Royce & Associates LP Decreases Position in Flex Ltd. (NASDAQ:FLEX)

Royce & Associates LP lowered its position in Flex Ltd. (NASDAQ:FLEX) by 5.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 307,208 shares of the technology company’s stock after selling 16,779 shares during the period. Royce & Associates LP’s holdings in Flex were worth $10,270,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Raymond James Trust N.A. boosted its stake in shares of Flex by 1.8% during the 2nd quarter. Raymond James Trust N.A. now owns 20,307 shares of the technology company’s stock worth $599,000 after purchasing an additional 360 shares during the last quarter. Stephens Inc. AR grew its holdings in Flex by 2.6% in the 3rd quarter. Stephens Inc. AR now owns 14,106 shares of the technology company’s stock valued at $472,000 after buying an additional 361 shares during the period. B. Riley Wealth Advisors Inc. increased its stake in shares of Flex by 5.3% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 9,299 shares of the technology company’s stock valued at $251,000 after acquiring an additional 471 shares during the last quarter. Huntington National Bank boosted its holdings in shares of 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 purchasing an additional 479 shares during the last quarter. Finally, Lowe Brockenbrough & Co. Inc. raised its position in shares of Flex by 6.9% in the 3rd quarter. Lowe Brockenbrough & Co. Inc. now owns 11,225 shares of the technology company’s stock worth $375,000 after buying an additional 725 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on FLEX shares. JPMorgan Chase & Co. boosted their target price on Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd. KeyCorp initiated coverage on Flex in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price target for the company. Barclays upped 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. The Goldman Sachs Group set a $39.00 price objective on shares of Flex in a report on Thursday, October 17th. Finally, StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a report on Tuesday, October 29th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $40.83.

Flex Stock Down 1.2 %

FLEX stock opened at $37.20 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85. The firm has a market cap of $14.43 billion, a PE ratio of 16.46, a P/E/G ratio of 2.41 and a beta of 1.08. Flex Ltd. has a 12 month low of $21.84 and a 12 month high of $40.30. The firm has a 50 day simple moving average of $34.12 and a 200 day simple moving average of $31.89.

Insider Activity

In related news, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction 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 directly owns 240,018 shares of the company’s stock, valued at approximately $8,494,237.02. This represents a 3.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David Scott Offer sold 10,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $31.99, for a total value of $319,900.00. Following the completion of the sale, the executive vice president now directly owns 168,094 shares of the company’s stock, valued at $5,377,327.06. This represents a 5.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,185 shares of company stock valued at $1,442,555 over the last three months. Insiders own 0.82% of the company’s stock.

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.