Flex Ltd. (NASDAQ:FLEX) Shares Sold by Garnet Equity Capital Holdings Inc.

Garnet Equity Capital Holdings Inc. lowered its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 13.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 197,800 shares of the technology company’s stock after selling 30,000 shares during the period. Flex accounts for approximately 1.9% of Garnet Equity Capital Holdings Inc.’s portfolio, making the stock its 9th biggest holding. Garnet Equity Capital Holdings Inc.’s holdings in Flex were worth $6,025,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FLEX. First Horizon Advisors Inc. lifted its holdings in Flex by 319.7% in the 4th quarter. First Horizon Advisors Inc. now owns 4,613 shares of the technology company’s stock valued at $141,000 after purchasing an additional 3,514 shares in the last quarter. New York Life Investment Management LLC lifted its stake in shares of Flex by 7.6% during the fourth quarter. New York Life Investment Management LLC now owns 50,159 shares of the technology company’s stock valued at $1,528,000 after buying an additional 3,559 shares during the period. Cozad Asset Management Inc. boosted its position in Flex by 10.4% during the fourth quarter. Cozad Asset Management Inc. now owns 322,452 shares of the technology company’s stock worth $9,822,000 after acquiring an additional 30,455 shares during the last quarter. Truist Financial Corp grew its stake in Flex by 17.5% in the 4th quarter. Truist Financial Corp now owns 130,466 shares of the technology company’s stock worth $3,974,000 after acquiring an additional 19,454 shares during the period. Finally, Corbyn Investment Management Inc. MD acquired a new position in Flex in the 4th quarter valued at $2,318,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Trading Up 4.1 %

Shares of Flex stock traded up $1.08 during trading hours on Thursday, reaching $27.42. The stock had a trading volume of 10,494,853 shares, compared to its average volume of 4,980,498. The company has a current ratio of 1.59, a quick ratio of 0.86 and a debt-to-equity ratio of 0.53. Flex Ltd. has a 1 year low of $19.85 and a 1 year high of $30.93. The firm has a market capitalization of $11.55 billion, a price-to-earnings ratio of 16.21, a P/E/G ratio of 1.79 and a beta of 1.18. The firm has a 50 day simple moving average of $28.48 and a two-hundred day simple moving average of $26.82.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.53 by $0.10. Flex had a net margin of 2.56% and a return on equity of 16.24%. The firm had revenue of $7.10 billion for the quarter, compared to analyst estimates of $6.73 billion. As a group, equities research analysts anticipate that Flex Ltd. will post 2.16 earnings per share for the current year.

Analyst Ratings Changes

FLEX has been the subject of a number of recent analyst reports. Barclays lifted their price objective on Flex from $30.00 to $34.00 and gave the company an “overweight” rating in a research report on Thursday. Craig Hallum cut Flex from a “buy” rating to a “hold” rating and lowered their price target for the company from $28.00 to $27.00 in a report on Thursday. The Goldman Sachs Group increased their price objective on shares of Flex from $29.00 to $37.00 and gave the stock a “buy” rating in a report on Monday, March 4th. StockNews.com assumed coverage on shares of Flex in a report on Wednesday, March 6th. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. upped their price target on shares of Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $32.83.

Insider Transactions at Flex

In other Flex news, EVP David Scott Offer sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total value of $2,064,000.00. Following the transaction, the executive vice president now directly owns 162,094 shares of the company’s stock, valued at $4,460,826.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Daniel Wendler sold 1,860 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $28.89, for a total value of $53,735.40. Following the completion of the transaction, the chief accounting officer now directly owns 28,730 shares in the company, valued at $830,009.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David Scott Offer sold 75,000 shares of Flex stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total transaction of $2,064,000.00. Following the sale, the executive vice president now directly owns 162,094 shares in the company, valued at approximately $4,460,826.88. The disclosure for this sale can be found here. Insiders sold 141,943 shares of company stock valued at $4,055,311 over the last 90 days. Corporate insiders own 0.56% of the company’s stock.

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.