Brandes Investment Partners LP Lowers Holdings in Flex Ltd. $FLEX

Brandes Investment Partners LP trimmed its holdings in Flex Ltd. (NASDAQ:FLEX) by 14.7% in the 4th quarter, HoldingsChannel reports. The fund owned 801,904 shares of the technology company’s stock after selling 138,001 shares during the quarter. Brandes Investment Partners LP’s holdings in Flex were worth $48,451,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Cerity Partners LLC grew its position in Flex by 18.2% in the fourth quarter. Cerity Partners LLC now owns 24,571 shares of the technology company’s stock worth $1,485,000 after acquiring an additional 3,787 shares during the period. O Shaughnessy Asset Management LLC boosted its position in shares of Flex by 10.7% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 177,287 shares of the technology company’s stock worth $10,712,000 after buying an additional 17,193 shares during the period. CenterBook Partners LP boosted its position in shares of Flex by 8.8% during the fourth quarter. CenterBook Partners LP now owns 9,961 shares of the technology company’s stock worth $602,000 after buying an additional 807 shares during the period. ING Groep NV purchased a new position in shares of Flex during the fourth quarter worth $6,151,000. Finally, Capital World Investors boosted its position in shares of Flex by 41.6% during the fourth quarter. Capital World Investors now owns 205,893 shares of the technology company’s stock worth $12,440,000 after buying an additional 60,482 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Kwang Hooi Tan sold 17,500 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $135.93, for a total value of $2,378,775.00. Following the sale, the chief operating officer directly owned 238,543 shares in the company, valued at approximately $32,425,149.99. This trade represents a 6.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Scott Offer sold 33,000 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $153.91, for a total value of $5,079,030.00. Following the completion of the sale, the executive vice president owned 73,471 shares in the company, valued at approximately $11,307,921.61. The trade was a 30.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 345,012 shares of company stock valued at $48,508,103. 0.57% of the stock is owned by company insiders.

Flex Stock Down 2.4%

Shares of NASDAQ FLEX opened at $147.21 on Wednesday. The stock has a market cap of $53.93 billion, a P/E ratio of 63.18, a PEG ratio of 0.79 and a beta of 1.64. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Flex Ltd. has a 12-month low of $42.83 and a 12-month high of $166.86. The business’s fifty day simple moving average is $110.93 and its 200-day simple moving average is $80.15.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. The business had revenue of $7.48 billion for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. As a group, equities analysts predict that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Analysts Set New Price Targets

FLEX has been the subject of several research analyst reports. Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Wall Street Zen lowered Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Barclays raised their price target on Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research report on Thursday, June 4th. JPMorgan Chase & Co. raised their price target on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Finally, KeyCorp raised their price target on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $115.70.

Flex News Roundup

Here are the key news stories impacting Flex this week:

• Positive Sentiment: Flex announced it will join the S&P 500 effective before the open on June 22, a major milestone that should boost visibility, broaden institutional ownership, and increase demand from index-tracking funds. Flex to Join S&P 500 Index
• Positive Sentiment: Barclays raised its price target on Flex to $203 from $174 and kept an Overweight rating, citing strength in the company’s AI-related businesses and other segments. Barclays Lifts PT on Flex Ltd. (FLEX), Cites AI and Business Segments
• Positive Sentiment: Investors are also reacting to bullish commentary that Flex is being re-rated as an AI infrastructure beneficiary, with its CPI segment and planned spin-off seen as potential value drivers. The AI Kingdom Expands As Flex Joins The S&P 500
• Neutral Sentiment: Short-interest data showed no meaningful change, so it does not appear to be a major driver of the move today.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.