Flex Ltd. (NASDAQ:FLEX) Shares Sold by Cannon Wealth Management Services LLC

Cannon Wealth Management Services LLC reduced its stake in Flex Ltd. (NASDAQ:FLEX) by 15.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,120 shares of the technology company’s stock after selling 964 shares during the quarter. Cannon Wealth Management Services LLC’s holdings in Flex were worth $207,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. MONECO Advisors LLC purchased a new position in shares of Flex in the 4th quarter valued at approximately $227,000. Handelsbanken Fonder AB grew its stake in shares of Flex by 19.9% in the 4th quarter. Handelsbanken Fonder AB now owns 43,400 shares of the technology company’s stock valued at $1,666,000 after purchasing an additional 7,200 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Flex by 11.6% in the 4th quarter. New York State Common Retirement Fund now owns 1,501,307 shares of the technology company’s stock valued at $57,635,000 after purchasing an additional 155,703 shares during the last quarter. Venturi Wealth Management LLC purchased a new position in shares of Flex in the 4th quarter valued at approximately $452,000. Finally, D.A. Davidson & CO. grew its stake in shares of Flex by 14.4% in the 4th quarter. D.A. Davidson & CO. now owns 15,729 shares of the technology company’s stock valued at $604,000 after purchasing an additional 1,980 shares during the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Flex Stock Down 3.2 %

Flex stock opened at $40.35 on Monday. 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 has a market capitalization of $15.46 billion, a price-to-earnings ratio of 16.27, a price-to-earnings-growth ratio of 2.43 and a beta of 1.10. Flex Ltd. has a fifty-two week low of $25.27 and a fifty-two week high of $45.10. The stock’s fifty day moving average is $41.01 and its two-hundred day moving average is $36.78.

Flex (NASDAQ:FLEX) last posted its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, beating 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%. Analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling at Flex

In other news, Director Lay Koon Tan sold 50,000 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the sale, the insider now owns 233,526 shares in the company, 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.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on FLEX shares. Barclays upped their price objective on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Stifel Nicolaus started coverage on Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective on the stock. Finally, Craig Hallum upped their price objective on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Flex has an average rating of “Buy” and an average target price of $44.33.

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.