Brandes Investment Partners LP Sells 421,651 Shares of Flex Ltd. (NASDAQ:FLEX)

Brandes Investment Partners LP trimmed its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 20.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,667,330 shares of the technology company’s stock after selling 421,651 shares during the quarter. Brandes Investment Partners LP’s holdings in Flex were worth $64,009,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. First Eagle Investment Management LLC increased its holdings in Flex by 10.1% in the 4th quarter. First Eagle Investment Management LLC now owns 17,404 shares of the technology company’s stock valued at $668,000 after buying an additional 1,600 shares during the period. Commonwealth Equity Services LLC increased its holdings in Flex by 12.8% in the 4th quarter. Commonwealth Equity Services LLC now owns 37,313 shares of the technology company’s stock valued at $1,432,000 after buying an additional 4,230 shares during the period. PGGM Investments increased its holdings in Flex by 0.6% in the 4th quarter. PGGM Investments now owns 242,418 shares of the technology company’s stock valued at $9,306,000 after buying an additional 1,385 shares during the period. Vestcor Inc increased its holdings in Flex by 32.9% in the 4th quarter. Vestcor Inc now owns 28,986 shares of the technology company’s stock valued at $1,113,000 after buying an additional 7,174 shares during the period. Finally, Swiss National Bank increased its holdings in Flex by 0.3% in the 4th quarter. Swiss National Bank now owns 780,914 shares of the technology company’s stock valued at $29,979,000 after buying an additional 2,300 shares during the period. 94.30% of the stock is owned by institutional investors.

Flex Trading Up 2.6 %

FLEX opened at $34.49 on Friday. The company’s 50 day moving average price is $40.19 and its two-hundred day moving average price is $37.20. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. Flex Ltd. has a fifty-two week low of $25.27 and a fifty-two week high of $45.10. The firm has a market capitalization of $13.21 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 2.43 and a beta of 1.07.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, beating 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 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 on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the transaction, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. The trade was a 21.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction 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 transaction, the director now owns 202,850 shares in the company, valued at $8,773,262.50. The trade was a 19.77 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FLEX. Stifel Nicolaus began coverage on shares of Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective for the company. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Finally, Barclays upped their price objective 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. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $44.33.

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.