Stifel Financial Corp reduced its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 25.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 506,111 shares of the technology company's stock after selling 171,892 shares during the quarter. Stifel Financial Corp owned approximately 0.13% of Flex worth $16,919,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Merewether Investment Management LP bought a new position in Flex in the second quarter valued at $72,808,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Flex by 462.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company's stock valued at $88,247,000 after acquiring an additional 2,170,262 shares in the last quarter. Point72 Asset Management L.P. increased its position in shares of Flex by 1,242.5% in the second quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company's stock valued at $21,495,000 after acquiring an additional 792,700 shares during the last quarter. Simcoe Capital Management LLC bought a new stake in Flex during the third quarter worth about $22,075,000. Finally, TCW Group Inc. boosted its position in Flex by 48.1% during the second quarter. TCW Group Inc. now owns 1,711,749 shares of the technology company's stock valued at $50,479,000 after purchasing an additional 556,286 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Flex
In other Flex news, Director Charles K. Stevens III sold 13,157 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total transaction of $509,044.33. Following the sale, the director now directly 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kwang Hooi Tan sold 8,028 shares of the business's stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $35.39, for a total transaction of $284,110.92. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.82% of the company's stock.
Flex Stock Performance
Shares of Flex stock traded down $0.23 during trading on Tuesday, reaching $37.93. The company's stock had a trading volume of 2,773,410 shares, compared to its average volume of 4,370,317. 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 business's 50-day moving average price is $36.64 and its 200-day moving average price is $33.05. Flex Ltd. has a 52 week low of $21.84 and a 52 week high of $42.47. The firm has a market cap of $14.71 billion, a PE ratio of 16.88, a P/E/G ratio of 2.46 and a beta of 1.10.
Analysts Set New Price Targets
Several research firms have issued reports on FLEX. Stifel Nicolaus upped their price target on shares of Flex from $40.00 to $48.00 and gave the stock a "buy" rating in a research report on Tuesday. The Goldman Sachs Group set a $39.00 price objective on Flex in a research report on Thursday, October 17th. Barclays boosted their target price on Flex from $39.00 to $43.00 and gave the stock an "overweight" rating in a report on Thursday, October 31st. KeyCorp initiated coverage on Flex in a report on Tuesday, October 22nd. They set an "overweight" rating and a $41.00 price target for the company. Finally, StockNews.com upgraded shares of Flex from a "hold" rating to a "buy" rating in a report on Tuesday, October 29th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $42.67.
View Our Latest Research Report on FLEX
Flex Profile
(
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.
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