Pzena Investment Management LLC Trims Stock Position in Flex Ltd. (NASDAQ:FLEX)

Pzena Investment Management LLC decreased its position in Flex Ltd. (NASDAQ:FLEX) by 70.3% during the fourth quarter, Holdings Channel reports. The firm owned 941,135 shares of the technology company’s stock after selling 2,226,628 shares during the quarter. Pzena Investment Management LLC’s holdings in Flex were worth $28,667,000 at the end of the most recent quarter.

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

Insider Buying and Selling at Flex

In other Flex news, insider Michael P. Hartung sold 43,381 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $30.51, for a total value of $1,323,554.31. Following the completion of the transaction, the insider now owns 154,810 shares in the company, valued at $4,723,253.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Michael P. Hartung sold 43,381 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $30.51, for a total value of $1,323,554.31. Following the completion of the sale, the insider now directly owns 154,810 shares of the company’s stock, valued at $4,723,253.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Rebecca Sidelinger sold 13,675 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were 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 $4,531,944.87. The disclosure for this sale can be found here. Insiders sold 320,451 shares of company stock worth $9,259,452 over the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Flex Stock Up 2.1 %

Shares of FLEX stock traded up $0.66 on Thursday, reaching $32.03. 3,103,706 shares of the stock were exchanged, compared to its average volume of 4,826,542. The company has a current ratio of 1.52, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The business’s 50 day moving average price is $28.51 and its 200 day moving average price is $27.23. The company has a market capitalization of $12.86 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 1.99 and a beta of 1.18. Flex Ltd. has a twelve month low of $21.84 and a twelve month high of $32.26.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, May 1st. The technology company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03. Flex had a net margin of 3.58% and a return on equity of 16.46%. The company had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.10 billion. As a group, sell-side analysts expect that Flex Ltd. will post 2.06 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FLEX has been the subject of several research reports. Craig Hallum downgraded shares of Flex from a “buy” rating to a “hold” rating and dropped their price target for the stock from $28.00 to $27.00 in a research note on Thursday, May 2nd. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Tuesday. Barclays boosted their price target on shares of Flex from $30.00 to $34.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. The Goldman Sachs Group boosted their price target on shares of Flex from $29.00 to $37.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $32.83.

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.