abrdn plc Lowers Holdings in Flex Ltd. (NASDAQ:FLEX)

abrdn plc reduced its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 21.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 132,947 shares of the technology company's stock after selling 36,422 shares during the quarter. abrdn plc's holdings in Flex were worth $4,444,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Boston Partners raised its holdings in shares of Flex by 113.8% in the 1st quarter. Boston Partners now owns 19,168,208 shares of the technology company's stock valued at $548,519,000 after acquiring an additional 10,201,162 shares in the last quarter. Merewether Investment Management LP purchased a new stake in Flex in the second quarter valued at approximately $72,808,000. Westfield Capital Management Co. LP bought a new stake in Flex during the first quarter valued at approximately $51,543,000. Point72 Asset Management L.P. grew its stake in Flex by 1,242.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company's stock worth $21,495,000 after buying an additional 792,700 shares in the last quarter. Finally, TCW Group Inc. raised its position in shares of Flex by 48.1% during the 2nd quarter. TCW Group Inc. now owns 1,711,749 shares of the technology company's stock valued at $50,479,000 after buying an additional 556,286 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

Flex Trading Down 0.8 %

Shares of NASDAQ:FLEX traded down $0.28 during trading on Monday, reaching $35.20. 2,653,675 shares of the company traded hands, compared to its average volume of 4,155,720. The company has a current ratio of 1.40, a quick ratio of 0.75 and a debt-to-equity ratio of 0.53. Flex Ltd. has a 52-week low of $21.84 and a 52-week high of $36.98. The business's fifty day moving average is $32.81 and its 200-day moving average is $31.23. The firm has a market capitalization of $13.98 billion, a price-to-earnings ratio of 15.70, a P/E/G ratio of 2.05 and a beta of 1.08.

Insiders Place Their Bets

In other news, EVP David Scott Offer sold 10,000 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $32.95, for a total transaction of $329,500.00. Following the completion of the sale, the executive vice president now directly owns 158,094 shares in the company, valued at approximately $5,209,197.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Flex news, EVP David Scott Offer sold 10,000 shares of the company's stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $32.95, for a total transaction of $329,500.00. Following the completion of the transaction, the executive vice president now owns 158,094 shares of the company's stock, valued at $5,209,197.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $35.39, for a total value of $284,110.92. Following the completion of the sale, the insider now owns 240,018 shares in the company, valued at approximately $8,494,237.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,028 shares of company stock valued at $933,511 in the last quarter. Insiders own 0.82% of the company's stock.

Analysts Set New Price Targets

FLEX has been the subject of several research reports. Barclays upped their target price on shares of Flex from $39.00 to $43.00 and gave the stock an "overweight" rating in a research report on Thursday. StockNews.com upgraded Flex from a "hold" rating to a "buy" rating in a research report on Tuesday, October 29th. JPMorgan Chase & Co. boosted their target price on Flex from $34.00 to $40.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group set a $39.00 price target on shares of Flex in a research report on Thursday, October 17th. Finally, Craig Hallum boosted their price objective on shares of Flex from $39.00 to $45.00 and gave the stock a "buy" rating in a report on Thursday. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price 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.