660,335 Shares in Flex Ltd. (NASDAQ:FLEX) Bought by Simcoe Capital Management LLC

Simcoe Capital Management LLC acquired a new stake in Flex Ltd. (NASDAQ:FLEX) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 660,335 shares of the technology company’s stock, valued at approximately $22,075,000. Flex makes up about 2.9% of Simcoe Capital Management LLC’s holdings, making the stock its 12th largest holding. Simcoe Capital Management LLC owned about 0.17% of Flex as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in FLEX. Timber Creek Capital Management LLC increased its holdings in Flex by 18.8% during the third quarter. Timber Creek Capital Management LLC now owns 149,128 shares of the technology company’s stock worth $4,985,000 after buying an additional 23,610 shares during the last quarter. Captrust Financial Advisors boosted its position in shares of Flex by 10.1% in the third quarter. Captrust Financial Advisors now owns 35,218 shares of the technology company’s stock valued at $1,177,000 after acquiring an additional 3,224 shares during the period. Hyperion Capital Advisors LP bought a new stake in Flex during the third quarter valued at approximately $265,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Flex by 2.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,184,485 shares of the technology company’s stock valued at $73,027,000 after purchasing an additional 49,928 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Flex by 11.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 102,123 shares of the technology company’s stock valued at $3,414,000 after purchasing an additional 10,527 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Stock Performance

Shares of Flex stock opened at $38.97 on Monday. The firm has a market cap of $15.11 billion, a P/E ratio of 17.24, a P/E/G ratio of 2.48 and a beta of 1.08. 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’s fifty day moving average price is $35.93 and its 200-day moving average price is $32.68.

Insider Activity at Flex

In related news, Director Charles K. Stevens III sold 13,157 shares of Flex stock in a transaction that occurred 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 transaction, the director now directly owns 55,713 shares in the company, valued at approximately $2,155,535.97. This trade represents a 19.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $284,110.92. Following the transaction, the insider now owns 240,018 shares of the company’s stock, valued at approximately $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.

Wall Street Analyst Weigh In

Several research firms have commented on FLEX. KeyCorp began coverage on shares of Flex in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price target on the stock. Barclays boosted their price objective on shares of Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research 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. The Goldman Sachs Group set a $39.00 price target on shares of Flex in a research note on Thursday, October 17th. Finally, Craig Hallum boosted their target price on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $40.83.

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.