Geode Capital Management LLC Acquires 3,844,935 Shares of Flex Ltd. (NASDAQ:FLEX)

Geode Capital Management LLC lifted its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 619.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,465,814 shares of the technology company's stock after purchasing an additional 3,844,935 shares during the period. Geode Capital Management LLC owned approximately 1.15% of Flex worth $149,350,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Harbor Capital Advisors Inc. acquired a new position in Flex during the 3rd quarter worth $29,000. Huntington National Bank lifted its stake in shares of Flex by 87.9% during the third quarter. Huntington National Bank now owns 1,024 shares of the technology company's stock valued at $34,000 after acquiring an additional 479 shares during the period. Kathleen S. Wright Associates Inc. bought a new position in Flex in the third quarter valued at about $39,000. Quarry LP acquired a new stake in Flex in the second quarter worth about $43,000. Finally, American Capital Advisory LLC bought a new stake in Flex during the 2nd quarter worth about $46,000. 94.30% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FLEX shares. KeyCorp initiated coverage on shares of Flex in a research note on Tuesday, October 22nd. They issued an "overweight" rating and a $41.00 target price on the stock. The Goldman Sachs Group set a $39.00 target price on shares of Flex in a report on Thursday, October 17th. Barclays upped their target price on shares of Flex from $39.00 to $43.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. Stifel Nicolaus raised their price target on Flex from $40.00 to $48.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. Finally, StockNews.com upgraded Flex from a "hold" rating to a "buy" rating in a report on Tuesday, October 29th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $42.67.

Insider Buying and Selling at Flex

In other news, Director Charles K. Stevens III sold 13,157 shares of the company's stock in a transaction that occurred 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 in the company, valued at $2,155,535.97. This represents a 19.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction on 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 of the company's stock, valued at $8,494,237.02. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.82% of the company's stock.

Flex Trading Down 1.6 %

Shares of FLEX traded down $0.60 during trading hours on Tuesday, reaching $37.40. The stock had a trading volume of 2,551,831 shares, compared to its average volume of 4,330,047. The company has a market cap of $14.50 billion, a P/E ratio of 16.57, a P/E/G ratio of 2.43 and a beta of 1.10. Flex Ltd. has a 52 week low of $21.84 and a 52 week high of $42.47. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64. The firm has a 50-day moving average of $37.15 and a 200 day moving average of $33.21.

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.