Iridian Asset Management LLC CT Has $5.64 Million Position in Flex Ltd. (NASDAQ:FLEX)

Iridian Asset Management LLC CT trimmed its position in Flex Ltd. (NASDAQ:FLEX) by 72.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 146,884 shares of the technology company’s stock after selling 386,341 shares during the period. Flex comprises approximately 1.5% of Iridian Asset Management LLC CT’s holdings, making the stock its 23rd largest holding. Iridian Asset Management LLC CT’s holdings in Flex were worth $5,639,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in FLEX. Harbor Capital Advisors Inc. bought a new position in Flex in the third quarter valued at about $29,000. Huntington National Bank lifted its holdings in Flex by 87.9% in the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after buying an additional 479 shares during the period. R Squared Ltd acquired a new stake in Flex during the 4th quarter worth $35,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Flex during the 3rd quarter valued at $39,000. Finally, First Horizon Advisors Inc. lifted its stake in shares of Flex by 23.6% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock valued at $53,000 after purchasing an additional 305 shares during the period. 94.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on FLEX shares. Barclays lifted their price objective on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. The Goldman Sachs Group set a $39.00 target price on Flex in a report on Thursday, October 17th. Stifel Nicolaus increased their price target on Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. KeyCorp initiated coverage on Flex in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price target on the stock. Finally, StockNews.com lowered Flex from a “buy” rating to a “hold” rating in a research report on Saturday, February 1st. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Flex has an average rating of “Buy” and a consensus target price of $43.67.

Flex Price Performance

NASDAQ:FLEX opened at $44.25 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.85 and a current ratio of 1.43. The stock’s 50-day simple moving average is $40.07 and its 200 day simple moving average is $35.70. The company has a market cap of $17.16 billion, a P/E ratio of 17.84, a P/E/G ratio of 2.43 and a beta of 1.10. Flex Ltd. has a 52-week low of $24.11 and a 52-week high of $45.10.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.83%. As a group, sell-side analysts forecast 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.