Orion Portfolio Solutions LLC Reduces Position in Flex Ltd. (NASDAQ:FLEX)

Orion Portfolio Solutions LLC lowered its position in Flex Ltd. (NASDAQ:FLEX) by 20.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 68,658 shares of the technology company’s stock after selling 18,172 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Flex were worth $2,636,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Citigroup Inc. increased its position in Flex by 5.9% in the 3rd quarter. Citigroup Inc. now owns 144,575 shares of the technology company’s stock valued at $4,833,000 after acquiring an additional 8,088 shares during the period. Cerity Partners LLC increased its holdings in shares of Flex by 9.0% in the third quarter. Cerity Partners LLC now owns 18,716 shares of the technology company’s stock valued at $626,000 after purchasing an additional 1,538 shares during the period. D.A. Davidson & CO. purchased a new stake in shares of Flex during the third quarter worth approximately $460,000. CreativeOne Wealth LLC acquired a new stake in shares of Flex during the third quarter worth $537,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Flex by 11.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 102,123 shares of the technology company’s stock valued at $3,414,000 after buying an additional 10,527 shares during the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on FLEX. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Barclays raised their price objective on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Finally, Stifel Nicolaus started coverage on Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price on the stock. Five 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.com, Flex currently has a consensus rating of “Buy” and an average price target of $44.33.

Insider Activity at Flex

In related news, insider Michael P. Hartung sold 64,807 shares of the company’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 value of $2,844,379.23. Following the sale, the insider now owns 233,526 shares of the company’s stock, valued at approximately $10,249,456.14. This represents a 21.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the transaction, the director now directly owns 202,850 shares of the company’s stock, 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. 0.82% of the stock is owned by corporate insiders.

Flex Trading Down 0.3 %

Shares of Flex stock opened at $33.08 on Tuesday. The company has a 50-day moving average of $38.90 and a two-hundred day moving average of $37.65. The stock has a market cap of $12.67 billion, a PE ratio of 13.34, a price-to-earnings-growth ratio of 2.43 and a beta of 1.07. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. Flex Ltd. has a 12-month low of $25.27 and a 12-month high of $45.10.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. On average, research analysts anticipate that Flex Ltd. will post 2.33 EPS 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.