Brookstone Capital Management Takes Position in Flex Ltd. $FLEX

Brookstone Capital Management purchased a new position in shares of Flex Ltd. (NASDAQ:FLEX) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,493 shares of the technology company’s stock, valued at approximately $724,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares 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. 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. 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. Finally, Bank of New York Mellon Corp increased its position in Flex by 44.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,928,808 shares of the technology company’s stock worth $146,206,000 after purchasing an additional 894,790 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on FLEX shares. Jefferies Financial Group reissued a “hold” rating and issued a $23.00 price target on shares of Flex in a report on Wednesday, November 12th. KeyCorp raised their target price on Flex from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Bank of America upped their price target 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. Zacks Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Finally, Argus set a $85.00 price objective on shares of Flex in a report on Friday, October 31st. One investment 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, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.88.

Insiders Place Their Bets

In other Flex news, COO Kwang Hooi Tan sold 12,500 shares of the stock in a transaction on Monday, October 27th. The stock was sold at an average price of $64.88, for a total transaction of $811,000.00. Following the sale, the chief operating officer owned 251,136 shares in the company, valued at approximately $16,293,703.68. This represents a 4.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William D. Watkins sold 20,000 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $54.52, for a total value of $1,090,400.00. Following the transaction, the director directly owned 98,073 shares of the company’s stock, valued at $5,346,939.96. The trade was a 16.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 107,500 shares of company stock valued at $6,593,750. Corporate insiders own 0.57% of the company’s stock.

Flex Price Performance

Flex stock opened at $62.56 on Tuesday. The firm has a market capitalization of $23.13 billion, a PE ratio of 27.68, a P/E/G ratio of 1.68 and a beta of 1.26. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $72.22. The firm’s 50-day simple moving average is $62.41 and its 200 day simple moving average is $56.50. The company has a quick ratio of 0.83, a current ratio of 1.33 and a debt-to-equity ratio of 0.60.

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.