Simcoe Capital Management LLC Makes New Investment in Flex Ltd. (NASDAQ:FLEX)

Simcoe Capital Management LLC acquired a new stake in Flex Ltd. (NASDAQ:FLEX) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 660,335 shares of the technology company’s stock, valued at approximately $22,075,000. Flex comprises 2.9% of Simcoe Capital Management LLC’s portfolio, making the stock its 12th biggest position.

A number of other hedge funds have also made changes to their positions in FLEX. Harbor Capital Advisors Inc. acquired a new stake in shares of Flex during the third quarter worth about $29,000. Huntington National Bank increased its stake in shares of Flex by 87.9% during the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after purchasing an additional 479 shares in the last quarter. Kathleen S. Wright Associates Inc. purchased a new stake in Flex in the 3rd quarter worth approximately $39,000. Quarry LP purchased a new stake in Flex in the 2nd quarter worth approximately $43,000. Finally, American Capital Advisory LLC purchased a new stake in Flex in the 2nd quarter worth approximately $46,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Analysts Set New Price Targets

FLEX has been the topic of several recent research reports. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Tuesday, October 29th. The Goldman Sachs Group set a $39.00 target price on shares of Flex in a research report on Thursday, October 17th. 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 note on Thursday, October 31st. Barclays increased their target price on shares of Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, KeyCorp began coverage on shares of Flex in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price for the company. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $40.83.

Insider Buying and Selling at Flex

In other news, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $35.39, for a total value of $284,110.92. Following the sale, the insider now owns 240,018 shares of the company’s stock, valued at $8,494,237.02. The trade was a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Charles K. Stevens III sold 13,157 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total transaction of $509,044.33. Following the transaction, the director now owns 55,713 shares in the company, valued at approximately $2,155,535.97. The trade was a 19.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Flex Trading Up 0.4 %

Shares of Flex stock opened at $38.97 on Monday. The stock has a market capitalization of $15.11 billion, a P/E ratio of 17.24, a price-to-earnings-growth ratio of 2.48 and a beta of 1.08. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64. The company has a 50-day simple moving average of $35.93 and a 200 day simple moving average of $32.68. Flex Ltd. has a 12-month low of $21.84 and a 12-month high of $42.47.

Flex 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.