Brookstone Capital Management Buys New Position in Flex Ltd. $FLEX

Brookstone Capital Management purchased a new position in shares of Flex Ltd. (NASDAQ:FLEX) during the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 12,493 shares of the technology company’s stock, valued at approximately $724,000.

A number of other institutional investors have also modified their holdings of FLEX. Norges Bank purchased a new position in shares of Flex during the second quarter valued at approximately $291,362,000. State Street Corp raised its holdings in Flex by 38.0% in the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after acquiring an additional 3,377,669 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Flex by 52.1% during the 2nd quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock worth $358,500,000 after purchasing an additional 2,459,511 shares during the period. Alyeska Investment Group L.P. boosted its holdings in shares of Flex by 73.6% during 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 purchasing an additional 1,177,970 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Flex by 44.0% in the second quarter. Bank of New York Mellon Corp now owns 2,928,808 shares of the technology company’s stock valued at $146,206,000 after purchasing an additional 894,790 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FLEX. Argus set a $85.00 target price on Flex in a research report on Friday, October 31st. The Goldman Sachs Group increased their price objective on shares of Flex from $67.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, December 9th. Bank of America boosted their target price on shares of Flex from $58.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Wall Street Zen downgraded shares of Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 9th. Finally, Barclays lifted their price target on shares of Flex from $60.00 to $78.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. One equities research 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 currently has a consensus rating of “Moderate Buy” and an average price target of $65.88.

Insider Buying and Selling at Flex

In related news, CAO Daniel Wendler sold 10,000 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $71.97, for a total transaction of $719,700.00. Following the completion of the sale, the chief accounting officer directly owned 27,619 shares of the company’s stock, valued at approximately $1,987,739.43. This represents a 26.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael P. Hartung sold 15,000 shares of the stock in a transaction on Tuesday, October 28th. The shares were sold at an average price of $64.26, for a total value of $963,900.00. Following the completion of the sale, the insider owned 241,198 shares of the company’s stock, valued at approximately $15,499,383.48. This represents a 5.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 107,500 shares of company stock worth $6,593,750. Corporate insiders own 0.57% of the company’s stock.

Flex Trading Down 1.2%

NASDAQ FLEX opened at $62.56 on Tuesday. The firm has a market capitalization of $23.13 billion, a price-to-earnings ratio of 27.68, a PEG ratio of 1.68 and a beta of 1.26. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.83 and a current ratio of 1.33. Flex Ltd. has a one year low of $25.11 and a one year high of $72.22. The company’s 50 day moving average price is $62.41 and its 200 day moving average price is $56.50.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.