Meitav Investment House Ltd. Trims Stock Position in Flex Ltd. (NASDAQ:FLEX)

Meitav Investment House Ltd. decreased its holdings in Flex Ltd. (NASDAQ:FLEX) by 9.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 173,114 shares of the technology company’s stock after selling 18,005 shares during the quarter. Meitav Investment House Ltd.’s holdings in Flex were worth $6,646,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Janus Henderson Group PLC boosted its position 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 acquiring an additional 344,773 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Flex by 0.4% in 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. grew its stake in shares of Flex by 5.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock valued at $202,152,000 after buying an additional 296,505 shares during the period. Geode Capital Management LLC increased its holdings in shares of Flex by 619.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after buying an additional 3,844,935 shares during the last quarter. Finally, State Street Corp raised its position in shares of Flex by 19.7% in the 3rd quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock worth $122,503,000 after buying an additional 603,208 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Price Performance

FLEX stock opened at $42.45 on Thursday. The firm has a market cap of $16.26 billion, a P/E ratio of 17.12, a price-to-earnings-growth ratio of 2.48 and a beta of 1.10. 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 1 year low of $25.27 and a 1 year high of $45.10. The stock has a 50-day simple moving average of $40.90 and a 200-day simple moving average of $36.54.

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, 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, equities analysts predict that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FLEX. Stifel Nicolaus initiated coverage on Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target for the company. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Barclays raised their price target on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Finally, Craig Hallum boosted their price objective on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Flex presently has an average rating of “Buy” and a consensus target price of $44.33.

Insider Activity at Flex

In other Flex news, Director Lay Koon Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the sale, the director now owns 202,850 shares in the company, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 233,526 shares in the company, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.82% of the company’s stock.

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.