Flex Ltd. (NASDAQ:FLEX) Shares Sold by PGGM Investments

PGGM Investments trimmed its holdings in Flex Ltd. (NASDAQ:FLEX) by 11.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 277,327 shares of the technology company’s stock after selling 34,784 shares during the quarter. PGGM Investments owned approximately 0.06% of Flex worth $8,447,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Ardsley Advisory Partners LP increased its holdings in shares of Flex by 11.5% in the 3rd quarter. Ardsley Advisory Partners LP now owns 393,500 shares of the technology company’s stock valued at $10,617,000 after acquiring an additional 40,500 shares during the period. FNY Investment Advisers LLC acquired a new position in Flex in the 4th quarter valued at $2,909,000. Vontobel Holding Ltd. increased its stake in Flex by 21.8% in the 4th quarter. Vontobel Holding Ltd. now owns 201,902 shares of the technology company’s stock valued at $6,150,000 after buying an additional 36,082 shares during the period. Legal & General Group Plc increased its stake in Flex by 9.3% in the 3rd quarter. Legal & General Group Plc now owns 2,291,905 shares of the technology company’s stock valued at $61,836,000 after buying an additional 195,447 shares during the period. Finally, Vanguard Group Inc. increased its stake in Flex by 5.7% in the 3rd quarter. Vanguard Group Inc. now owns 5,581,270 shares of the technology company’s stock valued at $150,583,000 after buying an additional 302,086 shares during the period. 94.30% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Flex

In related news, CAO Daniel Wendler sold 1,860 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $28.89, for a total value of $53,735.40. Following the sale, the chief accounting officer now directly owns 28,730 shares of the company’s stock, valued at approximately $830,009.70. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Michael P. Hartung sold 43,381 shares of the 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 sale, the insider now directly owns 154,810 shares of the company’s stock, valued at approximately $4,723,253.10. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Daniel Wendler sold 1,860 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $28.89, for a total transaction of $53,735.40. Following the sale, the chief accounting officer now directly owns 28,730 shares in the company, valued at $830,009.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 141,943 shares of company stock valued at $4,055,311. Insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on FLEX shares. StockNews.com started coverage on shares of Flex in a research note on Wednesday, March 6th. They issued a “hold” rating on the stock. The Goldman Sachs Group boosted their price objective on shares of Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Flex from $32.00 to $34.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.20.

Flex Price Performance

Shares of NASDAQ FLEX traded up $0.27 during trading on Friday, hitting $28.97. 2,934,628 shares of the company were exchanged, compared to its average volume of 2,867,557. The company has a market cap of $12.20 billion, a price-to-earnings ratio of 17.24, a PEG ratio of 1.81 and a beta of 1.19. Flex Ltd. has a 1 year low of $19.44 and a 1 year high of $30.93. The firm’s fifty day moving average price is $28.46 and its 200 day moving average price is $26.79. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.59 and a quick ratio of 0.86.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, January 31st. The technology company reported $0.63 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 company had revenue of $7.10 billion for the quarter, compared to analyst estimates of $6.73 billion. On average, sell-side analysts expect that Flex Ltd. will post 2.16 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.