Flex Ltd. (NASDAQ:FLEX) Holdings Lowered by Garnet Equity Capital Holdings Inc.

Garnet Equity Capital Holdings Inc. lessened its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 13.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 197,800 shares of the technology company’s stock after selling 30,000 shares during the quarter. Flex comprises 1.9% of Garnet Equity Capital Holdings Inc.’s portfolio, making the stock its 9th biggest holding. Garnet Equity Capital Holdings Inc.’s holdings in Flex were worth $6,025,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in FLEX. First Horizon Advisors Inc. grew its stake in shares of Flex by 319.7% in the 4th quarter. First Horizon Advisors Inc. now owns 4,613 shares of the technology company’s stock worth $141,000 after buying an additional 3,514 shares in the last quarter. New York Life Investment Management LLC increased its stake in Flex by 7.6% in the 4th quarter. New York Life Investment Management LLC now owns 50,159 shares of the technology company’s stock worth $1,528,000 after buying an additional 3,559 shares during the period. Cozad Asset Management Inc. boosted its position in Flex by 10.4% in the 4th quarter. Cozad Asset Management Inc. now owns 322,452 shares of the technology company’s stock valued at $9,822,000 after buying an additional 30,455 shares during the period. Truist Financial Corp boosted its position in Flex by 17.5% in the 4th quarter. Truist Financial Corp now owns 130,466 shares of the technology company’s stock valued at $3,974,000 after buying an additional 19,454 shares during the period. Finally, Corbyn Investment Management Inc. MD purchased a new position in shares of Flex during the fourth quarter worth approximately $2,318,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Daniel Wendler sold 1,860 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $28.89, for a total transaction of $53,735.40. Following the sale, the chief accounting officer now directly owns 28,730 shares of the company’s stock, valued at $830,009.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Flex news, EVP David Scott Offer sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total value of $2,064,000.00. Following the sale, the executive vice president now directly owns 162,094 shares of the company’s stock, valued at $4,460,826.88. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Daniel Wendler sold 1,860 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $28.89, for a total value of $53,735.40. Following the transaction, the chief accounting officer now directly owns 28,730 shares of the company’s stock, valued at $830,009.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 141,943 shares of company stock valued at $4,055,311. Company insiders own 0.56% of the company’s stock.

Flex Stock Performance

Shares of NASDAQ FLEX traded up $1.08 during mid-day trading on Thursday, hitting $27.42. The stock had a trading volume of 10,494,853 shares, compared to its average volume of 4,980,498. The company has a 50 day moving average of $28.48 and a two-hundred day moving average of $26.82. Flex Ltd. has a twelve month low of $19.85 and a twelve month high of $30.93. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.86 and a current ratio of 1.59. The firm has a market cap of $11.55 billion, a PE ratio of 16.21, a PEG ratio of 1.79 and a beta of 1.18.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.10. Flex had a net margin of 2.56% and a return on equity of 16.24%. The company had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $6.73 billion. Research analysts predict that Flex Ltd. will post 2.16 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Barclays increased their price target on Flex from $30.00 to $34.00 and gave the stock an “overweight” rating in a research report on Thursday. The Goldman Sachs Group raised their target price on shares of Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research report on Monday, March 4th. StockNews.com initiated coverage on shares of Flex in a research report on Wednesday, March 6th. They issued a “hold” rating for the company. Craig Hallum lowered shares of Flex from a “buy” rating to a “hold” rating and cut their price objective for the company from $28.00 to $27.00 in a report on Thursday. Finally, JPMorgan Chase & Co. upped their target price on Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Flex has an average rating of “Moderate Buy” and an average price target of $32.83.

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.