Sage Rhino Capital LLC Lowers Stake in Flex Ltd. (NASDAQ:FLEX)

Sage Rhino Capital LLC lowered its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 2.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 45,691 shares of the technology company’s stock after selling 1,375 shares during the quarter. Sage Rhino Capital LLC’s holdings in Flex were worth $1,392,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Cornerstone Planning Group LLC purchased a new stake in shares of Flex during the 3rd quarter valued at $30,000. CWM LLC raised its position in Flex by 92.5% in the 4th quarter. CWM LLC now owns 1,609 shares of the technology company’s stock worth $49,000 after purchasing an additional 773 shares during the period. Fifth Third Bancorp raised its position in Flex by 276.6% in the 4th quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock worth $60,000 after purchasing an additional 1,455 shares during the period. Bruce G. Allen Investments LLC purchased a new position in Flex in the 4th quarter worth $75,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in Flex in the 4th quarter worth $77,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Trading Down 1.9 %

Shares of FLEX traded down $0.56 during trading hours on Tuesday, reaching $28.65. 5,807,907 shares of the company traded hands, compared to its average volume of 4,821,829. Flex Ltd. has a 12 month low of $19.85 and a 12 month high of $30.93. The company has a quick ratio of 0.86, a current ratio of 1.59 and a debt-to-equity ratio of 0.53. The company’s fifty day moving average price is $28.48 and its two-hundred day moving average price is $26.80. The company has a market capitalization of $12.07 billion, a price-to-earnings ratio of 17.18, a price-to-earnings-growth ratio of 1.81 and a beta of 1.20.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data 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 business had revenue of $7.10 billion for the quarter, compared to analyst estimates of $6.73 billion. Equities research analysts predict that Flex Ltd. will post 2.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Flex news, EVP David Scott Offer sold 75,000 shares of Flex 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 transaction, the executive vice president now directly owns 162,094 shares of the company’s stock, valued at $4,460,826.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Flex news, EVP David Scott Offer sold 75,000 shares of Flex 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 transaction, the executive vice president now directly owns 162,094 shares of the company’s stock, valued at $4,460,826.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Rebecca Sidelinger sold 13,675 shares of Flex 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 transaction, 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 have sold 141,943 shares of company stock valued at $4,055,311 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

FLEX has been the topic of a number of recent analyst reports. StockNews.com initiated coverage on shares of Flex in a report on Wednesday, March 6th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. raised their price target on shares of Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Finally, The Goldman Sachs Group raised their price target on shares of Flex from $29.00 to $37.00 and gave the stock a “buy” rating in a report on Monday, March 4th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.20.

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.