BNP Paribas Financial Markets Sells 353,789 Shares of Flex Ltd. (NASDAQ:FLEX)

BNP Paribas Financial Markets lowered its holdings in Flex Ltd. (NASDAQ:FLEX) by 71.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 139,870 shares of the technology company’s stock after selling 353,789 shares during the period. BNP Paribas Financial Markets’ holdings in Flex were worth $5,370,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. R Squared Ltd bought a new position in Flex in the 4th quarter valued at about $35,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Flex during the fourth quarter valued at approximately $35,000. SBI Securities Co. Ltd. acquired a new position in Flex during the fourth quarter valued at approximately $38,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Flex by 112.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock valued at $38,000 after purchasing an additional 509 shares in the last quarter. Finally, Huntington National Bank increased its stake in shares of Flex by 46.7% in the 4th quarter. Huntington National Bank now owns 1,502 shares of the technology company’s stock valued at $58,000 after purchasing an additional 478 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analyst Ratings Changes

FLEX has been the topic of several research analyst reports. StockNews.com lowered Flex from a “buy” rating to a “hold” rating in a research note on Monday. The Goldman Sachs Group reduced their price target on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. KeyCorp upped their price objective on shares of Flex from $35.00 to $44.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. Stifel Nicolaus began coverage on shares of Flex in a research report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price on the stock. Finally, JPMorgan Chase & Co. decreased their target price on shares of Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Flex presently has a consensus rating of “Moderate Buy” and an average price target of $45.33.

Flex Trading Up 2.4%

Shares of NASDAQ FLEX opened at $41.85 on Wednesday. The stock has a market cap of $16.03 billion, a P/E ratio of 16.88, a price-to-earnings-growth ratio of 2.43 and a beta of 0.96. The firm has a 50 day moving average price of $33.65 and a two-hundred day moving average price of $37.55. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $45.10.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.04. Flex had a return on equity of 17.93% and a net margin of 3.95%. The business had revenue of $6.40 billion during the quarter, compared to analyst estimates of $6.22 billion. During the same period last year, the company earned $0.57 EPS. Flex’s revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, equities analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

Insider Activity

In other Flex news, CEO Revathi Advaithi sold 164,700 shares of the company’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total transaction of $6,915,753.00. Following the sale, the chief executive officer now owns 1,319,823 shares of the company’s stock, valued at approximately $55,419,367.77. This represents a 11.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael P. Hartung sold 32,173 shares of Flex stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total value of $1,350,944.27. Following the completion of the transaction, the insider now directly owns 270,483 shares of the company’s stock, valued at approximately $11,357,581.17. This trade represents a 10.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 475,255 shares of company stock valued at $19,002,628. 0.82% of the stock is currently owned by insiders.

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.