Swiss National Bank reduced its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 6.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 778,614 shares of the technology company's stock after selling 49,800 shares during the quarter. Swiss National Bank owned 0.20% of Flex worth $26,029,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Boston Partners grew its holdings in shares of Flex by 113.8% during the first quarter. Boston Partners now owns 19,168,208 shares of the technology company's stock worth $548,519,000 after purchasing an additional 10,201,162 shares during the last quarter. Merewether Investment Management LP bought a new stake in shares of Flex during the second quarter worth $72,808,000. Point72 Asset Management L.P. grew its holdings in shares of Flex by 1,242.5% during the second quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company's stock worth $21,495,000 after purchasing an additional 792,700 shares during the last quarter. TCW Group Inc. boosted its holdings in Flex by 48.1% in the second quarter. TCW Group Inc. now owns 1,711,749 shares of the technology company's stock valued at $50,479,000 after acquiring an additional 556,286 shares during the last quarter. Finally, Marshall Wace LLP boosted its holdings in Flex by 41.1% in the second quarter. Marshall Wace LLP now owns 1,136,410 shares of the technology company's stock valued at $33,513,000 after acquiring an additional 331,027 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Flex
In related news, Director Charles K. Stevens III sold 13,157 shares of Flex stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total value of $509,044.33. Following the sale, the director now owns 55,713 shares of the company's stock, valued at approximately $2,155,535.97. This trade represents a 19.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction that occurred on Monday, October 28th. The shares were 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 directly owns 240,018 shares in the company, valued at approximately $8,494,237.02. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,185 shares of company stock valued at $1,122,655 over the last 90 days. 0.82% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on FLEX shares. StockNews.com upgraded Flex from a "hold" rating to a "buy" rating in a report on Tuesday, October 29th. Barclays raised their price target on Flex from $39.00 to $43.00 and gave the company an "overweight" rating in a report on Thursday, October 31st. Stifel Nicolaus raised their price target on Flex from $32.00 to $37.00 and gave the company a "buy" rating in a report on Thursday, July 25th. KeyCorp assumed coverage on Flex in a report on Tuesday, October 22nd. They issued an "overweight" rating and a $41.00 price target on the stock. Finally, The Goldman Sachs Group set a $39.00 target price on Flex in a report on Thursday, October 17th. Six research 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 an average target price of $40.83.
Check Out Our Latest Research Report on Flex
Flex Trading Up 1.9 %
FLEX traded up $0.77 during midday trading on Friday, reaching $41.30. 60,946,934 shares of the company were exchanged, compared to its average volume of 4,398,092. The stock has a market capitalization of $16.02 billion, a P/E ratio of 18.02, a PEG ratio of 2.37 and a beta of 1.08. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.85 and a current ratio of 1.43. The stock's 50-day simple moving average is $34.89 and its 200 day simple moving average is $32.18. Flex Ltd. has a one year low of $21.84 and a one year high of $41.52.
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.
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