Flex Ltd. (NASDAQ:FLEX) Shares Sold by Sapience Investments LLC

Sapience Investments LLC trimmed its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 23.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 11,795 shares of the technology company’s stock after selling 3,650 shares during the period. Sapience Investments LLC’s holdings in Flex were worth $453,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of FLEX. Norges Bank acquired a new stake in Flex during the 4th quarter valued at $229,484,000. Invesco Ltd. raised its position in Flex by 42.9% in the fourth quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company’s stock valued at $207,107,000 after purchasing an additional 1,620,812 shares during the period. Bank of New York Mellon Corp increased its position 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 acquiring an additional 1,327,298 shares during the last quarter. Neuberger Berman Group LLC increased its holdings in Flex by 13,790.0% in the fourth quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company’s stock valued at $47,528,000 after buying an additional 1,229,106 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Flex by 89.1% in the fourth quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company’s stock valued at $95,965,000 after acquiring an additional 1,177,923 shares during the period. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Price Performance

FLEX opened at $42.02 on Friday. Flex Ltd. has a one year low of $25.11 and a one year high of $45.10. The stock has a market capitalization of $16.10 billion, a P/E ratio of 16.94, a price-to-earnings-growth ratio of 2.43 and a beta of 0.96. 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 company’s 50 day simple moving average is $34.29 and its 200-day simple moving average is $37.70.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. The firm had revenue of $6.40 billion for the quarter, compared to analysts’ expectations of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period last year, the firm earned $0.57 earnings per share. Sell-side analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Daniel Wendler sold 4,502 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total transaction of $189,038.98. Following the sale, the chief accounting officer now directly owns 38,676 shares in the company, valued at $1,624,005.24. This trade represents a 10.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Erin Mcsweeney sold 14,000 shares of the firm’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $41.94, for a total transaction of $587,160.00. Following the sale, the director now owns 22,299 shares in the company, valued at approximately $935,220.06. The trade was a 38.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 489,255 shares of company stock worth $19,589,788. Company insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on FLEX. Barclays boosted their price objective on Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, May 8th. KeyCorp upped their target price on Flex from $35.00 to $44.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. StockNews.com downgraded Flex from a “buy” rating to a “hold” rating in a research report on Monday, May 12th. Stifel Nicolaus initiated coverage on Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target on the stock. Finally, The Goldman Sachs Group dropped their price target on Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $45.33.

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.