LPL Financial LLC Reduces Holdings in Flex Ltd. (NASDAQ:FLEX)

LPL Financial LLC reduced its position in Flex Ltd. (NASDAQ:FLEX) by 2.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,241,587 shares of the technology company’s stock after selling 28,037 shares during the period. LPL Financial LLC’s holdings in Flex were worth $47,664,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in FLEX. R Squared Ltd acquired a new position in Flex during the fourth quarter worth approximately $35,000. SBI Securities Co. Ltd. acquired a new position in shares of Flex in the 4th quarter valued at $38,000. EverSource Wealth Advisors LLC raised its position in Flex by 82.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,553 shares of the technology company’s stock valued at $60,000 after purchasing an additional 704 shares during the last quarter. UMB Bank n.a. acquired a new stake in Flex during the 4th quarter worth $64,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Flex during the 3rd quarter worth $75,000. 94.30% of the stock is owned by institutional investors and hedge funds.

Flex Price Performance

Shares of FLEX opened at $34.46 on Friday. The firm has a market capitalization of $13.20 billion, a PE ratio of 13.90, a P/E/G ratio of 2.43 and a beta of 1.07. The stock’s 50 day moving average is $39.28 and its two-hundred day moving average is $37.48. Flex Ltd. has a twelve month low of $25.27 and a twelve month high of $45.10. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX) last announced 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 return on equity of 17.93% and a net margin of 3.95%. Research analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on FLEX. Barclays increased their target price on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Finally, Stifel Nicolaus assumed coverage on Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target for the company. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $44.33.

Insider Activity

In other Flex news, Director Lay Koon Tan sold 50,000 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the sale, the director now 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 accessible through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the firm’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 transaction of $2,844,379.23. Following the transaction, the insider now directly 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. Insiders own 0.82% of the company’s stock.

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.