Temasek Holdings Private Ltd Lowers Holdings in Flex Ltd. (NASDAQ:FLEX)

Temasek Holdings Private Ltd lowered its holdings in Flex Ltd. (NASDAQ:FLEX) by 54.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,509 shares of the technology company’s stock after selling 54,163 shares during the quarter. Temasek Holdings Private Ltd’s holdings in Flex were worth $1,747,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State of Wyoming lifted its position in Flex by 6.6% in the fourth quarter. State of Wyoming now owns 27,284 shares of the technology company’s stock valued at $1,047,000 after buying an additional 1,685 shares during the last quarter. Simcoe Capital Management LLC raised its position in Flex by 90.6% in the fourth quarter. Simcoe Capital Management LLC now owns 1,258,683 shares of the technology company’s stock valued at $48,321,000 after purchasing an additional 598,348 shares during the period. SG Capital Management LLC acquired a new position in Flex during the fourth quarter worth $9,371,000. Sora Investors LLC acquired a new position in Flex during the fourth quarter worth $2,834,000. Finally, Royal Bank of Canada boosted its position in shares of Flex by 187.0% during the fourth quarter. Royal Bank of Canada now owns 666,920 shares of the technology company’s stock worth $25,603,000 after buying an additional 434,558 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Stock Performance

Shares of FLEX opened at $42.02 on Friday. Flex Ltd. has a 1 year low of $25.11 and a 1 year high of $45.10. The stock has a market capitalization of $16.10 billion, a PE ratio of 16.94, a PEG ratio of 2.43 and a beta of 0.96. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The stock has a 50-day simple moving average of $34.29 and a 200-day simple moving average of $37.72.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, beating 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 firm had revenue of $6.40 billion for the quarter, compared to analysts’ expectations of $6.22 billion. During the same quarter last year, the company earned $0.57 earnings per share. The firm’s revenue was up 3.7% compared to the same quarter last year. On average, analysts predict that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Stifel Nicolaus initiated coverage on Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price objective on the stock. JPMorgan Chase & Co. cut their price target on shares of Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. StockNews.com cut shares of Flex from a “buy” rating to a “hold” rating in a research report on Monday, May 12th. Barclays lifted their price objective on shares of Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, May 8th. Finally, KeyCorp upped their target price on shares of Flex from $35.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $45.33.

Insider Transactions at Flex

In other Flex news, CAO Daniel Wendler sold 4,502 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total value of $189,038.98. Following the transaction, the chief accounting officer now directly owns 38,676 shares in the company, valued at $1,624,005.24. This represents a 10.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Revathi Advaithi sold 164,700 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total transaction of $6,915,753.00. Following the sale, the chief executive officer now owns 1,319,823 shares of the company’s stock, valued at $55,419,367.77. This represents a 11.09% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 489,255 shares of company stock valued at $19,589,788. Insiders own 0.82% of the company’s stock.

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.