Concentric Capital Strategies LP Boosts Stake in Flex Ltd. (NASDAQ:FLEX)

Concentric Capital Strategies LP raised its holdings in Flex Ltd. (NASDAQ:FLEX) by 153.1% in the third quarter, Holdings Channel.com reports. The fund owned 462,044 shares of the technology company’s stock after buying an additional 279,516 shares during the quarter. Flex makes up 0.6% of Concentric Capital Strategies LP’s investment portfolio, making the stock its 21st largest position. Concentric Capital Strategies LP’s holdings in Flex were worth $15,446,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Harbor Capital Advisors Inc. acquired a new stake in shares of Flex in the third quarter valued at about $29,000. Huntington National Bank boosted its stake in shares of Flex by 87.9% during the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after acquiring an additional 479 shares in the last quarter. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Flex in the 3rd quarter worth approximately $39,000. Quarry LP purchased a new position in Flex in the 2nd quarter valued at approximately $43,000. Finally, American Capital Advisory LLC acquired a new position in Flex during the second quarter worth $46,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FLEX has been the subject of a number of research analyst reports. Barclays raised their price target on Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a report on Tuesday, October 29th. KeyCorp initiated coverage on Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price objective for the company. 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. Finally, The Goldman Sachs Group set a $39.00 price objective on Flex in a research note 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 stock. Based on data from MarketBeat.com, Flex has a consensus rating of “Buy” and a consensus target price of $40.83.

Insider Buying and Selling at Flex

In related news, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 240,018 shares in the company, valued at approximately $8,494,237.02. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles K. Stevens III sold 13,157 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 55,713 shares in the company, valued at approximately $2,155,535.97. This represents a 19.10 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by company insiders.

Flex Price Performance

FLEX stock opened at $38.97 on Monday. The stock has a market capitalization of $15.11 billion, a price-to-earnings ratio of 17.24, a price-to-earnings-growth ratio of 2.48 and a beta of 1.08. The stock’s fifty day simple moving average is $35.93 and its 200-day simple moving average is $32.68. Flex Ltd. has a 52-week low of $21.84 and a 52-week high of $42.47. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64.

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.