Baker Avenue Asset Management LP Sells 16,804 Shares of Flex Ltd. $FLEX

Baker Avenue Asset Management LP trimmed its stake in Flex Ltd. (NASDAQ:FLEX) by 8.2% in the second quarter, HoldingsChannel reports. The firm owned 187,881 shares of the technology company’s stock after selling 16,804 shares during the period. Baker Avenue Asset Management LP’s holdings in Flex were worth $9,379,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. California Public Employees Retirement System boosted its holdings in Flex by 8.6% in the second quarter. California Public Employees Retirement System now owns 844,558 shares of the technology company’s stock worth $42,160,000 after acquiring an additional 66,724 shares in the last quarter. Cerity Partners LLC raised its position in shares of Flex by 76.1% during the second quarter. Cerity Partners LLC now owns 24,600 shares of the technology company’s stock worth $1,228,000 after purchasing an additional 10,633 shares during the period. Nkcfo LLC bought a new position in shares of Flex in the 2nd quarter worth $674,000. First Trust Advisors LP increased its stake in Flex by 92.4% during the 2nd quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock valued at $3,099,000 after purchasing an additional 29,821 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Flex by 63.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock valued at $132,000 after buying an additional 1,031 shares in the last quarter. 94.30% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on FLEX. Wall Street Zen downgraded shares of Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 9th. Bank of America increased their price objective on Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Barclays lifted their target price on Flex from $60.00 to $78.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Jefferies Financial Group reissued a “hold” rating and issued a $23.00 price target on shares of Flex in a research report on Wednesday, November 12th. Finally, Argus set a $85.00 price objective on shares of Flex in a report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $65.75.

Flex Price Performance

FLEX opened at $62.41 on Monday. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $67.00. The firm has a 50-day moving average of $60.35 and a 200 day moving average of $53.89. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.83 and a current ratio of 1.33. The firm has a market cap of $23.08 billion, a P/E ratio of 27.62, a PEG ratio of 1.66 and a beta of 1.26.

Insider Activity at Flex

In related news, CAO Daniel Wendler sold 10,000 shares of Flex stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $56.66, for a total value of $566,600.00. Following the sale, the chief accounting officer owned 37,619 shares of the company’s stock, valued at approximately $2,131,492.54. The trade was a 21.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael P. Hartung sold 15,000 shares of the stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $62.21, for a total value of $933,150.00. Following the transaction, the insider directly owned 211,198 shares of the company’s stock, valued at approximately $13,138,627.58. This trade represents a 6.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 152,500 shares of company stock worth $9,011,950 over the last 90 days. Corporate insiders own 0.57% of the company’s stock.

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.