Flex Ltd. (NASDAQ:FLEX) Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH lessened its position in Flex Ltd. (NASDAQ:FLEX) by 5.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,221,876 shares of the technology company’s stock after selling 129,538 shares during the period. Allianz Asset Management GmbH owned approximately 0.57% of Flex worth $85,299,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of FLEX. Harbor Capital Advisors Inc. acquired a new stake in shares of Flex in the third quarter valued at approximately $29,000. Huntington National Bank grew its holdings in Flex by 87.9% in the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after buying an additional 479 shares in the last quarter. R Squared Ltd acquired a new stake in Flex in the 4th quarter valued at approximately $35,000. First Horizon Advisors Inc. raised its stake in Flex by 23.6% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock valued at $53,000 after acquiring an additional 305 shares in the last quarter. Finally, UMB Bank n.a. acquired a new position in Flex during the 4th quarter worth $64,000. 94.30% of the stock is currently owned by institutional investors.

Flex Stock Performance

NASDAQ:FLEX opened at $40.35 on Friday. 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 50-day moving average of $41.01 and a 200-day moving average of $36.66. Flex Ltd. has a twelve month low of $25.27 and a twelve month high of $45.10. The firm has a market cap of $15.46 billion, a price-to-earnings ratio of 16.27, a price-to-earnings-growth ratio of 2.48 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, topping the consensus estimate of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. Analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Transactions at Flex

In other news, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction that occurred on 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael P. Hartung sold 64,807 shares of the business’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 transaction of $2,844,379.23. Following the sale, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. This represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Craig Hallum raised their price target on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price on the stock. Barclays upped their price target 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, StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Flex currently has a consensus rating of “Buy” and a consensus target price of $44.33.

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.