abrdn plc Sells 8,393 Shares of Flex Ltd. (NASDAQ:FLEX)

abrdn plc lowered its stake in Flex Ltd. (NASDAQ:FLEX) by 6.3% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 124,554 shares of the technology company’s stock after selling 8,393 shares during the period. abrdn plc’s holdings in Flex were worth $4,782,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Janus Henderson Group PLC lifted its stake in shares of Flex by 1.3% in the third quarter. Janus Henderson Group PLC now owns 26,874,144 shares of the technology company’s stock worth $898,389,000 after buying an additional 344,773 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Flex by 0.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,095,907 shares of the technology company’s stock valued at $237,216,000 after purchasing an additional 31,214 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Flex by 5.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock worth $202,152,000 after purchasing an additional 296,505 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Flex by 619.3% during the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after purchasing an additional 3,844,935 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Flex by 19.7% during the third quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock valued at $122,503,000 after buying an additional 603,208 shares during the last quarter. Institutional investors own 94.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. KeyCorp assumed coverage on Flex in a research report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 target price for the company. Stifel Nicolaus increased their price target on shares of Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Craig Hallum lifted their price objective on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. StockNews.com cut Flex from a “buy” rating to a “hold” rating in a report on Saturday, February 1st. Finally, Barclays upped their target price 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. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $43.67.

Flex Trading Down 2.5 %

Shares of FLEX opened at $43.16 on Monday. The firm has a market capitalization of $16.53 billion, a price-to-earnings ratio of 17.40, a PEG ratio of 2.58 and a beta of 1.10. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.85. Flex Ltd. has a 1-year low of $24.57 and a 1-year high of $45.10. The company has a 50-day moving average of $40.27 and a 200 day moving average of $35.93.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results 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 net margin of 3.95% and a return on equity of 17.93%. On average, research analysts expect that Flex Ltd. will post 2.33 EPS for the current year.

Insiders Place Their Bets

In other news, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the sale, the insider now owns 233,526 shares in the company, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.82% of the company’s stock.

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.