Allspring Global Investments Holdings LLC Trims Stock Position in Flex Ltd. (NASDAQ:FLEX)

Allspring Global Investments Holdings LLC cut its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 3.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,329 shares of the technology company’s stock after selling 510 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Flex were worth $512,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Kathleen S. Wright Associates Inc. purchased a new position in shares of Flex in the 3rd quarter worth about $39,000. Quarry LP purchased a new stake in shares of Flex during the 2nd quarter valued at about $43,000. American Capital Advisory LLC purchased a new stake in shares of Flex during the 2nd quarter valued at about $46,000. J.Safra Asset Management Corp raised its holdings in shares of Flex by 623.6% during the 2nd quarter. J.Safra Asset Management Corp now owns 2,945 shares of the technology company’s stock valued at $87,000 after buying an additional 2,538 shares during the period. Finally, Rothschild Investment LLC purchased a new stake in shares of Flex during the 2nd quarter valued at about $125,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Flex Price Performance

Shares of FLEX opened at $35.48 on Friday. The firm has a market cap of $14.09 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 2.11 and a beta of 1.09. The stock has a 50 day moving average of $32.76 and a 200-day moving average of $31.13. The company has a current ratio of 1.40, a quick ratio of 0.75 and a debt-to-equity ratio of 0.53. Flex Ltd. has a 52 week low of $21.84 and a 52 week high of $36.98.

Insider Transactions at Flex

In related news, EVP David Scott Offer sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $31.99, for a total value of $319,900.00. Following the sale, the executive vice president now owns 168,094 shares of the company’s stock, valued at approximately $5,377,327.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, EVP David Scott Offer sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $31.99, for a total value of $319,900.00. Following the sale, the executive vice president now owns 168,094 shares of the company’s stock, valued at approximately $5,377,327.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,028 shares of company stock worth $933,511. 0.82% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Stifel Nicolaus raised their target price on Flex from $32.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Craig Hallum raised their price objective on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday. The Goldman Sachs Group set a $39.00 price objective on Flex in a research note on Thursday, October 17th. Finally, Barclays raised their price objective on Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Thursday. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company 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.