Wilmington Savings Fund Society FSB Purchases New Position in Flex Ltd. (NASDAQ:FLEX)

Wilmington Savings Fund Society FSB acquired a new position in Flex Ltd. (NASDAQ:FLEX) in the 3rd quarter, Holdings Channel reports. The firm acquired 2,240 shares of the technology company’s stock, valued at approximately $75,000.

Other large investors have also bought and sold shares of the company. Geode Capital Management LLC boosted its position in shares of Flex by 619.3% during the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after purchasing an additional 3,844,935 shares in the last quarter. Merewether Investment Management LP purchased a new stake in shares of Flex in the 2nd quarter worth about $72,808,000. Charles Schwab Investment Management Inc. increased its stake in shares of Flex by 462.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock worth $88,247,000 after acquiring an additional 2,170,262 shares in the last quarter. Point72 Asset Management L.P. lifted its position in 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 period. Finally, Simcoe Capital Management LLC bought a new stake in Flex during the third quarter worth about $22,075,000. 94.30% of the stock is owned by institutional investors.

Insider Activity at Flex

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the company’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 sale, the insider now owns 240,018 shares in the company, valued at $8,494,237.02. This represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Charles K. Stevens III sold 13,157 shares of Flex stock in a transaction dated Wednesday, November 6th. The shares were 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 approximately $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. 0.82% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Stifel Nicolaus lifted their target price on shares of Flex from $40.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research report on Tuesday, October 29th. The Goldman Sachs Group set a $39.00 price objective on shares of Flex in a research report on Thursday, October 17th. Barclays increased their price target on shares of Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Finally, Craig Hallum increased their price objective on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $42.67.

Flex Price Performance

NASDAQ FLEX opened at $38.64 on Friday. The stock has a market capitalization of $14.98 billion, a price-to-earnings ratio of 17.10, a PEG ratio of 2.43 and a beta of 1.10. 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 business’s fifty day moving average price is $37.45 and its 200-day moving average price is $33.35.

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.