Baker Avenue Asset Management LP Sells 5,550 Shares of Flex Ltd. (NASDAQ:FLEX)

Baker Avenue Asset Management LP decreased its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 2.4% in the third quarter, HoldingsChannel reports. The fund owned 222,567 shares of the technology company’s stock after selling 5,550 shares during the quarter. Baker Avenue Asset Management LP’s holdings in Flex were worth $7,440,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of FLEX. Harbor Capital Advisors Inc. bought a new position in Flex in the 3rd quarter worth $29,000. Kathleen S. Wright Associates Inc. purchased a new stake in Flex in the 3rd quarter worth $39,000. Quarry LP purchased a new stake in Flex in the 2nd quarter worth $43,000. American Capital Advisory LLC purchased a new stake in Flex in the 2nd quarter worth $46,000. Finally, Silicon Valley Capital Partners purchased a new stake in Flex in the 3rd quarter worth $74,000. Institutional investors own 94.30% of the company’s stock.

Insider Activity at Flex

In other news, Director Charles K. Stevens III sold 13,157 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were 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 approximately $2,155,535.97. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 shares were 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 directly owns 240,018 shares of the company’s stock, valued at approximately $8,494,237.02. This represents a 0.00 % 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 Charles K. Stevens III sold 13,157 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total transaction of $509,044.33. Following the sale, the director now directly owns 55,713 shares of the company’s stock, valued at $2,155,535.97. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 41,185 shares of company stock worth $1,442,555. 0.82% of the stock is owned by company insiders.

Flex Price Performance

Shares of FLEX traded up $0.09 during trading hours on Friday, reaching $40.09. The company had a trading volume of 2,836,052 shares, compared to its average volume of 2,794,579. The company has a market capitalization of $15.55 billion, a price-to-earnings ratio of 17.74, a PEG ratio of 2.30 and a beta of 1.08. Flex Ltd. has a 12-month low of $21.84 and a 12-month high of $40.29. The firm has a 50 day simple moving average of $33.39 and a 200-day simple moving average of $31.57. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FLEX. The Goldman Sachs Group set a $39.00 target price on shares of Flex in a research report on Thursday, October 17th. JPMorgan Chase & Co. increased their price objective on shares of Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. KeyCorp began coverage on shares of Flex in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 target price on the stock. Stifel Nicolaus raised their target price on shares of Flex from $32.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, Craig Hallum raised their target price on shares of Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Flex currently has an average rating of “Buy” and a consensus price target of $40.83.

Flex 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.