Daiwa Securities Group Inc. Sells 1,381 Shares of Flex Ltd. (NASDAQ:FLEX)

Daiwa Securities Group Inc. decreased its position in Flex Ltd. (NASDAQ:FLEX) by 4.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 30,177 shares of the technology company’s stock after selling 1,381 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Flex were worth $1,158,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. R Squared Ltd bought a new stake in Flex in the 4th quarter worth approximately $35,000. SBI Securities Co. Ltd. bought a new stake in Flex in the fourth quarter valued at approximately $38,000. Huntington National Bank lifted its position in Flex by 87.9% in the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after purchasing an additional 479 shares during the last quarter. First Horizon Advisors Inc. lifted its position in Flex by 23.6% in the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock valued at $53,000 after purchasing an additional 305 shares during the last quarter. Finally, UMB Bank n.a. bought a new stake in Flex in the fourth quarter valued at approximately $64,000. Institutional investors own 94.30% of the company’s stock.

Insider Buying and Selling

In related news, Director Lay Koon Tan sold 50,000 shares of the company’s stock in a transaction 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 sale, the director now directly owns 202,850 shares of the company’s stock, valued at $8,773,262.50. This represents a 19.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 233,526 shares in the company, valued at approximately $10,249,456.14. This represents a 21.72 % 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.

Analyst Ratings Changes

Several analysts have weighed in on the company. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Stifel Nicolaus assumed coverage on Flex in a research report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price objective for the company. Finally, Barclays boosted their price objective on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $44.33.

Flex Price Performance

Shares of Flex stock opened at $34.49 on Friday. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The company has a market cap of $13.21 billion, a PE ratio of 13.91, a P/E/G ratio of 2.43 and a beta of 1.07. The business has a 50 day moving average of $40.19 and a 200 day moving average of $37.24. Flex Ltd. has a 52 week low of $25.27 and a 52 week high of $45.10.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping 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%. As a group, equities research analysts forecast 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.