Royce & Associates LP Trims Stake in Flex Ltd. (NASDAQ:FLEX)

by · The Markets Daily

Royce & Associates LP cut its holdings in shares of Flex Ltd. (NASDAQ:FLEX – Free Report) by 5.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 307,208 shares of the technology company’s stock after selling 16,779 shares during the quarter. Royce & Associates LP owned about 0.08% of Flex worth $10,270,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. CIBC Asset Management Inc increased its position in shares of Flex by 5.5% during the third quarter. CIBC Asset Management Inc now owns 15,132 shares of the technology company’s stock valued at $506,000 after acquiring an additional 786 shares during the last quarter. Huntington National Bank increased its holdings in Flex by 87.9% in the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after purchasing an additional 479 shares during the last quarter. KBC Group NV raised its position in Flex by 10.3% in the third quarter. KBC Group NV now owns 10,706 shares of the technology company’s stock valued at $358,000 after purchasing an additional 1,003 shares during the period. Aigen Investment Management LP purchased a new position in shares of Flex during the third quarter worth $305,000. Finally, Assetmark Inc. grew its stake in shares of Flex by 15.2% in the third quarter. Assetmark Inc. now owns 18,462 shares of the technology company’s stock valued at $617,000 after buying an additional 2,432 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Flex

In other news, EVP David Scott Offer sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $31.99, for a total transaction of $319,900.00. Following the completion of the sale, the executive vice president now owns 168,094 shares in the company, valued at $5,377,327.06. This represents a 5.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction 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 directly owns 240,018 shares in the company, valued at $8,494,237.02. This represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,185 shares of company stock valued at $1,442,555 in the last three months. 0.82% of the stock is currently owned by company insiders.

Flex Trading Down 1.2 %

Shares of Flex stock opened at $37.20 on Friday. The company has a fifty day simple moving average of $34.12 and a 200-day simple moving average of $31.89. Flex Ltd. has a 12-month low of $21.84 and a 12-month high of $40.30. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64. The stock has a market cap of $14.43 billion, a price-to-earnings ratio of 16.46, a PEG ratio of 2.41 and a beta of 1.08.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. KeyCorp started coverage on Flex in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price on the stock. JPMorgan Chase & Co. raised their price objective on shares of Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Tuesday, October 29th. The Goldman Sachs Group set a $39.00 price target on shares of Flex in a research note on Thursday, October 17th. Finally, Barclays lifted their target price on Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Flex has an average rating of “Buy” and an average target price of $40.83.

Get Our Latest Analysis 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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