Flex Ltd. (NASDAQ:FLEX) Position Trimmed by Allianz Asset Management GmbH

Allianz Asset Management GmbH trimmed its stake in Flex Ltd. (NASDAQ:FLEX) by 5.5% in the fourth quarter, Holdings Channel.com reports. The firm owned 2,221,876 shares of the technology company’s stock after selling 129,538 shares during the quarter. Allianz Asset Management GmbH’s holdings in Flex were worth $85,299,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

Several brokerages have weighed in on FLEX. Barclays upped their target price on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. 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. Craig Hallum raised their price objective on shares of Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $44.33.

Insider Buying and Selling at Flex

In other Flex news, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction that occurred 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 transaction, the director now directly owns 202,850 shares of the company’s stock, valued at $8,773,262.50. The trade was a 19.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 233,526 shares of the company’s stock, valued at approximately $10,249,456.14. This trade represents a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Flex Stock Down 3.2 %

Shares of FLEX stock opened at $40.35 on Friday. The company has a market capitalization of $15.46 billion, a price-to-earnings ratio of 16.27, a PEG ratio of 2.48 and a beta of 1.10. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The stock’s 50 day simple moving average is $41.01 and its 200 day simple moving average is $36.66. Flex Ltd. has a twelve month low of $25.27 and a twelve month high of $45.10.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping 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.

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.