Envestnet Asset Management Inc. Sells 77,537 Shares of Flex Ltd. (NASDAQ:FLEX)

Envestnet Asset Management Inc. reduced its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 5.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,226,532 shares of the technology company’s stock after selling 77,537 shares during the period. Envestnet Asset Management Inc. owned 0.32% of Flex worth $47,087,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. R Squared Ltd bought a new position in shares of Flex in the 4th quarter valued at approximately $35,000. SBI Securities Co. Ltd. bought a new position in shares of Flex in the fourth quarter valued at approximately $38,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Flex by 112.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock worth $38,000 after buying an additional 509 shares during the last quarter. Huntington National Bank boosted its holdings in shares of Flex by 46.7% during the 4th quarter. Huntington National Bank now owns 1,502 shares of the technology company’s stock worth $58,000 after buying an additional 478 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake 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 buying an additional 704 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Insider Activity at Flex

In other news, 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 transaction of $2,844,379.23. Following the sale, the insider now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lay Koon Tan sold 50,000 shares of Flex 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 completion of the transaction, 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 disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.

Flex Price Performance

Shares of Flex stock opened at $29.42 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The firm’s 50-day simple moving average is $36.45 and its 200-day simple moving average is $37.46. The firm has a market cap of $11.27 billion, a P/E ratio of 11.86, a price-to-earnings-growth ratio of 2.43 and a beta of 0.99. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $45.10.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data 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 net margin of 3.95% and a return on equity of 17.93%. As a group, research analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FLEX has been the subject of a number of recent analyst reports. The Goldman Sachs Group decreased their price target on shares of Flex from $53.00 to $41.00 and set a “buy” rating for the company in a report on Thursday. Barclays raised their target price on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. KeyCorp lowered their price objective on shares of Flex from $46.00 to $35.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Stifel Nicolaus initiated coverage on shares of Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price for the company. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $43.67.

Flex Company 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.