Flex Ltd. $FLEX Shares Sold by Iridian Asset Management LLC CT

Iridian Asset Management LLC CT lessened its position in shares of Flex Ltd. (NASDAQ:FLEX) by 21.3% during the 3rd quarter, Holdings Channel reports. The firm owned 78,916 shares of the technology company’s stock after selling 21,374 shares during the quarter. Flex comprises 1.8% of Iridian Asset Management LLC CT’s portfolio, making the stock its 19th largest holding. Iridian Asset Management LLC CT’s holdings in Flex were worth $4,575,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of FLEX. Boston Partners boosted its position in Flex by 3.5% in the second quarter. Boston Partners now owns 20,620,717 shares of the technology company’s stock valued at $1,029,769,000 after buying an additional 687,835 shares during the last quarter. State Street Corp lifted its stake in Flex by 38.0% during the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after acquiring an additional 3,377,669 shares during the period. Invesco Ltd. boosted its holdings in shares of Flex by 6.1% in the 2nd quarter. Invesco Ltd. now owns 8,871,601 shares of the technology company’s stock valued at $442,870,000 after acquiring an additional 508,495 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Flex by 52.1% in the second quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock worth $358,500,000 after acquiring an additional 2,459,511 shares during the period. Finally, Norges Bank purchased a new position in shares of Flex during the second quarter worth $291,362,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Flex

In related news, Director Michael E. Hurlston sold 10,000 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $58.00, for a total value of $580,000.00. Following the completion of the sale, the director owned 58,561 shares of the company’s stock, valued at approximately $3,396,538. The trade was a 14.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William D. Watkins sold 20,000 shares of the stock in a transaction on Friday, November 21st. The shares were sold at an average price of $54.52, for a total transaction of $1,090,400.00. Following the transaction, the director directly owned 98,073 shares in the company, valued at approximately $5,346,939.96. The trade was a 16.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 128,906 shares of company stock worth $7,904,439 in the last ninety days. Company insiders own 0.57% of the company’s stock.

Analysts Set New Price Targets

FLEX has been the topic of several analyst reports. Wall Street Zen downgraded Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 9th. JPMorgan Chase & Co. raised their target price on Flex from $60.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. KeyCorp lifted their price target on Flex from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. The Goldman Sachs Group upped their price objective on Flex from $67.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, December 9th. Finally, Barclays lifted their target price on shares of Flex from $60.00 to $78.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.88.

Flex Stock Up 1.9%

Shares of FLEX opened at $61.50 on Monday. The firm has a market cap of $22.74 billion, a P/E ratio of 27.21, a PEG ratio of 1.63 and a beta of 1.24. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $72.22. The stock’s 50 day moving average is $62.01 and its two-hundred day moving average is $57.48. The company has a current ratio of 1.33, a quick ratio of 0.83 and a debt-to-equity ratio of 0.60.

About Flex

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.