Arrowstreet Capital Limited Partnership Trims Stake in Flex Ltd. $FLEX

Arrowstreet Capital Limited Partnership reduced its stake in Flex Ltd. (NASDAQ:FLEX) by 10.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 148,051 shares of the technology company’s stock after selling 17,853 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Flex were worth $7,391,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in shares of Flex in the second quarter valued at approximately $291,362,000. Invesco Ltd. lifted its holdings in Flex by 55.0% during the 1st quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company’s stock worth $276,652,000 after buying an additional 2,968,285 shares in the last quarter. Geode Capital Management LLC boosted its position in Flex by 52.1% in the 2nd quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock valued at $358,500,000 after buying an additional 2,459,511 shares during the period. Alyeska Investment Group L.P. grew its stake in shares of Flex by 73.6% in the first quarter. Alyeska Investment Group L.P. now owns 2,777,753 shares of the technology company’s stock worth $91,888,000 after acquiring an additional 1,177,970 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Flex by 4.8% during the first quarter. Wellington Management Group LLP now owns 21,742,194 shares of the technology company’s stock worth $719,232,000 after acquiring an additional 996,276 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Flex

In other Flex news, insider Michael P. Hartung sold 15,000 shares of Flex stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $62.21, for a total transaction of $933,150.00. Following the transaction, the insider owned 211,198 shares of the company’s stock, valued at $13,138,627.58. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Kwang Hooi Tan sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $64.88, for a total value of $811,000.00. Following the completion of the sale, the chief operating officer owned 251,136 shares of the company’s stock, valued at approximately $16,293,703.68. This represents a 4.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 142,500 shares of company stock worth $8,445,350 over the last three months. 0.57% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on FLEX shares. Argus set a $85.00 target price on Flex in a report on Friday, October 31st. Bank of America lifted their price objective on Flex from $58.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 9th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $23.00 target price on shares of Flex in a report on Wednesday, November 12th. Finally, Zacks Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Flex presently has a consensus rating of “Moderate Buy” and an average price target of $65.88.

Flex Trading Up 5.2%

Shares of Flex stock opened at $72.08 on Thursday. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $72.22. The stock has a market cap of $26.65 billion, a price-to-earnings ratio of 31.89, a PEG ratio of 1.82 and a beta of 1.26. The company has a current ratio of 1.33, a quick ratio of 0.83 and a debt-to-equity ratio of 0.60. The company has a fifty day simple moving average of $61.04 and a 200-day simple moving average of $54.39.

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.