Clear Harbor Asset Management LLC Reduces Position in Flex Ltd. $FLEX

Clear Harbor Asset Management LLC decreased its holdings in Flex Ltd. (NASDAQ:FLEX) by 1.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 834,475 shares of the technology company’s stock after selling 9,908 shares during the quarter. Flex accounts for approximately 3.4% of Clear Harbor Asset Management LLC’s investment portfolio, making the stock its 3rd biggest holding. Clear Harbor Asset Management LLC’s holdings in Flex were worth $50,419,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Flex by 196.1% in the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after acquiring an additional 25,662,586 shares in the last quarter. Norges Bank bought a new stake in shares of Flex in the 4th quarter worth $319,756,000. State Street Corp grew its stake in shares of Flex by 38.0% in the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock worth $611,997,000 after acquiring an additional 3,377,669 shares in the last quarter. Qube Research & Technologies Ltd grew its stake in shares of Flex by 118.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 2,811,248 shares of the technology company’s stock worth $162,968,000 after acquiring an additional 1,522,308 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Flex by 80.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,645,745 shares of the technology company’s stock worth $153,374,000 after acquiring an additional 1,183,464 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $150.65 on Monday. The company has a market capitalization of $55.19 billion, a P/E ratio of 64.66, a price-to-earnings-growth ratio of 0.79 and a beta of 1.63. Flex Ltd. has a fifty-two week low of $41.43 and a fifty-two week high of $154.25. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The company’s 50-day moving average is $98.58 and its 200 day moving average is $75.50.

Flex (NASDAQ:FLEX) last issued its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. The firm had revenue of $7.48 billion during the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. On average, equities research analysts forecast that Flex Ltd. will post 4.15 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently issued reports on FLEX shares. The Goldman Sachs Group upped their target price on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. upped their target price on shares of Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. KeyCorp boosted their price target on shares of Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Zacks Research raised shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Finally, Barclays boosted their price target on shares of Flex from $72.00 to $174.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $112.80.

Insider Activity

In other Flex news, CEO Revathi Advaithi sold 114,090 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $142.37, for a total transaction of $16,242,993.30. Following the completion of the transaction, the chief executive officer owned 689,022 shares in the company, valued at $98,096,062.14. This trade represents a 14.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 26,175 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $142.37, for a total transaction of $3,726,534.75. Following the transaction, the chief operating officer owned 256,043 shares of the company’s stock, valued at $36,452,841.91. This represents a 9.27% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 329,512 shares of company stock valued at $44,459,298. 0.57% of the stock is currently owned by corporate insiders.

Flex Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.