Sound Shore Management Inc. CT Trims Position in Flex Ltd. (NASDAQ:FLEX)

Sound Shore Management Inc. CT lowered its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 22.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,786,322 shares of the technology company’s stock after selling 531,476 shares during the period. Flex makes up approximately 2.3% of Sound Shore Management Inc. CT’s portfolio, making the stock its 27th biggest holding. Sound Shore Management Inc. CT owned approximately 0.47% of Flex worth $68,577,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of FLEX. Natixis Advisors LLC raised its stake in Flex by 38.7% during the third quarter. Natixis Advisors LLC now owns 35,442 shares of the technology company’s stock worth $1,185,000 after purchasing an additional 9,892 shares during the period. Pathstone Holdings LLC raised its stake in Flex by 5.5% during the third quarter. Pathstone Holdings LLC now owns 60,375 shares of the technology company’s stock worth $2,018,000 after purchasing an additional 3,121 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Flex during the third quarter worth approximately $429,000. Advisors Asset Management Inc. raised its stake in Flex by 7.6% during the third quarter. Advisors Asset Management Inc. now owns 51,254 shares of the technology company’s stock worth $1,713,000 after purchasing an additional 3,627 shares during the period. Finally, First Horizon Advisors Inc. raised its stake in Flex by 23.6% during the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after purchasing an additional 305 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Price Performance

FLEX opened at $36.40 on Monday. The company has a fifty day simple moving average of $39.68 and a 200 day simple moving average of $37.41. The firm has a market cap of $13.94 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 2.43 and a beta of 1.07. Flex Ltd. has a twelve month low of $25.27 and a twelve month high of $45.10. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share 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%. Equities research analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Activity at Flex

In other Flex news, Director Lay Koon Tan sold 50,000 shares of the firm’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 completion of the transaction, the director now directly owns 202,850 shares of the company’s stock, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the firm’s stock in a transaction on 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FLEX shares. Stifel Nicolaus assumed coverage on shares of Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target on the stock. Barclays increased their price objective on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Finally, StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $44.33.

Flex 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.