National Bank of Canada FI Sells 78,922 Shares of Flex Ltd. (NASDAQ:FLEX)

National Bank of Canada FI cut its holdings in Flex Ltd. (NASDAQ:FLEX) by 20.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 302,539 shares of the technology company’s stock after selling 78,922 shares during the period. National Bank of Canada FI owned 0.08% of Flex worth $11,626,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Brandywine Global Investment Management LLC increased its position in Flex by 219.2% in the 4th quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company’s stock worth $5,119,000 after buying an additional 91,571 shares during the period. Pictet Asset Management Holding SA increased its position in Flex by 9.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 57,220 shares of the technology company’s stock worth $2,197,000 after acquiring an additional 4,832 shares during the period. Norges Bank acquired a new position in Flex during the 4th quarter valued at $229,484,000. Blair William & Co. IL boosted its holdings in Flex by 4.5% in the 4th quarter. Blair William & Co. IL now owns 13,568 shares of the technology company’s stock valued at $521,000 after purchasing an additional 589 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Flex by 6.0% in the 4th quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company’s stock worth $246,006,000 after purchasing an additional 361,049 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Insider Activity at Flex

In related news, Director Lay Koon Tan sold 50,000 shares of the 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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of Flex 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 transaction, the insider now owns 233,526 shares of the company’s stock, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FLEX. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Barclays upped their price target on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Finally, 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. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Flex currently has a consensus rating of “Buy” and an average target price of $44.33.

Flex Trading Down 9.0 %

FLEX stock opened at $26.68 on Friday. Flex Ltd. has a 1-year low of $25.11 and a 1-year 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 business’s 50 day moving average is $37.83 and its 200-day moving average is $37.57. The firm has a market cap of $10.22 billion, a P/E ratio of 10.76, a P/E/G 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 for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. Equities analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

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.