Becker Capital Management Inc. Cuts Holdings in Flex Ltd. $FLEX

Becker Capital Management Inc. reduced its position in Flex Ltd. (NASDAQ:FLEX) by 4.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 601,828 shares of the technology company’s stock after selling 26,510 shares during the period. Becker Capital Management Inc.’s holdings in Flex were worth $30,043,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Rise Advisors LLC bought a new stake in Flex in the 1st quarter worth approximately $25,000. MTM Investment Management LLC purchased a new position in shares of Flex in the second quarter valued at $26,000. Concord Wealth Partners bought a new stake in Flex in the second quarter worth $28,000. CNB Bank purchased a new stake in Flex during the second quarter valued at $30,000. Finally, Harbour Investments Inc. lifted its position in Flex by 74.7% during the second quarter. Harbour Investments Inc. now owns 704 shares of the technology company’s stock valued at $35,000 after purchasing an additional 301 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FLEX shares. JPMorgan Chase & Co. upped their target price on shares of Flex from $60.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Argus set a $85.00 price objective on Flex in a research report on Friday, October 31st. Jefferies Financial Group reiterated a “hold” rating and issued a $23.00 target price on shares of Flex in a report on Wednesday, November 12th. Wall Street Zen lowered Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 9th. Finally, Barclays raised their price target on Flex from $60.00 to $78.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. One investment 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.88.

Flex Stock Up 5.2%

Shares of NASDAQ FLEX opened at $72.08 on Thursday. The stock’s fifty day simple moving average is $61.04 and its two-hundred day simple moving average is $54.39. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $72.22. 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 stock has a market capitalization of $26.65 billion, a PE ratio of 31.89, a price-to-earnings-growth ratio of 1.82 and a beta of 1.26.

Insider Activity

In related news, 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 transaction of $811,000.00. Following the completion of the transaction, the chief operating officer owned 251,136 shares in the company, valued at $16,293,703.68. The trade was a 4.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William D. Watkins sold 20,000 shares of the stock in a transaction on Friday, November 21st. The shares were sold at an average price of $54.52, for a total value of $1,090,400.00. Following the sale, the director owned 98,073 shares of the company’s stock, valued at approximately $5,346,939.96. This represents a 16.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 142,500 shares of company stock worth $8,445,350 in the last quarter. 0.57% of the stock is currently owned by corporate insiders.

Flex Company Profile

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.