Simcoe Capital Management LLC Makes New Investment in Flex Ltd. (NASDAQ:FLEX)

Simcoe Capital Management LLC purchased a new position in Flex Ltd. (NASDAQ:FLEX - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 660,335 shares of the technology company's stock, valued at approximately $22,075,000. Flex makes up 2.9% of Simcoe Capital Management LLC's portfolio, making the stock its 12th biggest holding. Simcoe Capital Management LLC owned about 0.17% of Flex as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the business. Harbor Capital Advisors Inc. purchased a new position in Flex in the third quarter worth about $29,000. Huntington National Bank increased its holdings in shares of Flex by 87.9% in the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company's stock worth $34,000 after purchasing an additional 479 shares in the last quarter. Kathleen S. Wright Associates Inc. purchased a new position in shares of Flex in the third quarter worth $39,000. Quarry LP purchased a new stake in shares of Flex during the second quarter valued at $43,000. Finally, American Capital Advisory LLC bought a new stake in Flex in the 2nd quarter worth about $46,000. Institutional investors own 94.30% of the company's stock.

Insider Activity at Flex

In other Flex news, Director Charles K. Stevens III sold 13,157 shares of Flex stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total value of $509,044.33. Following the completion of the transaction, the director now owns 55,713 shares of the company's stock, valued at approximately $2,155,535.97. The trade was a 19.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $35.39, for a total transaction of $284,110.92. Following the sale, the insider now directly owns 240,018 shares in the company, valued at approximately $8,494,237.02. The trade was a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by insiders.

Flex Trading Up 1.5 %

Shares of NASDAQ FLEX traded up $0.57 during midday trading on Monday, hitting $39.54. The company's stock had a trading volume of 1,355,482 shares, compared to its average volume of 4,390,897. The firm has a market cap of $15.33 billion, a P/E ratio of 17.24, a price-to-earnings-growth ratio of 2.48 and a beta of 1.08. Flex Ltd. has a 12-month low of $21.84 and a 12-month high of $42.47. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64. The business's 50 day moving average is $35.93 and its two-hundred day moving average is $32.68.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on FLEX shares. The Goldman Sachs Group set a $39.00 price target on shares of Flex in a report on Thursday, October 17th. StockNews.com upgraded Flex from a "hold" rating to a "buy" rating in a research note on Tuesday, October 29th. KeyCorp started coverage on shares of Flex in a research report on Tuesday, October 22nd. They set an "overweight" rating and a $41.00 price objective for the company. Craig Hallum boosted their price target on Flex from $39.00 to $45.00 and gave the company a "buy" rating in a report on Thursday, October 31st. Finally, Barclays lifted their price objective on Flex from $39.00 to $43.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $40.83.

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.