Flex Ltd. $FLEX Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership trimmed its position in shares of Flex Ltd. (NASDAQ:FLEX) by 10.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new stake in Flex during the first quarter valued at $25,000. MTM Investment Management LLC acquired a new stake in shares of Flex during the 2nd quarter valued at about $26,000. Concord Wealth Partners purchased a new position in shares of Flex in the 2nd quarter valued at about $28,000. CNB Bank acquired a new position in Flex in the 2nd quarter worth about $30,000. Finally, Harbour Investments Inc. boosted its position in Flex by 74.7% during the second quarter. Harbour Investments Inc. now owns 704 shares of the technology company’s stock worth $35,000 after purchasing an additional 301 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FLEX. Jefferies Financial Group restated a “hold” rating and issued a $23.00 price objective on shares of Flex in a research report on Wednesday, November 12th. JPMorgan Chase & Co. boosted their price target on shares of Flex from $60.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. KeyCorp upped their price objective on shares of Flex from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Zacks Research raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Flex in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $65.88.

Flex Price Performance

Flex stock opened at $72.08 on Thursday. The company has a fifty day simple moving average of $61.04 and a 200-day simple moving average of $54.39. 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 capitalization of $26.65 billion, a price-to-earnings ratio of 31.89, a PEG ratio of 1.82 and a beta of 1.26. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $72.22.

Insider Buying and Selling at Flex

In other Flex news, Director Michael E. Hurlston sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $58.00, for a total value of $580,000.00. Following the transaction, the director directly owned 58,561 shares of the company’s stock, valued at $3,396,538. This trade represents a 14.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William D. Watkins sold 20,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director owned 98,073 shares of the company’s stock, valued at $5,346,939.96. This trade represents a 16.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 142,500 shares of company stock worth $8,445,350 in the last 90 days. 0.57% of the stock is currently owned by 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.