Flex Ltd. (NASDAQ:FLEX) Stock Position Decreased by Deltec Asset Management LLC

Deltec Asset Management LLC reduced its stake in Flex Ltd. (NASDAQ:FLEX) by 5.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 149,219 shares of the technology company’s stock after selling 9,000 shares during the period. Flex accounts for about 1.1% of Deltec Asset Management LLC’s investment portfolio, making the stock its 25th biggest holding. Deltec Asset Management LLC’s holdings in Flex were worth $5,729,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Harbor Capital Advisors Inc. bought a new position in Flex in the 3rd quarter worth about $29,000. Huntington National Bank grew its holdings in Flex by 87.9% in the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after buying an additional 479 shares in the last quarter. R Squared Ltd acquired a new stake in Flex in the 4th quarter valued at approximately $35,000. Kathleen S. Wright Associates Inc. bought a new stake in Flex during the 3rd quarter valued at $39,000. Finally, First Horizon Advisors Inc. boosted its position in Flex by 23.6% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after acquiring an additional 305 shares during the period. 94.30% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Stifel Nicolaus lifted their price objective on shares of Flex from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Barclays boosted their price target on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. KeyCorp assumed coverage on shares of Flex in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price objective on the stock. Craig Hallum boosted their price objective on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, StockNews.com cut shares of Flex from a “buy” rating to a “hold” rating in a report on Saturday. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Flex has a consensus rating of “Buy” and a consensus target price of $43.67.

Flex Stock Performance

Shares of NASDAQ FLEX opened at $41.92 on Wednesday. The firm has a market capitalization of $16.26 billion, a price-to-earnings ratio of 16.90, a PEG ratio of 2.43 and a beta of 1.10. Flex Ltd. has a one year low of $24.05 and a one year high of $45.10. The business has a fifty day simple moving average of $39.99 and a 200 day simple moving average of $35.65. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a return on equity of 17.83% and a net margin of 3.95%. Sell-side analysts expect that Flex Ltd. will post 2.33 EPS for the current year.

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.