued at $1,006,436,000 after purchasing an additional 569,916 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Flex by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company’s stock valued at $472,155,000 after buying an additional 817,215 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Flex by 6.0% in the 4th quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company’s stock valued at $246,006,000 after buying an additional 361,049 shares during the period. Norges Bank acquired a new position in Flex during the 4th quarter worth about $229,484,000. Finally, Invesco Ltd. boosted its holdings in Flex by 42.9% during the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company’s stock valued at $207,107,000 after acquiring an additional 1,620,812 shares during the period. 94.30% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Flex

In other news, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction that occurred on 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction 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 completion of the transaction, the director now directly owns 202,850 shares in the company, valued at $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. Insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on FLEX. Barclays raised their price objective on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. The Goldman Sachs Group cut their price objective on Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research report on Thursday. Stifel Nicolaus assumed coverage on Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price for the company. Finally, KeyCorp cut their price target on Flex from $46.00 to $35.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Flex has an average rating of “Buy” and an average target price of $43.67.

Flex Stock Performance

Shares of Flex stock opened at $29.59 on Monday. The firm has a market capitalization of $11.34 billion, a P/E ratio of 11.93, a P/E/G ratio of 2.43 and a beta of 0.99. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $45.10. The firm’s 50 day moving average is $36.20 and its two-hundred day moving average is $37.47.

Flex (NASDAQ:FLEX) last announced its quarterly 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 net margin of 3.95% and a return on equity of 17.93%. Research analysts forecast that Flex Ltd. will post 2.33 EPS 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.