Fred Alger Management LLC Cuts Stake in Flex Ltd. (NASDAQ:FLEX)

Fred Alger Management LLC trimmed its holdings in Flex Ltd. (NASDAQ:FLEX) by 1.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,117 shares of the technology company’s stock after selling 771 shares during the quarter. Fred Alger Management LLC’s holdings in Flex were worth $1,308,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FLEX. Price T Rowe Associates Inc. MD grew its stake in Flex by 4.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 63,742 shares of the technology company’s stock valued at $1,824,000 after acquiring an additional 2,522 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in shares of Flex by 5.3% in the first quarter. B. Riley Wealth Advisors Inc. now owns 9,299 shares of the technology company’s stock worth $251,000 after purchasing an additional 471 shares during the last quarter. Tidal Investments LLC purchased a new stake in shares of Flex in the first quarter worth about $821,000. Atria Investments Inc bought a new position in Flex during the first quarter valued at approximately $2,399,000. Finally, Cetera Investment Advisers grew its holdings in Flex by 79.5% during the 1st quarter. Cetera Investment Advisers now owns 126,202 shares of the technology company’s stock valued at $3,611,000 after buying an additional 55,910 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Flex

In related news, 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 transaction of $284,110.92. Following the completion of the sale, the insider now directly owns 240,018 shares of the company’s stock, valued at approximately $8,494,237.02. This trade represents a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles K. Stevens III sold 13,157 shares of the company’s 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 directly owns 55,713 shares in the company, 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. Company insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FLEX. Barclays upped their price objective on Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Craig Hallum lifted their price objective on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. The Goldman Sachs Group set a $39.00 target price on shares of Flex in a research report on Thursday, October 17th. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research report on Tuesday, October 29th. Finally, KeyCorp started coverage on Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price objective on the stock. Six equities research 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, the company presently has a consensus rating of “Buy” and a consensus price target of $40.83.

Flex Price Performance

FLEX stock opened at $38.97 on Monday. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64. Flex Ltd. has a 12 month low of $21.84 and a 12 month high of $42.47. The stock has a market cap of $15.11 billion, a PE ratio of 17.24, a P/E/G ratio of 2.48 and a beta of 1.08. The company has a 50-day moving average price of $35.93 and a 200 day moving average price of $32.68.

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.