Becker Capital Management Inc. Sells 35,762 Shares of Flex Ltd. (NASDAQ:FLEX)

Becker Capital Management Inc. cut its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 5.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 639,005 shares of the technology company’s stock after selling 35,762 shares during the quarter. Becker Capital Management Inc. owned 0.17% of Flex worth $24,531,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in FLEX. Norges Bank bought a new position in shares of Flex during the fourth quarter worth approximately $229,484,000. Invesco Ltd. boosted its position in shares of Flex by 42.9% during the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company’s stock worth $207,107,000 after acquiring an additional 1,620,812 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Flex by 210.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock worth $75,148,000 after acquiring an additional 1,327,298 shares in the last quarter. Neuberger Berman Group LLC boosted its position in shares of Flex by 13,790.0% during the 4th quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company’s stock worth $47,528,000 after acquiring an additional 1,229,106 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Flex by 89.1% during the 4th quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company’s stock worth $95,965,000 after acquiring an additional 1,177,923 shares in the last quarter. 94.30% of the stock is owned by institutional investors.

Flex Stock Performance

Shares of Flex stock opened at $34.88 on Wednesday. The company has a market cap of $13.36 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 2.43 and a beta of 0.99. 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 $33.75 and a 200-day moving average price of $37.36. 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 (NASDAQ:FLEX) last issued its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. Equities analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Activity at Flex

In other Flex news, insider Michael P. Hartung sold 64,807 shares of the firm’s stock in a transaction 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 $10,249,456.14. This trade represents a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Lay Koon Tan sold 50,000 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the completion of the sale, the director now directly owns 202,850 shares of the company’s stock, valued at $8,773,262.50. This represents a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FLEX. The Goldman Sachs Group reduced their price target on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. KeyCorp reduced their price target on shares of Flex from $46.00 to $35.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Barclays raised their target price on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Stifel Nicolaus began coverage on shares of Flex in a research report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price on the stock. Finally, JPMorgan Chase & Co. decreased their price objective on Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $43.67.

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.