Covestor Ltd Trims Holdings in Flex Ltd. (NASDAQ:FLEX)

Covestor Ltd reduced its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 62.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,091 shares of the technology company’s stock after selling 1,820 shares during the quarter. Covestor Ltd’s holdings in Flex were worth $36,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in FLEX. Harbor Capital Advisors Inc. acquired a new stake in shares of Flex during the 3rd quarter valued at approximately $29,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Flex during the 3rd quarter valued at approximately $39,000. Quarry LP acquired a new stake in shares of Flex during the 2nd quarter valued at approximately $43,000. American Capital Advisory LLC acquired a new stake in shares of Flex during the 2nd quarter valued at approximately $46,000. Finally, Silicon Valley Capital Partners acquired a new stake in shares of Flex during the 3rd quarter valued at approximately $74,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Flex

In related news, EVP David Scott Offer sold 10,000 shares of the stock in a transaction 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 completion of the transaction, the executive vice president now owns 168,094 shares in the company, valued at $5,377,327.06. This trade represents a 5.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Charles K. Stevens III sold 13,157 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total value of $509,044.33. Following the completion of the transaction, the director now owns 55,713 shares of the company’s stock, valued at $2,155,535.97. This trade represents a 19.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 41,185 shares of company stock valued at $1,442,555 over the last 90 days. 0.82% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FLEX has been the topic of several research reports. KeyCorp initiated coverage on Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price target on the stock. Craig Hallum increased 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. The Goldman Sachs Group set a $39.00 price target on Flex in a report on Thursday, October 17th. JPMorgan Chase & Co. raised their price target on Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Finally, Barclays raised their price target on Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a 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 company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $40.83.

Flex Trading Down 1.2 %

Shares of FLEX stock opened at $37.20 on Friday. The stock has a 50-day simple moving average of $34.12 and a 200 day simple moving average of $31.87. Flex Ltd. has a fifty-two week low of $21.84 and a fifty-two week high of $40.30. The stock has a market capitalization of $14.43 billion, a P/E ratio of 16.46, a P/E/G ratio of 2.41 and a beta of 1.08. 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 Company 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.