Handelsinvest Investeringsforvaltning Sells 4,972 Shares of Flex Ltd. (NASDAQ:FLEX)

Handelsinvest Investeringsforvaltning cut its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 34.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,578 shares of the technology company’s stock after selling 4,972 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Flex were worth $274,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. FNY Investment Advisers LLC acquired a new position in shares of Flex during the fourth quarter worth $2,909,000. abrdn plc increased its holdings in shares of Flex by 106.0% during the fourth quarter. abrdn plc now owns 146,524 shares of the technology company’s stock worth $4,463,000 after buying an additional 75,387 shares in the last quarter. Vontobel Holding Ltd. increased its holdings in shares of Flex by 21.8% during the fourth quarter. Vontobel Holding Ltd. now owns 201,902 shares of the technology company’s stock worth $6,150,000 after buying an additional 36,082 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Flex by 9.3% during the third quarter. Legal & General Group Plc now owns 2,291,905 shares of the technology company’s stock worth $61,836,000 after buying an additional 195,447 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Flex by 5.7% in the third quarter. Vanguard Group Inc. now owns 5,581,270 shares of the technology company’s stock valued at $150,583,000 after purchasing an additional 302,086 shares during the period. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Trading Up 0.8 %

FLEX traded up $0.25 during trading on Wednesday, reaching $29.72. 177,413 shares of the stock traded hands, compared to its average volume of 4,693,327. The company has a quick ratio of 0.79, a current ratio of 1.52 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $11.85 billion, a PE ratio of 12.81, a P/E/G ratio of 1.97 and a beta of 1.12. The stock’s 50-day moving average is $30.55 and its 200 day moving average is $28.37. Flex Ltd. has a 12 month low of $21.84 and a 12 month high of $34.12.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, May 1st. The technology company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. The company had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.10 billion. Flex had a net margin of 3.58% and a return on equity of 16.46%. Equities analysts anticipate that Flex Ltd. will post 2.06 earnings per share for the current year.

Insider Activity at Flex

In related news, insider Kwang Hooi Tan sold 8,027 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $29.29, for a total value of $235,110.83. Following the transaction, the insider now owns 151,691 shares of the company’s stock, valued at approximately $4,443,029.39. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Flex news, CAO Daniel Wendler sold 1,670 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $32.53, for a total value of $54,325.10. Following the completion of the sale, the chief accounting officer now owns 27,060 shares in the company, valued at approximately $880,261.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Kwang Hooi Tan sold 8,027 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $29.29, for a total transaction of $235,110.83. Following the completion of the sale, the insider now owns 151,691 shares of the company’s stock, valued at approximately $4,443,029.39. The disclosure for this sale can be found here. In the last quarter, insiders have sold 804,542 shares of company stock valued at $25,147,972. 0.82% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price objective on Flex from $32.00 to $34.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Craig Hallum downgraded Flex from a “buy” rating to a “hold” rating and decreased their price objective for the company from $28.00 to $27.00 in a report on Thursday, May 2nd. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a report on Wednesday, June 26th. Finally, Barclays increased their price objective on Flex from $30.00 to $34.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Flex presently has an average rating of “Moderate Buy” and a consensus price target of $32.83.

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.