Flex Ltd. (NASDAQ:FLEX) Shares Sold by New York Life Investment Management LLC

New York Life Investment Management LLC decreased its stake in Flex Ltd. (NASDAQ:FLEX) by 9.1% in the 4th quarter, Holdings Channel reports. The firm owned 41,901 shares of the technology company’s stock after selling 4,185 shares during the quarter. New York Life Investment Management LLC’s holdings in Flex were worth $1,609,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. State of Alaska Department of Revenue acquired a new stake in shares of Flex in the fourth quarter valued at about $1,697,000. One Wealth Advisors LLC acquired a new position in Flex during the fourth quarter worth about $368,000. JPMorgan Chase & Co. raised its position in Flex by 5.2% during the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock worth $202,152,000 after acquiring an additional 296,505 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in Flex by 113.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 486,348 shares of the technology company’s stock worth $16,259,000 after acquiring an additional 257,975 shares during the last quarter. Finally, KBC Group NV raised its position in Flex by 872.7% during the fourth quarter. KBC Group NV now owns 104,132 shares of the technology company’s stock worth $3,998,000 after acquiring an additional 93,426 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Barclays lifted their target price on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Stifel Nicolaus assumed coverage on shares of Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price for the company. Finally, StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research report 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. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $44.33.

Flex Stock Performance

Shares of NASDAQ FLEX opened at $36.07 on Tuesday. The company has a market cap of $13.82 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 2.43 and a beta of 1.10. Flex Ltd. has a 12 month low of $25.27 and a 12 month high of $45.10. 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 has a 50-day simple moving average of $41.03 and a 200-day simple moving average of $37.12.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS 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%. On average, equities analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Activity at Flex

In related news, 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 value of $2,844,379.23. Following the completion of the sale, the insider now directly owns 233,526 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the sale, the director now owns 202,850 shares of the company’s stock, 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. 0.82% of the stock is owned by insiders.

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.