Two Sigma Advisers LP Has $3 Million Stock Holdings in Flex Ltd. (NASDAQ:FLEX)

Two Sigma Advisers LP cut its position in Flex Ltd. (NASDAQ:FLEX) by 13.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 78,200 shares of the technology company’s stock after selling 12,300 shares during the period. Two Sigma Advisers LP’s holdings in Flex were worth $3,002,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Evergreen Capital Management LLC boosted its stake in Flex by 1.0% during the 4th quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company’s stock valued at $925,000 after purchasing an additional 246 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in Flex by 2.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock valued at $488,000 after purchasing an additional 266 shares during the last quarter. Sage Rhino Capital LLC boosted its stake in Flex by 1.1% during the 4th quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company’s stock valued at $1,358,000 after purchasing an additional 374 shares during the last quarter. Arizona State Retirement System boosted its stake in Flex by 0.4% during the 4th quarter. Arizona State Retirement System now owns 115,236 shares of the technology company’s stock valued at $4,424,000 after purchasing an additional 403 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its stake in Flex by 11.2% during the 4th quarter. Quadrant Capital Group LLC now owns 4,432 shares of the technology company’s stock valued at $170,000 after purchasing an additional 447 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Flex news, Director Erin Mcsweeney sold 14,000 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $41.94, for a total value of $587,160.00. Following the sale, the director now owns 22,299 shares in the company, valued at approximately $935,220.06. This represents a 38.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Daniel Wendler sold 4,502 shares of the company’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total transaction of $189,038.98. Following the completion of the sale, the chief accounting officer now owns 38,676 shares in the company, valued at approximately $1,624,005.24. This trade represents a 10.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 489,255 shares of company stock valued at $19,589,788 over the last three months. Corporate insiders own 0.82% of the company’s stock.

Flex Stock Performance

NASDAQ FLEX opened at $42.48 on Wednesday. The company has a 50-day simple moving average of $35.24 and a two-hundred day simple moving average of $37.93. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $45.10. The firm has a market cap of $15.86 billion, a price-to-earnings ratio of 17.13, a PEG ratio of 2.43 and a beta of 0.96.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.69 by $0.04. The firm had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 earnings per share. On average, equities analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on FLEX. The Goldman Sachs Group dropped their target price on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Barclays lifted their target price on shares of Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, May 8th. Stifel Nicolaus assumed coverage on shares of Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price on the stock. KeyCorp lifted their price target on shares of Flex from $35.00 to $44.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. 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, the company presently has a consensus rating of “Buy” and an average target price of $45.33.

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.