First Trust Direct Indexing L.P. Cuts Stock Holdings in Flex Ltd. (NASDAQ:FLEX)

First Trust Direct Indexing L.P. lessened its holdings in Flex Ltd. (NASDAQ:FLEX) by 9.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,262 shares of the technology company’s stock after selling 1,329 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Flex were worth $374,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. New York Life Investment Management LLC boosted its stake in shares of Flex by 7.6% in the fourth quarter. New York Life Investment Management LLC now owns 50,159 shares of the technology company’s stock valued at $1,528,000 after buying an additional 3,559 shares in the last quarter. Cozad Asset Management Inc. boosted its position in shares of Flex by 10.4% during the 4th quarter. Cozad Asset Management Inc. now owns 322,452 shares of the technology company’s stock worth $9,822,000 after purchasing an additional 30,455 shares in the last quarter. Truist Financial Corp grew its stake in shares of Flex by 17.5% during the 4th quarter. Truist Financial Corp now owns 130,466 shares of the technology company’s stock worth $3,974,000 after purchasing an additional 19,454 shares during the period. Corbyn Investment Management Inc. MD purchased a new position in shares of Flex in the 4th quarter valued at about $2,318,000. Finally, Atria Wealth Solutions Inc. purchased a new stake in Flex during the fourth quarter worth about $929,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Price Performance

NASDAQ:FLEX opened at $29.19 on Tuesday. Flex Ltd. has a 12-month low of $20.41 and a 12-month high of $30.93. The firm has a market cap of $12.29 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 1.74 and a beta of 1.18. The company’s 50-day moving average is $28.48 and its two-hundred day moving average is $26.88. The company has a current ratio of 1.59, a quick ratio of 0.86 and a debt-to-equity ratio of 0.53.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Flex from $32.00 to $34.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. The Goldman Sachs Group lifted their price objective on Flex from $29.00 to $37.00 and gave the stock a “buy” rating in a report on Monday, March 4th. StockNews.com initiated coverage on Flex in a report on Wednesday, March 6th. They issued a “hold” rating on the stock. Craig Hallum lowered shares of Flex from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $28.00 to $27.00 in a research report on Thursday, May 2nd. Finally, Barclays raised their target price on shares of Flex from $30.00 to $34.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.83.

Insider Activity

In other Flex news, insider Rebecca Sidelinger sold 13,675 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $27.99, for a total value of $382,763.25. Following the completion of the transaction, the insider now directly owns 161,913 shares in the company, valued at approximately $4,531,944.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Rebecca Sidelinger sold 13,675 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $27.99, for a total transaction of $382,763.25. Following the completion of the transaction, the insider now owns 161,913 shares of the company’s stock, valued at approximately $4,531,944.87. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP David Scott Offer sold 75,000 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total transaction of $2,064,000.00. Following the transaction, the executive vice president now owns 162,094 shares in the company, valued at $4,460,826.88. The disclosure for this sale can be found here. Insiders sold a total of 141,943 shares of company stock valued at $4,055,311 over the last 90 days. Insiders own 0.56% of the company’s stock.

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.