Fmr LLC Trims Holdings in Flex Ltd. (NASDAQ:FLEX)

Fmr LLC lowered its position in shares of Flex Ltd. (NASDAQ:FLEX) by 9.8% in the third quarter, Holdings Channel reports. The institutional investor owned 36,202,949 shares of the technology company’s stock after selling 3,950,177 shares during the period. Fmr LLC owned 0.09% of Flex worth $1,210,265,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Harbor Capital Advisors Inc. purchased a new position in Flex during the 3rd quarter worth $29,000. Huntington National Bank raised its position in 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 buying an additional 479 shares during the last quarter. Kathleen S. Wright Associates Inc. purchased a new position in Flex during the 3rd quarter worth $39,000. Quarry LP purchased a new position in Flex during the 2nd quarter worth $43,000. Finally, American Capital Advisory LLC purchased a new position in Flex during the 2nd quarter worth $46,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insider Activity at Flex

In other Flex news, Director Charles K. Stevens III sold 13,157 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total transaction of $509,044.33. Following the sale, the director now directly owns 55,713 shares of the company’s stock, valued at $2,155,535.97. This trade represents a 19.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kwang Hooi Tan sold 8,028 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $35.39, for a total transaction of $284,110.92. Following the sale, the insider now directly 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. 0.82% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. KeyCorp assumed coverage on shares of Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price objective for the company. The Goldman Sachs Group set a $39.00 price target on shares of Flex in a report on Thursday, October 17th. Barclays increased their price target on shares of Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Tuesday, October 29th. Finally, Craig Hallum increased their price target on shares of Flex from $39.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Flex presently has a consensus rating of “Buy” and a consensus target price of $40.83.

Flex Price Performance

Shares of NASDAQ FLEX opened at $39.92 on Wednesday. The stock has a market cap of $15.48 billion, a price-to-earnings ratio of 17.66, a PEG ratio of 2.61 and a beta of 1.08. Flex Ltd. has a 52 week low of $21.84 and a 52 week high of $42.47. The company’s 50-day moving average price is $35.34 and its 200 day moving average price is $32.39. 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 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.