abrdn plc Cuts Stock Holdings in Flex Ltd. (NASDAQ:FLEX)

abrdn plc cut its stake in Flex Ltd. (NASDAQ:FLEX) by 21.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 132,947 shares of the technology company’s stock after selling 36,422 shares during the period. abrdn plc’s holdings in Flex were worth $4,444,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Raymond James Trust N.A. boosted its stake in shares of Flex by 1.8% in the 2nd quarter. Raymond James Trust N.A. now owns 20,307 shares of the technology company’s stock valued at $599,000 after buying an additional 360 shares during the period. B. Riley Wealth Advisors Inc. grew its holdings in Flex by 5.3% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 9,299 shares of the technology company’s stock worth $251,000 after acquiring an additional 471 shares in the last quarter. Atomi Financial Group Inc. increased its position in shares of Flex by 10.2% in the 2nd quarter. Atomi Financial Group Inc. now owns 7,984 shares of the technology company’s stock valued at $235,000 after purchasing an additional 739 shares during the last quarter. Creative Planning raised its holdings in shares of Flex by 0.6% in the 3rd quarter. Creative Planning now owns 141,371 shares of the technology company’s stock valued at $4,726,000 after purchasing an additional 839 shares in the last quarter. Finally, Allegheny Financial Group LTD lifted its position in shares of Flex by 4.8% during the 2nd quarter. Allegheny Financial Group LTD now owns 18,415 shares of the technology company’s stock worth $543,000 after purchasing an additional 851 shares during the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on FLEX. Stifel Nicolaus raised their price target on Flex from $32.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. KeyCorp started coverage on Flex in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price for the company. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Tuesday, October 29th. The Goldman Sachs Group set a $39.00 price objective on shares of Flex in a research report on Thursday, October 17th. Finally, Craig Hallum increased their target price on shares of Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday. Six 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, Flex presently has an average rating of “Buy” and an average target price of $40.83.

Flex Stock Performance

Shares of FLEX opened at $35.48 on Monday. The company’s 50 day simple moving average is $32.81 and its 200-day simple moving average is $31.23. Flex Ltd. has a 12-month low of $21.84 and a 12-month high of $36.98. The firm has a market cap of $14.09 billion, a PE ratio of 15.70, a price-to-earnings-growth ratio of 2.05 and a beta of 1.08. The company has a current ratio of 1.40, a quick ratio of 0.75 and a debt-to-equity ratio of 0.53.

Insiders Place Their Bets

In other news, EVP David Scott Offer sold 10,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $32.95, for a total value of $329,500.00. Following the completion of the sale, the executive vice president now directly owns 158,094 shares of the company’s stock, valued at approximately $5,209,197.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP David Scott Offer sold 10,000 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $32.95, for a total value of $329,500.00. Following the transaction, the executive vice president now owns 158,094 shares in the company, valued at $5,209,197.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Kwang Hooi Tan sold 8,028 shares of the 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 sale, the insider now directly owns 240,018 shares of the company’s stock, valued at $8,494,237.02. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,028 shares of company stock valued at $933,511. Insiders own 0.82% of the company’s stock.

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.