Nuveen Asset Management LLC Cuts Position in Flex Ltd. (NASDAQ:FLEX)

Nuveen Asset Management LLC lowered its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 7.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,759,084 shares of the technology company’s stock after selling 358,361 shares during the quarter. Nuveen Asset Management LLC’s holdings in Flex were worth $182,701,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. United Services Automobile Association purchased a new position in shares of Flex in the fourth quarter worth about $982,000. Brandywine Global Investment Management LLC boosted its position in shares of Flex by 219.2% during the 4th quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company’s stock valued at $5,119,000 after acquiring an additional 91,571 shares during the last quarter. Mutual of America Capital Management LLC purchased a new position in Flex in the 4th quarter worth approximately $7,864,000. Raymond James Financial Inc. purchased a new position in Flex in the fourth quarter worth $32,293,000. Finally, American Century Companies Inc. boosted its holdings in shares of Flex by 19.7% in the 4th quarter. American Century Companies Inc. now owns 693,846 shares of the technology company’s stock worth $26,637,000 after purchasing an additional 114,350 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insider Buying and Selling

In related news, COO Kwang Hooi Tan sold 34,335 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total value of $1,441,726.65. Following the sale, the chief operating officer now directly owns 262,313 shares of the company’s stock, valued at $11,014,522.87. This represents a 11.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Daniel Wendler sold 4,502 shares of the business’s 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 owns 38,676 shares of the company’s stock, valued at $1,624,005.24. This trade represents a 10.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 475,255 shares of company stock worth $19,002,628 over the last three months. 0.82% of the stock is owned by insiders.

Flex Stock Performance

Shares of NASDAQ FLEX opened at $41.95 on Friday. The stock has a market cap of $16.07 billion, a PE ratio of 16.92, a price-to-earnings-growth ratio of 2.43 and a beta of 0.96. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. The firm has a fifty day moving average price of $34.12 and a 200-day moving average price of $37.65. Flex Ltd. has a 1 year low of $25.11 and a 1 year high of $45.10.

Flex (NASDAQ:FLEX) last released its quarterly 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 return on equity of 17.93% and a net margin of 3.95%. The business had revenue of $6.40 billion during the quarter, compared to analysts’ expectations of $6.22 billion. During the same quarter last year, the business posted $0.57 EPS. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. Equities analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

FLEX has been the topic of several recent research reports. JPMorgan Chase & Co. reduced their target price on shares of Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. The Goldman Sachs Group cut their price target on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target for the company. 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. Finally, StockNews.com lowered shares of Flex from a “buy” rating to a “hold” rating in a research note on Monday. 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, the company presently has an average rating of “Moderate Buy” and an average price target of $45.33.

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.