Flex Ltd. (NASDAQ:FLEX) Shares Sold by Sei Investments Co.

Sei Investments Co. trimmed its holdings in Flex Ltd. (NASDAQ:FLEX) by 24.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,032,887 shares of the technology company’s stock after selling 337,919 shares during the quarter. Sei Investments Co.’s holdings in Flex were worth $39,653,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its holdings in shares of Flex by 619.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after buying an additional 3,844,935 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Flex by 462.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock valued at $88,247,000 after acquiring an additional 2,170,262 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Flex by 210.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock worth $75,148,000 after purchasing an additional 1,327,298 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in shares of Flex during the fourth quarter worth about $33,363,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Flex in the 4th quarter valued at about $32,293,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Flex Price Performance

Flex stock opened at $37.42 on Tuesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. The business has a 50 day simple moving average of $39.64 and a 200-day simple moving average of $37.46. Flex Ltd. has a 12 month low of $25.27 and a 12 month high of $45.10. The stock has a market capitalization of $14.34 billion, a PE ratio of 15.09, a price-to-earnings-growth ratio of 2.43 and a beta of 1.07.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. Equities analysts predict that Flex Ltd. will post 2.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction dated 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 in the company, valued at $10,249,456.14. This trade represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.

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.