Aviva PLC Sells 567 Shares of Flex Ltd. (NASDAQ:FLEX)

Aviva PLC lowered its position in shares of Flex Ltd. (NASDAQ:FLEX) by 3.6% in the 4th quarter, HoldingsChannel reports. The firm owned 15,385 shares of the technology company’s stock after selling 567 shares during the quarter. Aviva PLC’s holdings in Flex were worth $591,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FLEX. R Squared Ltd purchased a new stake in Flex in the fourth quarter worth approximately $35,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Flex by 112.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock valued at $38,000 after purchasing an additional 509 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Flex during the 4th quarter valued at $38,000. Huntington National Bank raised its position in Flex by 46.7% in the 4th quarter. Huntington National Bank now owns 1,502 shares of the technology company’s stock worth $58,000 after purchasing an additional 478 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in Flex by 82.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,553 shares of the technology company’s stock worth $60,000 after purchasing an additional 704 shares during the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Flex Stock Performance

NASDAQ:FLEX opened at $29.42 on Friday. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The firm’s fifty day simple moving average is $36.45 and its 200 day simple moving average is $37.46. The stock has a market cap of $11.27 billion, a P/E ratio of 11.86, a price-to-earnings-growth ratio of 2.43 and a beta of 0.99. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $45.10.

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

Insiders Place Their Bets

In related news, insider Michael P. Hartung sold 64,807 shares of the company’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 sale, the insider now directly 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lay Koon Tan sold 50,000 shares of the 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 transaction, the director now owns 202,850 shares of the company’s stock, valued at approximately $8,773,262.50. This trade represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.82% of the company’s stock.

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.