Allspring Global Investments Holdings LLC Lowers Stake in Flex Ltd. (NASDAQ:FLEX)

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

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Harbor Capital Advisors Inc. purchased a new stake in shares of Flex during the 3rd quarter valued at $29,000. R Squared Ltd acquired a new stake in Flex during the 4th quarter worth about $35,000. Huntington National Bank grew its position in Flex by 87.9% during the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after purchasing an additional 479 shares during the period. First Horizon Advisors Inc. grew its position in shares of Flex by 23.6% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock valued at $53,000 after acquiring an additional 305 shares during the period. Finally, UMB Bank n.a. acquired a new stake in shares of Flex during the 4th quarter valued at about $64,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on FLEX shares. Barclays raised their price target 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. Stifel Nicolaus assumed coverage on Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price on the stock. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Finally, Craig Hallum upped their price objective on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Flex currently has a consensus rating of “Buy” and a consensus price target of $44.33.

Insider Buying and Selling

In other Flex news, 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 completion of the transaction, the director now owns 202,850 shares in the company, valued at $8,773,262.50. This represents a 19.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction dated 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 sale, the insider now owns 233,526 shares of the company’s stock, 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. Insiders own 0.82% of the company’s stock.

Flex Stock Down 3.3 %

Flex stock opened at $39.03 on Tuesday. Flex Ltd. has a twelve month low of $25.27 and a twelve month high of $45.10. The stock’s fifty day simple moving average is $41.03 and its 200-day simple moving average is $36.85. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $14.95 billion, a P/E ratio of 15.74, a P/E/G ratio of 2.43 and a beta of 1.10.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, topping 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%. As a group, equities analysts expect that Flex Ltd. will post 2.33 earnings per share 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.