Camden National Bank Sells 457 Shares of Flex Ltd. (NASDAQ:FLEX)

Camden National Bank reduced its position in Flex Ltd. (NASDAQ:FLEX) by 6.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,847 shares of the technology company’s stock after selling 457 shares during the quarter. Camden National Bank’s holdings in Flex were worth $263,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in FLEX. Harbor Capital Advisors Inc. purchased a new stake in shares of Flex in the 3rd quarter worth approximately $29,000. CWA Asset Management Group LLC bought a new position in Flex in the third quarter worth approximately $533,000. Seascape Capital Management lifted its holdings in Flex by 0.9% during the third quarter. Seascape Capital Management now owns 103,640 shares of the technology company’s stock worth $3,465,000 after buying an additional 897 shares during the period. Assetmark Inc. boosted its position in Flex by 15.2% during the 3rd quarter. Assetmark Inc. now owns 18,462 shares of the technology company’s stock valued at $617,000 after acquiring an additional 2,432 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new position in shares of Flex in the 3rd quarter valued at $305,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on FLEX shares. Barclays upped their price objective on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Stifel Nicolaus began coverage on shares of Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target for the company. Finally, StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Flex currently has an average rating of “Buy” and an average price target of $44.33.

Flex Stock Performance

Shares of Flex stock opened at $34.70 on Friday. The company has a 50 day moving average price of $40.69 and a 200 day moving average price of $37.14. The firm has a market capitalization of $13.29 billion, a P/E ratio of 13.99, a PEG ratio of 2.43 and a beta of 1.07. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. Flex Ltd. has a 52 week low of $25.27 and a 52 week high of $45.10.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. Sell-side analysts expect that Flex Ltd. will post 2.33 EPS for the current year.

Insider Activity

In other news, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the sale, the insider now directly owns 233,526 shares of the company’s stock, valued at $10,249,456.14. This represents a 21.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the sale, the director now owns 202,850 shares in the company, valued at $8,773,262.50. The trade was a 19.77 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

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.