Flex Ltd. (NASDAQ:FLEX) Shares Sold by Sanctuary Advisors LLC

Sanctuary Advisors LLC cut its position in Flex Ltd. (NASDAQ:FLEX) by 17.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 56,568 shares of the technology company’s stock after selling 12,104 shares during the quarter. Sanctuary Advisors LLC’s holdings in Flex were worth $2,380,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Harbor Capital Advisors Inc. acquired a new stake in shares of Flex in the 3rd quarter valued at about $29,000. Huntington National Bank boosted its position in shares of Flex by 87.9% in the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after purchasing an additional 479 shares during the period. R Squared Ltd acquired a new stake in shares of Flex in the 4th quarter valued at about $35,000. First Horizon Advisors Inc. boosted its position in shares of Flex by 23.6% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock valued at $53,000 after purchasing an additional 305 shares during the period. Finally, UMB Bank n.a. acquired a new stake in shares of Flex in the 4th quarter valued at about $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 firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 202,850 shares of the company’s stock, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 value of $2,844,379.23. Following the completion of the transaction, the insider now directly owns 233,526 shares of the company’s stock, valued at $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Barclays upped their target price on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Craig Hallum increased their price objective on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Finally, Stifel Nicolaus initiated coverage on Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective for the company. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $44.33.

Flex Stock Performance

Shares of FLEX stock opened at $40.35 on Friday. The company has a market cap of $15.46 billion, a price-to-earnings ratio of 16.27, a price-to-earnings-growth ratio of 2.43 and a beta of 1.10. The stock has a 50 day simple moving average of $41.01 and a 200-day simple moving average of $36.72. Flex Ltd. has a 12-month low of $25.27 and a 12-month high of $45.10. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, topping 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%. On average, equities analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

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.