Park West Asset Management LLC Lowers Holdings in Flex Ltd. (NASDAQ:FLEX)

Park West Asset Management LLC lowered its position in shares of Flex Ltd. (NASDAQ:FLEX) by 61.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 462,886 shares of the technology company’s stock after selling 726,314 shares during the quarter. Flex comprises approximately 1.4% of Park West Asset Management LLC’s holdings, making the stock its 27th largest holding. Park West Asset Management LLC’s holdings in Flex were worth $17,770,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Norges Bank bought a new position in Flex during the 4th quarter valued at $229,484,000. Invesco Ltd. lifted its position in Flex by 42.9% in the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company’s stock valued at $207,107,000 after purchasing an additional 1,620,812 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Flex by 210.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock valued at $75,148,000 after purchasing an additional 1,327,298 shares during the last quarter. Neuberger Berman Group LLC raised its position in shares of Flex by 13,790.0% during the 4th quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company’s stock worth $47,528,000 after buying an additional 1,229,106 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Flex by 89.1% during the 4th quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company’s stock worth $95,965,000 after buying an additional 1,177,923 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Stock Down 0.4 %

Shares of Flex stock opened at $35.09 on Tuesday. The business’s 50 day simple moving average is $33.88 and its 200 day simple moving average is $37.38. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $45.10. The firm has a market cap of $13.44 billion, a PE ratio of 14.15, a P/E/G ratio of 2.43 and a beta of 0.99. 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 posted its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping 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, analysts predict that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on FLEX. KeyCorp dropped their target price on shares of Flex from $46.00 to $35.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. The Goldman Sachs Group cut their target price on Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. JPMorgan Chase & Co. dropped their price objective on Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Stifel Nicolaus initiated coverage on Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price on the stock. Finally, StockNews.com raised Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Flex presently has a consensus rating of “Buy” and a consensus price target of $43.67.

Insider Transactions at Flex

In other news, Director Lay Koon Tan sold 50,000 shares of the business’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 value of $2,162,500.00. Following the transaction, the director now owns 202,850 shares in the company, valued at $8,773,262.50. The trade was a 19.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the sale, the insider now directly owns 233,526 shares in the company, valued at $10,249,456.14. This trade represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. Corporate 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.