Hsbc Holdings PLC Sells 42,181 Shares of Flex Ltd. (NASDAQ:FLEX)

Hsbc Holdings PLC trimmed its position in shares of Flex Ltd. (NASDAQ:FLEX) by 33.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 85,633 shares of the technology company’s stock after selling 42,181 shares during the period. Hsbc Holdings PLC’s holdings in Flex were worth $3,297,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of FLEX. J. Safra Sarasin Holding AG boosted its stake in Flex by 21.3% in the fourth quarter. J. Safra Sarasin Holding AG now owns 1,273,164 shares of the technology company’s stock valued at $48,877,000 after acquiring an additional 223,750 shares in the last quarter. State of Tennessee Department of Treasury purchased a new stake in shares of Flex during the 4th quarter valued at $6,141,000. Mirabella Financial Services LLP acquired a new stake in shares of Flex in the 4th quarter worth $2,053,000. MML Investors Services LLC grew its stake in Flex by 11.8% during the 4th quarter. MML Investors Services LLC now owns 64,163 shares of the technology company’s stock worth $2,463,000 after buying an additional 6,773 shares during the last quarter. Finally, MetLife Investment Management LLC acquired a new position in Flex during the 4th quarter valued at about $8,130,000. 94.30% of the stock is currently owned by institutional investors.

Insider Activity

In other Flex news, insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the transaction, the insider now owns 233,526 shares of the company’s stock, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the sale, the director now directly owns 202,850 shares in the company, valued at approximately $8,773,262.50. The trade was a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on FLEX shares. 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 research note on Thursday, April 10th. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Barclays lifted their price objective 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. Stifel Nicolaus started coverage on Flex in a research report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price on the stock. Finally, JPMorgan Chase & Co. lowered their price target on Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Flex has an average rating of “Buy” and a consensus price target of $43.67.

Flex Price Performance

Shares of FLEX opened at $34.88 on Wednesday. The company has a market capitalization of $13.36 billion, a P/E ratio of 14.06, a P/E/G ratio of 2.43 and a beta of 0.99. The business’s 50-day moving average is $33.75 and its two-hundred day moving average is $37.36. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $45.10.

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

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.