Flex Ltd. $FLEX Shares Bought by Blue Door Asset Management LLC

Blue Door Asset Management LLC grew its stake in Flex Ltd. (NASDAQ:FLEX) by 4.3% during the second quarter, HoldingsChannel reports. The firm owned 418,250 shares of the technology company’s stock after purchasing an additional 17,400 shares during the quarter. Flex comprises approximately 10.8% of Blue Door Asset Management LLC’s portfolio, making the stock its 3rd biggest holding. Blue Door Asset Management LLC’s holdings in Flex were worth $20,879,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of FLEX. Norges Bank purchased a new position in Flex during the 2nd quarter worth $291,362,000. State Street Corp increased its stake in shares of Flex by 38.0% during the second quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock worth $611,997,000 after acquiring an additional 3,377,669 shares during the period. Invesco Ltd. raised its holdings in Flex by 55.0% during the first quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company’s stock worth $276,652,000 after purchasing an additional 2,968,285 shares in the last quarter. Geode Capital Management LLC lifted its position in Flex by 52.1% in the second quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock valued at $358,500,000 after purchasing an additional 2,459,511 shares during the period. Finally, Alyeska Investment Group L.P. boosted its holdings in Flex by 73.6% in the 1st quarter. Alyeska Investment Group L.P. now owns 2,777,753 shares of the technology company’s stock valued at $91,888,000 after purchasing an additional 1,177,970 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Flex Trading Up 5.2%

Shares of FLEX opened at $72.08 on Thursday. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $72.22. The company 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. The stock has a fifty day moving average of $61.04 and a two-hundred day moving average of $54.39. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.83 and a current ratio of 1.33.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Jefferies Financial Group reissued a “hold” rating and set a $23.00 target price on shares of Flex in a research note on Wednesday, November 12th. JPMorgan Chase & Co. increased their price objective on Flex from $60.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Barclays boosted their target price on shares of Flex from $60.00 to $78.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. The Goldman Sachs Group increased their price target on shares of Flex from $67.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Zacks Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Flex presently has a consensus rating of “Moderate Buy” and an average target price of $65.88.

Insiders Place Their Bets

In other Flex news, COO Kwang Hooi Tan sold 12,500 shares of the firm’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $64.88, for a total value of $811,000.00. Following the sale, the chief operating officer directly owned 251,136 shares of the company’s stock, valued at approximately $16,293,703.68. This trade represents a 4.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael P. Hartung sold 45,000 shares of the company’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $57.14, for a total transaction of $2,571,300.00. Following the transaction, the insider directly owned 256,198 shares of the company’s stock, valued at approximately $14,639,153.72. This represents a 14.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 142,500 shares of company stock valued at $8,445,350. 0.57% of the stock is owned by corporate insiders.

Flex 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.