Primecap Management Co. CA trimmed its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 2.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 43,191,034 shares of the technology company's stock after selling 1,094,940 shares during the period. Flex makes up about 1.1% of Primecap Management Co. CA's investment portfolio, making the stock its 27th biggest position. Primecap Management Co. CA owned approximately 11.14% of Flex worth $1,443,876,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently modified their holdings of the company. Harbor Capital Advisors Inc. bought a new stake in shares of Flex during the third quarter worth approximately $29,000. Huntington National Bank raised 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 worth $34,000 after buying an additional 479 shares during the last quarter. Kathleen S. Wright Associates Inc. bought a new stake in shares of Flex during the third quarter worth approximately $39,000. Quarry LP bought a new stake in shares of Flex during the second quarter worth approximately $43,000. Finally, American Capital Advisory LLC bought a new stake in shares of Flex during the second quarter worth approximately $46,000. 94.30% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
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 transaction, the insider now owns 240,018 shares of the company's stock, valued at $8,494,237.02. The trade was a 3.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 41,185 shares of company stock worth $1,442,555 over the last quarter. 0.82% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on FLEX. Stifel Nicolaus boosted their price target on shares of Flex from $32.00 to $37.00 and gave the stock a "buy" rating in a research note on Thursday, July 25th. 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 note on Thursday, October 31st. The Goldman Sachs Group set a $39.00 target price on shares of Flex in a research note on Thursday, October 17th. StockNews.com raised shares of Flex from a "hold" rating to a "buy" rating in a research note on Tuesday, October 29th. Finally, Craig Hallum upped their target price on shares of Flex from $39.00 to $45.00 and gave the company a "buy" rating in a research note on Thursday, October 31st. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $40.83.
Get Our Latest Report on FLEX
Flex Stock Up 6.7 %
Flex stock opened at $39.83 on Thursday. The stock has a market capitalization of $15.45 billion, a PE ratio of 17.62, a price-to-earnings-growth ratio of 2.37 and a beta of 1.08. Flex Ltd. has a twelve month low of $21.84 and a twelve month high of $40.48. 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 company has a 50 day moving average of $34.47 and a 200-day moving average of $32.06.
About Flex
(
Free Report)
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Flex, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Flex wasn't on the list.
While Flex currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Click the link below and we'll send you MarketBeat's list of seven stocks and why their long-term outlooks are very promising.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
