CIBC Private Wealth Group LLC Sells 40,350 Shares of Flex Ltd. (NASDAQ:FLEX)

CIBC Private Wealth Group LLC decreased its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 65.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 21,331 shares of the technology company’s stock after selling 40,350 shares during the period. CIBC Private Wealth Group LLC’s holdings in Flex were worth $876,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FLEX. Cerity Partners LLC grew its holdings in shares of Flex by 9.0% during the third quarter. Cerity Partners LLC now owns 18,716 shares of the technology company’s stock worth $626,000 after purchasing an additional 1,538 shares in the last quarter. Captrust Financial Advisors grew its stake in Flex by 10.1% in the 3rd quarter. Captrust Financial Advisors now owns 35,218 shares of the technology company’s stock worth $1,177,000 after buying an additional 3,224 shares in the last quarter. HighTower Advisors LLC increased its holdings in shares of Flex by 9.6% in the 3rd quarter. HighTower Advisors LLC now owns 121,037 shares of the technology company’s stock worth $4,045,000 after buying an additional 10,560 shares during the last quarter. State Street Corp raised its position in shares of Flex by 19.7% during the 3rd quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock valued at $122,503,000 after buying an additional 603,208 shares in the last quarter. Finally, Temasek Holdings Private Ltd purchased a new position in Flex in the third quarter worth $3,332,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Flex

In other news, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the transaction, the insider now directly owns 233,526 shares of the company’s stock, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction on Monday, February 10th. The shares were 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 approximately $8,773,262.50. This trade represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by company insiders.

Flex Stock Performance

Shares of FLEX stock opened at $26.68 on Friday. The company has a market capitalization of $10.22 billion, a P/E ratio of 10.76, a PEG ratio of 2.43 and a beta of 0.99. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $45.10. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The stock has a 50 day moving average price of $37.83 and a two-hundred day moving average price of $37.57.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, beating 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%. Analysts expect that Flex Ltd. will post 2.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

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.