Park Avenue Securities LLC Raises Holdings in Flex Ltd. (NASDAQ:FLEX)

Park Avenue Securities LLC increased its holdings in Flex Ltd. (NASDAQ:FLEX) by 12.2% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 24,484 shares of the technology company’s stock after acquiring an additional 2,654 shares during the period. Park Avenue Securities LLC’s holdings in Flex were worth $940,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. purchased a new position in Flex in the third quarter worth approximately $29,000. Huntington National Bank lifted its stake in Flex by 87.9% during the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after purchasing an additional 479 shares in the last quarter. Kathleen S. Wright Associates Inc. acquired a new position in Flex during the third quarter worth $39,000. Quarry LP acquired a new position in Flex during the second quarter worth $43,000. Finally, First Horizon Advisors Inc. lifted its stake in Flex by 23.6% during the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after purchasing an additional 305 shares in the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Flex Stock Performance

NASDAQ:FLEX opened at $42.72 on Tuesday. The firm has a market capitalization of $16.57 billion, a PE ratio of 18.90, a price-to-earnings-growth ratio of 2.56 and a beta of 1.10. The business’s fifty day moving average price is $39.27 and its 200 day moving average price is $34.71. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85. Flex Ltd. has a 12 month low of $22.02 and a 12 month high of $44.45.

Insider Activity at Flex

In other news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction dated 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 approximately $8,494,237.02. The trade was 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 accessible through this link. Also, Director Charles K. Stevens III sold 13,157 shares of Flex stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total value of $509,044.33. Following the sale, the director now 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.

Analysts Set New Price Targets

A number of research firms have commented on FLEX. Stifel Nicolaus upped their price target on Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Barclays upped their price target on Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Craig Hallum increased their price objective on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. The Goldman Sachs Group set a $39.00 price objective on Flex in a research note on Thursday, October 17th. Finally, KeyCorp began coverage on Flex in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price objective on the stock. 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, Flex currently has an average rating of “Buy” and a consensus target price of $42.67.

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.