Swiss National Bank Sells 49,800 Shares of Flex Ltd. (NASDAQ:FLEX)

Swiss National Bank lowered its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 6.0% during the 3rd quarter, Holdings Channel.com reports. The fund owned 778,614 shares of the technology company’s stock after selling 49,800 shares during the quarter. Swiss National Bank’s holdings in Flex were worth $26,029,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in FLEX. Raymond James Trust N.A. lifted its position in Flex by 1.8% during the second quarter. Raymond James Trust N.A. now owns 20,307 shares of the technology company’s stock valued at $599,000 after purchasing an additional 360 shares during the period. Stephens Inc. AR lifted its holdings in shares of Flex by 2.6% during the 3rd quarter. Stephens Inc. AR now owns 14,106 shares of the technology company’s stock valued at $472,000 after buying an additional 361 shares during the period. B. Riley Wealth Advisors Inc. boosted its stake in shares of Flex by 5.3% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 9,299 shares of the technology company’s stock worth $251,000 after buying an additional 471 shares during the last quarter. Huntington National Bank grew its holdings in shares of Flex by 87.9% in the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after acquiring an additional 479 shares during the period. Finally, Lowe Brockenbrough & Co. Inc. increased its position in shares of Flex by 6.9% during the 3rd quarter. Lowe Brockenbrough & Co. Inc. now owns 11,225 shares of the technology company’s stock valued at $375,000 after purchasing an additional 725 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Price Performance

Shares of Flex stock opened at $40.72 on Friday. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64. Flex Ltd. has a 52 week low of $21.84 and a 52 week high of $41.50. The stock’s 50-day simple moving average is $34.66 and its 200-day simple moving average is $32.12. The company has a market capitalization of $15.79 billion, a price-to-earnings ratio of 18.02, a PEG ratio of 2.37 and a beta of 1.08.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other news, Director Charles K. Stevens III sold 13,157 shares of Flex stock in a transaction that occurred on 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 owns 55,713 shares in the company, valued at $2,155,535.97. This trade represents a 19.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $35.39, for a total transaction 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,185 shares of company stock valued at $1,122,655. Corporate insiders own 0.82% of the company’s stock.

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.