Flex Ltd. (NASDAQ:FLEX) Position Lifted by Otter Creek Advisors LLC

Otter Creek Advisors LLC grew its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 5.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 89,684 shares of the technology company’s stock after purchasing an additional 4,363 shares during the period. Flex accounts for 1.9% of Otter Creek Advisors LLC’s portfolio, 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.

A number of other institutional investors and hedge funds also recently modified their holdings of FLEX. Boston Partners raised its holdings in shares of Flex by 113.8% during the first quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock worth $548,519,000 after purchasing an additional 10,201,162 shares during the period. Merewether Investment Management LP acquired a new stake in shares of Flex in the 2nd quarter worth about $72,808,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Flex by 462.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock worth $88,247,000 after acquiring an additional 2,170,262 shares during the period. Point72 Asset Management L.P. increased its holdings in shares of Flex by 1,242.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock worth $21,495,000 after acquiring an additional 792,700 shares during the period. Finally, TCW Group Inc. increased its holdings in shares of Flex by 48.1% in the 2nd quarter. TCW Group Inc. now owns 1,711,749 shares of the technology company’s stock worth $50,479,000 after acquiring an additional 556,286 shares during the period. 94.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FLEX. Craig Hallum increased their price objective on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report 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. Stifel Nicolaus raised their target price on shares of Flex from $32.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Tuesday, October 29th. Finally, KeyCorp started coverage on shares of Flex in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price on the stock. Six investment 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 an average rating of “Buy” and an average price target of $40.83.

Insider Activity 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 completion of the sale, the insider now directly owns 240,018 shares in the company, valued at approximately $8,494,237.02. The trade was a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 completion of the sale, the director now owns 55,713 shares of the company’s stock, valued at $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. Over the last three months, insiders have sold 31,185 shares of company stock valued at $1,122,655. Corporate insiders own 0.82% of the company’s stock.

Flex Stock Performance

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

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.