Flex Ltd. $FLEX Shares Acquired by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. boosted its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 39.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,616,830 shares of the technology company’s stock after purchasing an additional 743,921 shares during the period. Balyasny Asset Management L.P. owned approximately 0.70% of Flex worth $130,632,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FLEX. Norges Bank purchased a new stake in shares of Flex during the second quarter valued at $291,362,000. State Street Corp grew its stake in Flex by 38.0% during the 2nd 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 during the last quarter. Geode Capital Management LLC increased its holdings in shares of 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. Alyeska Investment Group L.P. raised its stake in shares of Flex by 73.6% in 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, Wellington Management Group LLP lifted its holdings in shares of Flex by 4.8% during the first quarter. Wellington Management Group LLP now owns 21,742,194 shares of the technology company’s stock worth $719,232,000 after purchasing an additional 996,276 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insider Activity at Flex

In related news, COO Kwang Hooi Tan sold 12,500 shares of Flex stock in a transaction on Monday, October 27th. The shares were sold at an average price of $64.88, for a total value of $811,000.00. Following the sale, the chief operating officer 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Daniel Wendler sold 10,000 shares of the business’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 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. The trade was a 26.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 152,500 shares of company stock valued at $9,165,050 in the last ninety days. 0.57% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on FLEX shares. KeyCorp increased their price target on shares of Flex from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Bank of America increased their price objective on shares of Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Argus set a $85.00 target price on shares of Flex in a research report on Friday, October 31st. JPMorgan Chase & Co. upped their price target on shares of Flex from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Flex in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Flex currently has a consensus rating of “Moderate Buy” and an average price target of $65.88.

Flex Stock Down 3.1%

FLEX stock opened at $68.80 on Friday. Flex Ltd. has a one year low of $25.11 and a one year high of $72.22. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.83 and a current ratio of 1.33. The firm’s fifty day moving average is $61.55 and its 200 day moving average is $54.70. The firm has a market cap of $25.44 billion, a PE ratio of 30.44, a P/E/G ratio of 1.89 and a beta of 1.26.

About Flex

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.