Flex Ltd (FLEX) Holdings Trimmed by Sphera Funds Management LTD.

Sphera Funds Management LTD. cut its holdings in shares of Flex Ltd (NASDAQ:FLEX) by 38.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 159,549 shares of the technology company’s stock after selling 100,275 shares during the period. Sphera Funds Management LTD.’s holdings in Flex were worth $2,093,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Aperio Group LLC lifted its holdings in Flex by 10.2% in the second quarter. Aperio Group LLC now owns 110,963 shares of the technology company’s stock valued at $1,566,000 after acquiring an additional 10,280 shares during the period. Wells Fargo & Company MN lifted its holdings in Flex by 25.2% in the second quarter. Wells Fargo & Company MN now owns 5,641,321 shares of the technology company’s stock valued at $79,599,000 after acquiring an additional 1,134,493 shares during the period. First Trust Advisors LP lifted its holdings in Flex by 47.2% in the second quarter. First Trust Advisors LP now owns 34,375 shares of the technology company’s stock valued at $485,000 after acquiring an additional 11,026 shares during the period. Robeco Institutional Asset Management B.V. lifted its holdings in Flex by 13.7% in the second quarter. Robeco Institutional Asset Management B.V. now owns 91,550 shares of the technology company’s stock valued at $1,293,000 after acquiring an additional 11,000 shares during the period. Finally, Toronto Dominion Bank lifted its holdings in Flex by 45.4% in the second quarter. Toronto Dominion Bank now owns 52,590 shares of the technology company’s stock valued at $742,000 after acquiring an additional 16,415 shares during the period. Hedge funds and other institutional investors own 92.78% of the company’s stock.

A number of equities research analysts have commented on FLEX shares. Goldman Sachs Group downgraded Flex from a “buy” rating to a “neutral” rating in a report on Friday, October 26th. Macquarie set a $9.00 price target on Flex and gave the stock a “hold” rating in a research note on Monday, October 29th. Argus downgraded Flex from a “buy” rating to a “hold” rating in a research note on Tuesday, October 30th. Needham & Company LLC downgraded Flex from a “buy” rating to a “hold” rating in a research note on Friday, October 26th. Finally, ValuEngine downgraded Flex from a “hold” rating to a “sell” rating in a research note on Saturday, October 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. Flex has an average rating of “Hold” and an average price target of $17.94.

In related news, EVP David Scott Offer acquired 27,027 shares of the company’s stock in a transaction that occurred on Tuesday, October 30th. The stock was purchased at an average price of $7.48 per share, for a total transaction of $202,161.96. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Marc A. Onetto acquired 11,500 shares of the company’s stock in a transaction that occurred on Tuesday, December 4th. The shares were bought at an average price of $8.49 per share, with a total value of $97,635.00. The disclosure for this purchase can be found here. Company insiders own 0.88% of the company’s stock.

NASDAQ:FLEX opened at $8.41 on Friday. The firm has a market cap of $4.46 billion, a PE ratio of 10.51, a PEG ratio of 0.99 and a beta of 1.58. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.23 and a quick ratio of 0.69. Flex Ltd has a 52-week low of $6.74 and a 52-week high of $19.71.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Thursday, October 25th. The technology company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The firm had revenue of $6.71 billion during the quarter, compared to analysts’ expectations of $6.81 billion. Flex had a return on equity of 9.83% and a net margin of 1.15%. On average, analysts expect that Flex Ltd will post 0.82 EPS for the current fiscal year.

Flex announced that its board has approved a share repurchase program on Tuesday, August 21st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to buy up to 6.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

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Flex Profile

Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.

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Institutional Ownership by Quarter for Flex (NASDAQ:FLEX)

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