Connor Clark & Lunn Investment Management Ltd. Invests $429,000 in Flex Ltd. (NASDAQ:FLEX)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Flex Ltd. (NASDAQ:FLEX) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 12,818 shares of the technology company’s stock, valued at approximately $429,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its position in Flex by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 7,978,522 shares of the technology company’s stock worth $235,289,000 after acquiring an additional 127,688 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Flex by 2.4% in the first quarter. Vanguard Group Inc. now owns 5,971,083 shares of the technology company’s stock worth $170,833,000 after purchasing an additional 141,580 shares in the last quarter. Merewether Investment Management LP acquired a new position in Flex during the second quarter worth $72,808,000. Brandes Investment Partners LP raised its holdings in Flex by 8.3% during the second quarter. Brandes Investment Partners LP now owns 2,055,170 shares of the technology company’s stock valued at $60,592,000 after buying an additional 157,516 shares in the last quarter. Finally, TCW Group Inc. lifted its position in shares of Flex by 48.1% in the second quarter. TCW Group Inc. now owns 1,711,749 shares of the technology company’s stock worth $50,479,000 after buying an additional 556,286 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Insider Activity

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction 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 sale, the insider now owns 240,018 shares of the company’s stock, valued at $8,494,237.02. The trade was a 3.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Charles K. Stevens III sold 13,157 shares of the firm’s stock in a transaction dated 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 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. 0.82% of the stock is owned by company insiders.

Flex Price Performance

Shares of Flex stock opened at $38.97 on Friday. 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 company has a market cap of $15.11 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 2.47 and a beta of 1.08. The firm has a fifty day moving average price of $35.93 and a two-hundred day moving average price of $32.63. Flex Ltd. has a fifty-two week low of $21.84 and a fifty-two week high of $42.47.

Wall Street Analysts Forecast Growth

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

Flex Company 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.