Sanctuary Advisors LLC Reduces Position in Flex Ltd. (NASDAQ:FLEX)

Sanctuary Advisors LLC trimmed its stake in Flex Ltd. (NASDAQ:FLEX) by 17.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund 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.

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

Insider Buying and Selling at Flex

In other news, insider Michael P. Hartung sold 64,807 shares of the company’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 completion of the sale, the insider now owns 233,526 shares of the company’s stock, valued at $10,249,456.14. This represents a 21.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of the company’s stock in a transaction dated 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. The trade was a 19.77 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by company insiders.

Flex Price Performance

FLEX stock opened at $40.35 on Friday. The stock has a 50-day moving average price of $41.01 and a two-hundred day moving average price 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. The company has a market cap of $15.46 billion, a PE ratio of 16.27, a price-to-earnings-growth ratio of 2.43 and a beta of 1.10.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (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%. As a group, research analysts predict that Flex Ltd. will post 2.33 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.