Ionic Capital Management LLC Lowers Stock Holdings in Flex Ltd. (NASDAQ:FLEX)

Ionic Capital Management LLC decreased its position in shares of Flex Ltd. (NASDAQ:FLEX) by 32.5% in the third quarter, HoldingsChannel reports. The firm owned 176,980 shares of the technology company’s stock after selling 85,089 shares during the quarter. Flex accounts for 1.0% of Ionic Capital Management LLC’s portfolio, making the stock its 13th biggest position. Ionic Capital Management LLC’s holdings in Flex were worth $5,916,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Creative Planning boosted its stake in Flex by 0.6% during the third quarter. Creative Planning now owns 141,371 shares of the technology company’s stock valued at $4,726,000 after buying an additional 839 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Flex by 441.6% in the second quarter. SG Americas Securities LLC now owns 47,477 shares of the technology company’s stock valued at $1,400,000 after buying an additional 38,711 shares during the period. Hsbc Holdings PLC raised its holdings in Flex by 254.9% during the 2nd quarter. Hsbc Holdings PLC now owns 50,770 shares of the technology company’s stock worth $1,499,000 after buying an additional 36,465 shares during the period. Valliance Asset Management Ltd bought a new position in shares of Flex in the second quarter valued at $2,654,000. Finally, Algert Global LLC lifted its holdings in shares of Flex by 14.6% during the second quarter. Algert Global LLC now owns 250,455 shares of the technology company’s stock worth $7,386,000 after buying an additional 31,876 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Price Performance

FLEX opened at $39.22 on Tuesday. 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 12-month low of $21.84 and a 12-month high of $42.47. The stock has a market capitalization of $15.21 billion, a P/E ratio of 17.35, a PEG ratio of 2.48 and a beta of 1.10. The stock has a 50-day moving average price of $36.05 and a 200-day moving average price of $32.75.

Insider Buying and Selling

In other news, Director Charles K. Stevens III sold 13,157 shares of the firm’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 sale, the director now owns 55,713 shares in the company, valued at $2,155,535.97. This trade represents a 19.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Kwang Hooi Tan sold 8,028 shares of Flex 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 transaction, the insider now directly owns 240,018 shares in the company, valued at $8,494,237.02. This trade represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

FLEX has been the topic of several recent research reports. Barclays increased their price target on Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. KeyCorp started coverage on shares of Flex in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price objective for the company. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research report on Tuesday, October 29th. The Goldman Sachs Group set a $39.00 price objective on shares of Flex in a report on Thursday, October 17th. Finally, Craig Hallum raised their price objective on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $40.83.

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.