Tower Research Capital LLC TRC Reduces Stock Position in Flex Ltd. (NASDAQ:FLEX)

Tower Research Capital LLC TRC cut its stake in Flex Ltd. (NASDAQ:FLEX) by 94.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,407 shares of the technology company’s stock after selling 22,884 shares during the period. Tower Research Capital LLC TRC’s holdings in Flex were worth $43,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Troluce Capital Advisors LLC increased its stake in shares of Flex by 101.2% during the 3rd quarter. Troluce Capital Advisors LLC now owns 550,692 shares of the technology company’s stock worth $14,858,000 after purchasing an additional 48,097,992 shares in the last quarter. Norges Bank acquired a new stake in Flex during the fourth quarter worth approximately $165,000,000. Schonfeld Strategic Advisors LLC boosted its position in Flex by 211.2% during the third quarter. Schonfeld Strategic Advisors LLC now owns 1,409,636 shares of the technology company’s stock worth $38,032,000 after acquiring an additional 956,676 shares during the last quarter. California Public Employees Retirement System boosted its position in Flex by 63.9% during the fourth quarter. California Public Employees Retirement System now owns 2,423,404 shares of the technology company’s stock worth $73,817,000 after acquiring an additional 944,928 shares during the last quarter. Finally, Qube Research & Technologies Ltd boosted its position in Flex by 57.8% during the third quarter. Qube Research & Technologies Ltd now owns 1,815,591 shares of the technology company’s stock worth $48,985,000 after acquiring an additional 665,076 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Buying and Selling

In related news, insider Rebecca Sidelinger sold 13,675 shares of Flex stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $27.99, for a total transaction of $382,763.25. Following the sale, the insider now owns 161,913 shares of the company’s stock, valued at approximately $4,531,944.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP David Scott Offer sold 75,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $27.52, for a total value of $2,064,000.00. Following the completion of the sale, the executive vice president now owns 162,094 shares of the company’s stock, valued at approximately $4,460,826.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Rebecca Sidelinger sold 13,675 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $27.99, for a total transaction of $382,763.25. Following the completion of the sale, the insider now directly owns 161,913 shares of the company’s stock, valued at approximately $4,531,944.87. The disclosure for this sale can be found here. Insiders have sold 141,943 shares of company stock valued at $4,055,311 in the last quarter. Company insiders own 0.56% of the company’s stock.

Flex Stock Up 4.1 %

Shares of NASDAQ:FLEX traded up $1.08 during midday trading on Thursday, hitting $27.42. 10,494,853 shares of the company’s stock traded hands, compared to its average volume of 4,980,498. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.86 and a current ratio of 1.59. The company has a market cap of $11.55 billion, a PE ratio of 16.21, a P/E/G ratio of 1.79 and a beta of 1.18. The firm’s fifty day moving average price is $28.48 and its two-hundred day moving average price is $26.82. Flex Ltd. has a twelve month low of $19.85 and a twelve month high of $30.93.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.63 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $6.73 billion. On average, equities research analysts anticipate that Flex Ltd. will post 2.16 EPS for the current fiscal year.

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.