Otter Creek Advisors LLC Has $3 Million Holdings in Flex Ltd. (NASDAQ:FLEX)

Otter Creek Advisors LLC boosted its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 5.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,684 shares of the technology company’s stock after purchasing an additional 4,363 shares during the quarter. Flex accounts for approximately 1.9% of Otter Creek Advisors LLC’s holdings, making the stock its 29th biggest position. Otter Creek Advisors LLC’s holdings in Flex were worth $2,998,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Harbor Capital Advisors Inc. bought a new stake in Flex in the 3rd quarter valued at $29,000. Huntington National Bank increased its holdings in Flex by 87.9% in the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after buying an additional 479 shares during the period. Kathleen S. Wright Associates Inc. bought a new stake in Flex in the 3rd quarter valued at $39,000. Quarry LP bought a new stake in Flex in the 2nd quarter valued at $43,000. Finally, American Capital Advisory LLC bought a new stake in shares of Flex in the 2nd quarter worth about $46,000. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Flex

In related news, Director Charles K. Stevens III sold 13,157 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total value of $509,044.33. Following the sale, the director now directly owns 55,713 shares in the company, valued at $2,155,535.97. This trade represents a 19.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $35.39, for a total transaction of $284,110.92. Following the completion of the sale, the insider now owns 240,018 shares in the company, valued at $8,494,237.02. This represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,185 shares of company stock worth $1,122,655. Company insiders own 0.82% of the company’s stock.

Flex Stock Performance

Flex stock opened at $40.72 on Friday. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64. Flex Ltd. has a 1 year low of $21.84 and a 1 year high of $41.50. The company has a market cap of $15.79 billion, a PE ratio of 18.02, a PEG ratio of 2.37 and a beta of 1.08. The company’s 50-day moving average is $34.66 and its two-hundred day moving average is $32.12.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FLEX. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a report on Tuesday, October 29th. Barclays upped their target price on shares of Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Stifel Nicolaus upped their target price on shares of Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. KeyCorp assumed coverage on shares of Flex in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 target price on the stock. Finally, Craig Hallum upped their price target on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $40.83.

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.