Flex Ltd. (NASDAQ:FLEX) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its stake in Flex Ltd. (NASDAQ:FLEX) by 19.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,293 shares of the technology company’s stock after selling 3,036 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Flex were worth $475,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Louisiana State Employees Retirement System acquired a new position in shares of Flex in the 4th quarter valued at $4,131,000. Sather Financial Group Inc bought a new stake in shares of Flex in the 4th quarter worth about $207,000. BayBridge Capital Group LLC bought a new stake in shares of Flex in the 4th quarter worth about $406,000. State of Alaska Department of Revenue bought a new stake in shares of Flex in the 4th quarter worth about $1,697,000. Finally, Choreo LLC increased its position in shares of Flex by 20.8% in the 4th quarter. Choreo LLC now owns 16,070 shares of the technology company’s stock worth $621,000 after purchasing an additional 2,763 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FLEX. Barclays lifted 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. Stifel Nicolaus began coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target for the company. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Finally, Craig Hallum boosted their target price on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $44.33.

Insiders Place Their Bets

In related news, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction on Thursday, February 6th. The shares were 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 of the company’s stock, valued at approximately $10,249,456.14. This represents a 21.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction of $2,162,500.00. Following the transaction, the director now owns 202,850 shares of the company’s stock, valued at approximately $8,773,262.50. The trade was 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.

Flex Stock Performance

Shares of FLEX opened at $39.03 on Tuesday. The company’s 50 day moving average price is $41.03 and its 200 day moving average price is $36.85. Flex Ltd. has a 52 week low of $25.27 and a 52 week high of $45.10. The company has a market capitalization of $14.95 billion, a PE ratio of 15.74, a PEG ratio of 2.43 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 (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. Research analysts expect that Flex Ltd. will post 2.33 EPS 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.