Deltec Asset Management LLC Sells 9,000 Shares of Flex Ltd. (NASDAQ:FLEX)

Deltec Asset Management LLC reduced its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 5.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 149,219 shares of the technology company’s stock after selling 9,000 shares during the period. Flex makes up approximately 1.1% of Deltec Asset Management LLC’s portfolio, making the stock its 25th largest position. Deltec Asset Management LLC’s holdings in Flex were worth $5,729,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FLEX. Truist Financial Corp increased its position in shares of Flex by 10.3% during the 2nd quarter. Truist Financial Corp now owns 77,648 shares of the technology company’s stock worth $2,290,000 after purchasing an additional 7,236 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in Flex during the second quarter worth $2,122,000. SG Americas Securities LLC lifted its stake in Flex by 29.6% in the third quarter. SG Americas Securities LLC now owns 61,524 shares of the technology company’s stock valued at $2,057,000 after acquiring an additional 14,047 shares during the last quarter. Fulton Bank N.A. grew its position in shares of Flex by 32.9% in the 3rd quarter. Fulton Bank N.A. now owns 15,045 shares of the technology company’s stock valued at $503,000 after acquiring an additional 3,723 shares during the period. Finally, Kesler Norman & Wride LLC bought a new stake in shares of Flex in the 3rd quarter valued at about $433,000. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FLEX has been the topic of a number of recent analyst reports. KeyCorp assumed coverage on Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price target on the stock. Barclays raised 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 cut shares of Flex from a “buy” rating to a “hold” rating in a report on Saturday. The Goldman Sachs Group set a $39.00 price target on Flex in a report on Thursday, October 17th. Finally, Stifel Nicolaus increased their price objective on Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $43.67.

Flex Stock Up 3.5 %

FLEX stock opened at $41.92 on Wednesday. The stock has a market capitalization of $16.26 billion, a P/E ratio of 16.90, a price-to-earnings-growth ratio of 2.43 and a beta of 1.10. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64. The firm has a 50-day moving average price of $39.99 and a 200-day moving average price of $35.65. Flex Ltd. has a 12 month low of $24.05 and a 12 month high of $45.10.

Flex (NASDAQ:FLEX) last posted its earnings results 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 net margin of 3.95% and a return on equity of 17.83%. As a group, equities research analysts anticipate that Flex Ltd. will post 2.33 EPS 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.