Ionic Capital Management LLC Sells 78,956 Shares of Flex Ltd. (NASDAQ:FLEX)

Ionic Capital Management LLC decreased its position in shares of Flex Ltd. (NASDAQ:FLEX) by 44.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 98,024 shares of the technology company’s stock after selling 78,956 shares during the quarter. Flex comprises approximately 0.4% of Ionic Capital Management LLC’s investment portfolio, making the stock its 12th biggest holding. Ionic Capital Management LLC’s holdings in Flex were worth $3,763,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of FLEX. Evergreen Capital Management LLC grew its position in shares of Flex by 1.0% in 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 period. Rockefeller Capital Management L.P. boosted its holdings in shares of Flex by 2.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock valued at $488,000 after buying an additional 266 shares during the period. Sage Rhino Capital LLC increased its position in shares of Flex by 1.1% during the fourth quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company’s stock worth $1,358,000 after acquiring an additional 374 shares in the last quarter. Arizona State Retirement System raised its holdings in shares of Flex by 0.4% during the fourth quarter. Arizona State Retirement System now owns 115,236 shares of the technology company’s stock worth $4,424,000 after acquiring an additional 403 shares during the period. Finally, Quadrant Capital Group LLC boosted its stake in Flex by 11.2% in the 4th quarter. Quadrant Capital Group LLC now owns 4,432 shares of the technology company’s stock worth $170,000 after purchasing an additional 447 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Insider Buying and Selling at Flex

In related news, EVP David Scott Offer sold 87,093 shares of the business’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total value of $3,172,797.99. Following the completion of the sale, the executive vice president now directly owns 71,001 shares in the company, valued at $2,586,566.43. The trade was a 55.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the transaction, the director now owns 202,850 shares in the company, valued at $8,773,262.50. The trade was a 19.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 257,373 shares of company stock valued at $9,916,763 in the last quarter. 0.82% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have issued reports on FLEX shares. Stifel Nicolaus started coverage on Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target on the stock. The Goldman Sachs Group cut their target price on Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. KeyCorp upped their price target on Flex from $35.00 to $44.00 and gave the stock an “overweight” rating in a research report on Friday. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Flex has a consensus rating of “Buy” and a consensus price target of $45.33.

Flex Price Performance

NASDAQ:FLEX opened at $38.48 on Friday. The stock has a market capitalization of $14.74 billion, a PE ratio of 15.52, a P/E/G ratio of 2.43 and a beta of 0.96. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $45.10. The firm has a fifty day simple moving average of $33.55 and a 200 day simple moving average of $37.49. 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 data on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.04. Flex had a net margin of 3.95% and a return on equity of 17.93%. The company had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.22 billion. During the same period in the previous year, the business earned $0.57 EPS. Flex’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, research analysts expect that Flex Ltd. will post 2.33 EPS 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.