Flex Ltd. (NASDAQ:FLEX) Shares Sold by Renaissance Group LLC

Renaissance Group LLC trimmed its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 2.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 214,103 shares of the technology company’s stock after selling 5,773 shares during the quarter. Renaissance Group LLC owned 0.06% of Flex worth $8,236,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of FLEX. Sage Rhino Capital LLC raised its holdings in shares of Flex by 1.1% in the 4th quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company’s stock valued at $1,358,000 after purchasing an additional 374 shares in the last quarter. Arizona State Retirement System increased its stake in Flex by 0.4% in the fourth quarter. Arizona State Retirement System now owns 115,236 shares of the technology company’s stock valued at $4,424,000 after purchasing an additional 403 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in Flex by 11.2% during the fourth quarter. Quadrant Capital Group LLC now owns 4,432 shares of the technology company’s stock worth $170,000 after purchasing an additional 447 shares in the last quarter. Huntington National Bank boosted its holdings in shares of Flex by 46.7% in the 4th quarter. Huntington National Bank now owns 1,502 shares of the technology company’s stock valued at $58,000 after buying an additional 478 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Flex by 112.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock worth $38,000 after acquiring an additional 509 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Analyst Upgrades and Downgrades

FLEX has been the topic of several research analyst reports. Stifel Nicolaus started coverage on Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target on the stock. Barclays upped their price objective on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Finally, StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $44.33.

Insiders Place Their Bets

In other news, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction dated 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 directly owns 202,850 shares in the company, valued at $8,773,262.50. This represents a 19.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 sale, the insider now directly owns 233,526 shares of the company’s stock, valued at $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 corporate insiders.

Flex Trading Up 5.2 %

Shares of FLEX opened at $28.07 on Tuesday. The firm’s 50-day moving average is $37.61 and its two-hundred day moving average is $37.64. Flex Ltd. has a twelve month low of $25.11 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. The firm has a market capitalization of $10.75 billion, a P/E ratio of 11.32, a PEG ratio of 2.43 and a beta of 0.99.

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

About Flex

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.