Barclays PLC Acquires 231,572 Shares of Flex Ltd. (NASDAQ:FLEX)

Barclays PLC grew its stake in Flex Ltd. (NASDAQ:FLEX) by 42.6% in the third quarter, HoldingsChannel reports. The fund owned 774,856 shares of the technology company’s stock after acquiring an additional 231,572 shares during the period. Barclays PLC’s holdings in Flex were worth $25,902,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FLEX. Merewether Investment Management LP bought a new position in Flex in the second quarter valued at about $72,808,000. Charles Schwab Investment Management Inc. boosted its stake in Flex by 462.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock valued at $88,247,000 after acquiring an additional 2,170,262 shares during the last quarter. Point72 Asset Management L.P. raised its position in shares of Flex by 1,242.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock valued at $21,495,000 after acquiring an additional 792,700 shares during the last quarter. Simcoe Capital Management LLC acquired a new position in shares of Flex in the 3rd quarter valued at $22,075,000. Finally, State Street Corp boosted its position in shares of Flex by 19.7% in the 3rd quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock worth $122,503,000 after purchasing an additional 603,208 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Kwang Hooi Tan sold 8,028 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $35.39, for a total value of $284,110.92. Following the completion of the transaction, the insider now owns 240,018 shares in the company, valued at $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 available at the SEC website. Also, Director Charles K. Stevens III sold 13,157 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total value of $509,044.33. Following 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. 0.82% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Craig Hallum increased their target price on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Stifel Nicolaus lifted their price objective on shares of Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Tuesday, October 29th. KeyCorp started coverage on shares of Flex in a research report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price objective for the company. Finally, Barclays lifted their price objective on Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $42.67.

Flex Price Performance

Shares of FLEX opened at $38.38 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 twelve month low of $21.84 and a twelve month high of $42.47. The stock has a market capitalization of $14.88 billion, a P/E ratio of 16.98, a P/E/G ratio of 2.43 and a beta of 1.10. The company has a 50 day moving average of $37.07 and a 200-day moving average of $33.19.

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.