Flex Ltd. (NASDAQ:FLEX) Shares Sold by Merewether Investment Management LP

Merewether Investment Management LP cut its position in Flex Ltd. (NASDAQ:FLEX) by 43.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,393,900 shares of the technology company’s stock after selling 1,075,000 shares during the quarter. Flex makes up 2.1% of Merewether Investment Management LP’s investment portfolio, making the stock its 18th biggest holding. Merewether Investment Management LP’s holdings in Flex were worth $46,598,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Creative Planning raised its holdings in shares of Flex by 0.6% in the third quarter. Creative Planning now owns 141,371 shares of the technology company’s stock valued at $4,726,000 after buying an additional 839 shares during the last quarter. SG Americas Securities LLC lifted its position in Flex by 441.6% during the 2nd quarter. SG Americas Securities LLC now owns 47,477 shares of the technology company’s stock worth $1,400,000 after acquiring an additional 38,711 shares during the period. Hsbc Holdings PLC grew its stake in shares of Flex by 254.9% in the 2nd quarter. Hsbc Holdings PLC now owns 50,770 shares of the technology company’s stock valued at $1,499,000 after purchasing an additional 36,465 shares during the last quarter. Valliance Asset Management Ltd acquired a new position in shares of Flex in the second quarter valued at approximately $2,654,000. Finally, Algert Global LLC raised its stake in shares of Flex by 14.6% during the second quarter. Algert Global LLC now owns 250,455 shares of the technology company’s stock worth $7,386,000 after purchasing an additional 31,876 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

FLEX has been the topic of a number of analyst reports. The Goldman Sachs Group set a $39.00 price objective on shares of Flex in a research report on Thursday, October 17th. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a report on Tuesday, October 29th. Craig Hallum lifted their price objective on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Barclays increased their target price on Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Finally, KeyCorp initiated coverage on Flex in a 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 company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $40.83.

Flex Trading Down 1.4 %

Shares of FLEX opened at $38.67 on Wednesday. Flex Ltd. has a 1-year low of $21.84 and a 1-year high of $42.47. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85. The firm has a 50 day simple moving average of $36.19 and a 200-day simple moving average of $32.82. The stock has a market cap of $15.00 billion, a price-to-earnings ratio of 17.11, a price-to-earnings-growth ratio of 2.49 and a beta of 1.10.

Insider Transactions at Flex

In other news, insider Kwang Hooi Tan sold 8,028 shares of the firm’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 sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 owns 55,713 shares of the company’s stock, valued at $2,155,535.97. The trade was a 19.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.

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.