Cannon Wealth Management Services LLC Trims Stock Position in Flex Ltd. (NASDAQ:FLEX)

Cannon Wealth Management Services LLC cut its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 15.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,120 shares of the technology company’s stock after selling 964 shares during the quarter. Cannon Wealth Management Services LLC’s holdings in Flex were worth $207,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in FLEX. Geode Capital Management LLC lifted its position in Flex by 619.3% during the third 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 period. Charles Schwab Investment Management Inc. increased its stake in Flex by 462.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock worth $88,247,000 after acquiring an additional 2,170,262 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in Flex during the fourth quarter worth about $33,363,000. Simcoe Capital Management LLC acquired a new stake in Flex during the third quarter worth about $22,075,000. Finally, State Street Corp increased its stake in Flex by 19.7% during the third quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock worth $122,503,000 after acquiring an additional 603,208 shares during the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FLEX. Stifel Nicolaus began coverage on Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target for the company. Barclays upped their price target on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Finally, Craig Hallum increased their target price on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Flex currently has a consensus rating of “Buy” and a consensus price target of $44.33.

Insider Buying and Selling at Flex

In other Flex news, Director Lay Koon Tan sold 50,000 shares of the 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 transaction, the director now owns 202,850 shares of the company’s stock, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total value of $2,844,379.23. Following the transaction, the insider now directly owns 233,526 shares in the company, valued at approximately $10,249,456.14. This represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by insiders.

Flex Price Performance

FLEX stock opened at $40.35 on Monday. 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 $41.01 and a 200-day simple moving average of $36.78. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The firm has a market cap of $15.46 billion, a P/E ratio of 16.27, a price-to-earnings-growth ratio of 2.43 and a beta of 1.10.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. On average, equities analysts predict that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

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.