State Street Corp Boosts Stake in Flex Ltd. (NASDAQ:FLEX)

State Street Corp grew its position in Flex Ltd. (NASDAQ:FLEX) by 19.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,664,463 shares of the technology company’s stock after acquiring an additional 603,208 shares during the quarter. State Street Corp owned 0.94% of Flex worth $122,503,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Diversified Trust Co purchased a new position in shares of Flex in the 2nd quarter worth $217,000. Envestnet Portfolio Solutions Inc. increased its stake in Flex by 2.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 66,126 shares of the technology company’s stock worth $1,950,000 after acquiring an additional 1,552 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Flex by 3.0% during the second quarter. Assenagon Asset Management S.A. now owns 71,434 shares of the technology company’s stock valued at $2,107,000 after purchasing an additional 2,090 shares during the period. Blue Trust Inc. lifted its stake in shares of Flex by 37.4% in the 2nd quarter. Blue Trust Inc. now owns 4,299 shares of the technology company’s stock valued at $123,000 after purchasing an additional 1,170 shares during the last quarter. Finally, Carnegie Investment Counsel boosted its holdings in shares of Flex by 17.2% in the 2nd quarter. Carnegie Investment Counsel now owns 61,191 shares of the technology company’s stock worth $1,805,000 after purchasing an additional 8,974 shares during the period. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Price Performance

Shares of FLEX stock opened at $38.38 on Friday. The company’s 50-day simple moving average is $37.07 and its two-hundred day simple moving average is $33.18. 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 Ltd. has a one year low of $21.84 and a one year high of $42.47. The company has a market capitalization of $14.88 billion, a P/E ratio of 16.98, a P/E/G ratio of 2.43 and a beta of 1.10.

Insider Transactions at Flex

In other Flex news, Director Charles K. Stevens III sold 13,157 shares of the company’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 in the company, valued at $2,155,535.97. This represents a 19.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kwang Hooi Tan sold 8,028 shares of Flex 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 transaction, the insider now 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. Corporate insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FLEX. Craig Hallum raised their price target on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. The Goldman Sachs Group set a $39.00 target price on shares of Flex in a report on Thursday, October 17th. Stifel Nicolaus upped their price target on shares of Flex from $40.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. 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 Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price for the company. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Flex currently has an average rating of “Buy” and a consensus target price of $42.67.

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.