Covestor Ltd Has $863,000 Stake in Flex Ltd. $FLEX

Covestor Ltd raised its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 2,233.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 14,888 shares of the technology company’s stock after purchasing an additional 14,250 shares during the quarter. Flex accounts for about 0.5% of Covestor Ltd’s investment portfolio, making the stock its 18th biggest position. Covestor Ltd’s holdings in Flex were worth $863,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Boston Partners lifted its position in shares of Flex by 3.5% in the 2nd quarter. Boston Partners now owns 20,620,717 shares of the technology company’s stock worth $1,029,769,000 after acquiring an additional 687,835 shares during the period. State Street Corp raised its stake in shares of Flex by 38.0% in the second quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after purchasing an additional 3,377,669 shares in the last quarter. Invesco Ltd. lifted its position in Flex by 6.1% in the second quarter. Invesco Ltd. now owns 8,871,601 shares of the technology company’s stock worth $442,870,000 after purchasing an additional 508,495 shares during the period. Geode Capital Management LLC boosted its stake in Flex by 52.1% during the second quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock worth $358,500,000 after buying an additional 2,459,511 shares in the last quarter. Finally, Norges Bank bought a new stake in Flex in the 2nd quarter valued at $291,362,000. 94.30% of the stock is owned by institutional investors and hedge funds.

Flex Stock Up 3.4%

Shares of NASDAQ:FLEX opened at $66.60 on Thursday. The company has a quick ratio of 0.83, a current ratio of 1.33 and a debt-to-equity ratio of 0.60. The firm has a market cap of $24.63 billion, a P/E ratio of 29.47, a P/E/G ratio of 1.71 and a beta of 1.24. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $72.22. The company’s 50-day moving average price is $62.26 and its two-hundred day moving average price is $58.23.

Insider Transactions at Flex

In other Flex news, CAO Daniel Wendler sold 10,000 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $71.97, for a total transaction of $719,700.00. Following the transaction, the chief accounting officer 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Kwang Hooi Tan sold 12,500 shares of Flex 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 completion of the sale, the chief operating officer owned 251,136 shares of the company’s stock, valued at approximately $16,293,703.68. The trade was a 4.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 128,906 shares of company stock worth $7,904,439 over the last ninety days. 0.57% of the stock is currently owned by insiders.

Analysts Set New Price Targets

FLEX has been the topic of a number of analyst reports. Raymond James Financial raised shares of Flex from a “market perform” rating to an “outperform” rating and set a $75.00 target price on the stock in a research note on Wednesday, January 14th. Bank of America upped 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. The Goldman Sachs Group raised their target price on Flex from $67.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, December 9th. JPMorgan Chase & Co. upped their price target on Flex from $60.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $23.00 price objective on shares of Flex in a report on Wednesday, November 12th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.11.

About Flex

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.