Y Intercept Hong Kong Ltd Takes Position in Flex Ltd. $FLEX

Y Intercept Hong Kong Ltd acquired a new position in shares of Flex Ltd. (NASDAQ:FLEX) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 8,363 shares of the technology company’s stock, valued at approximately $485,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Flex in the 2nd quarter valued at $291,362,000. State Street Corp boosted its stake in shares of Flex by 38.0% during the second quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after purchasing an additional 3,377,669 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Flex by 52.1% during the second quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock worth $358,500,000 after purchasing an additional 2,459,511 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Flex by 5,973.9% in the 3rd quarter. Pacer Advisors Inc. now owns 1,365,043 shares of the technology company’s stock valued at $79,132,000 after buying an additional 1,342,569 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Flex by 44.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,928,808 shares of the technology company’s stock worth $146,206,000 after buying an additional 894,790 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Trading Up 2.0%

NASDAQ:FLEX opened at $65.99 on Wednesday. The firm has a fifty day simple moving average of $63.55 and a two-hundred day simple moving average of $59.08. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $72.22. The stock has a market capitalization of $24.40 billion, a price-to-earnings ratio of 29.20, a PEG ratio of 1.71 and a beta of 1.24. The company has a current ratio of 1.33, a quick ratio of 0.83 and a debt-to-equity ratio of 0.60.

Insider Buying and Selling at Flex

In other Flex news, insider Michael P. Hartung sold 15,000 shares of the stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $62.21, for a total value of $933,150.00. Following the transaction, the insider owned 211,198 shares in the company, valued at approximately $13,138,627.58. This represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kevin Krumm sold 21,406 shares of the business’s stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $61.23, for a total value of $1,310,689.38. Following the sale, the chief financial officer owned 143,803 shares of the company’s stock, valued at approximately $8,805,057.69. This represents a 12.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 86,406 shares of company stock worth $5,195,639 in the last quarter. Company insiders own 0.57% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on FLEX shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Flex in a research note on Monday, December 29th. Bank of America lifted their target price on Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Barclays lowered their price objective on Flex from $78.00 to $71.00 and set an “overweight” rating for the company in a research report on Wednesday, January 14th. Wall Street Zen downgraded shares of Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 9th. Finally, Raymond James Financial upgraded shares of Flex from a “market perform” rating to an “outperform” rating and set a $75.00 price target on the stock in a research report on Wednesday, January 14th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Flex has an average rating of “Moderate Buy” and an average price target of $66.11.

Flex Company Profile

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.