CIBC Private Wealth Group LLC Trims Stake in Flex Ltd. (NASDAQ:FLEX)

CIBC Private Wealth Group LLC cut its position in shares of Flex Ltd. (NASDAQ:FLEX) by 65.4% during the 4th quarter, HoldingsChannel reports. The firm owned 21,331 shares of the technology company’s stock after selling 40,350 shares during the period. CIBC Private Wealth Group LLC’s holdings in Flex were worth $876,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FLEX. Boston Partners grew its position in shares of Flex by 2.2% in the 4th quarter. Boston Partners now owns 26,114,574 shares of the technology company’s stock worth $1,006,436,000 after buying an additional 569,916 shares during the period. Vanguard Group Inc. grew its holdings in Flex by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company’s stock worth $472,155,000 after purchasing an additional 817,215 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Flex by 6.0% during the fourth quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company’s stock valued at $246,006,000 after purchasing an additional 361,049 shares in the last quarter. Norges Bank purchased a new position in shares of Flex during the fourth quarter valued at approximately $229,484,000. Finally, Geode Capital Management LLC boosted its position in shares of Flex by 619.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after purchasing an additional 3,844,935 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on FLEX shares. Stifel Nicolaus began coverage on Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective for the company. Barclays lifted their price target on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Finally, StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Flex has a consensus rating of “Buy” and a consensus target price of $44.33.

Flex Trading Down 9.0 %

Flex stock opened at $26.68 on Friday. Flex Ltd. has a one year low of $25.11 and a one year high of $45.10. The business’s fifty day moving average is $37.83 and its 200 day moving average is $37.57. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. The stock has a market capitalization of $10.22 billion, a PE ratio of 10.76, a price-to-earnings-growth ratio of 2.43 and a beta of 0.99.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. On average, sell-side analysts predict that Flex Ltd. will post 2.33 EPS for the current year.

Insider Buying and Selling at Flex

In other news, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now owns 233,526 shares of the company’s stock, valued at $10,249,456.14. This represents a 21.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lay Koon Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the transaction, the director now directly owns 202,850 shares in the company, valued at approximately $8,773,262.50. The trade was a 19.77 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.82% of the company’s stock.

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.