Flex Ltd. (NASDAQ:FLEX) Stock Position Decreased by Alliancebernstein L.P.

Alliancebernstein L.P. reduced its stake in Flex Ltd. (NASDAQ:FLEX) by 12.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,137,163 shares of the technology company’s stock after selling 1,646,320 shares during the period. Alliancebernstein L.P.’s holdings in Flex were worth $427,556,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in FLEX. Janus Henderson Group PLC grew its stake in Flex by 1.3% during the 3rd 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 during the last quarter. Boston Partners grew its position in shares of Flex by 2.2% during the fourth quarter. Boston Partners now owns 26,114,574 shares of the technology company’s stock worth $1,006,436,000 after acquiring an additional 569,916 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Flex by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company’s stock worth $472,155,000 after acquiring an additional 817,215 shares during the period. JPMorgan Chase & Co. boosted its stake in Flex by 6.0% during the 4th quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company’s stock valued at $246,006,000 after purchasing an additional 361,049 shares during the period. Finally, Norges Bank bought a new position in Flex in the 4th quarter worth about $229,484,000. 94.30% of the stock is owned by institutional investors.

Flex Stock Performance

Shares of NASDAQ FLEX opened at $33.08 on Tuesday. Flex Ltd. has a 1 year low of $25.27 and a 1 year high of $45.10. The firm has a market cap of $12.67 billion, a P/E ratio of 13.34, a PEG ratio of 2.43 and a beta of 1.07. The stock has a fifty day moving average price of $38.90 and a two-hundred day moving average price of $37.65. 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 (NASDAQ:FLEX) last announced its 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 return on equity of 17.93% and a net margin of 3.95%. Research analysts forecast that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Stifel Nicolaus assumed coverage on Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target for the company. Finally, Barclays lifted their price objective on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Flex presently has an average rating of “Buy” and an average target price of $44.33.

Insider Buying and Selling

In related news, insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction 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 $10,249,456.14. The trade was a 21.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lay Koon Tan sold 50,000 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the sale, the director now directly owns 202,850 shares of the company’s stock, valued at approximately $8,773,262.50. This represents a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.

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.