Flex Ltd. (NASDAQ:FLEX) Stock Position Trimmed by Sound Shore Management Inc. CT

Sound Shore Management Inc. CT cut its position in Flex Ltd. (NASDAQ:FLEX) by 22.9% during the 4th quarter, HoldingsChannel reports. The firm owned 1,786,322 shares of the technology company’s stock after selling 531,476 shares during the quarter. Flex makes up about 2.3% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 27th largest position. Sound Shore Management Inc. CT’s holdings in Flex were worth $68,577,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Corebridge Financial Inc. acquired a new position in Flex during the 4th quarter valued at about $16,742,000. United Services Automobile Association acquired a new position in Flex during the 4th quarter valued at about $982,000. Vanguard Group Inc. increased its stake in Flex by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company’s stock valued at $472,155,000 after buying an additional 817,215 shares during the period. Samalin Investment Counsel LLC increased its stake in Flex by 20.8% during the 4th quarter. Samalin Investment Counsel LLC now owns 22,055 shares of the technology company’s stock valued at $847,000 after buying an additional 3,801 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in Flex during the 4th quarter valued at about $3,493,000. 94.30% of the stock is currently owned by institutional investors.

Flex Stock Performance

FLEX stock opened at $36.40 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 stock has a market cap of $13.94 billion, a P/E ratio of 14.68, a P/E/G ratio of 2.43 and a beta of 1.07. The firm has a 50 day simple moving average of $39.68 and a 200 day simple moving average of $37.41. Flex Ltd. has a 52 week low of $25.27 and a 52 week 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 (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%. Research analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Flex

In other news, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction on 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 sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael P. Hartung sold 64,807 shares of the business’s 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 completion of the sale, the insider now owns 233,526 shares of the company’s stock, valued at $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Stifel Nicolaus assumed coverage on shares of Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price on the stock. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Finally, Barclays lifted their price objective 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. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $44.33.

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.