Concentric Capital Strategies LP Grows Holdings in Flex Ltd. (NASDAQ:FLEX)

Concentric Capital Strategies LP boosted its stake in Flex Ltd. (NASDAQ:FLEX) by 153.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 462,044 shares of the technology company’s stock after purchasing an additional 279,516 shares during the period. Flex comprises approximately 0.6% of Concentric Capital Strategies LP’s portfolio, making the stock its 21st largest position. Concentric Capital Strategies LP owned 0.12% of Flex worth $15,446,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FLEX. Dimensional Fund Advisors LP lifted its position in shares of Flex by 1.6% during the second quarter. Dimensional Fund Advisors LP now owns 7,978,522 shares of the technology company’s stock worth $235,289,000 after purchasing an additional 127,688 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Flex by 0.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,095,907 shares of the technology company’s stock valued at $237,216,000 after buying an additional 31,214 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Flex by 462.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock valued at $88,247,000 after buying an additional 2,170,262 shares during the period. Merewether Investment Management LP acquired a new position in shares of Flex in the second quarter worth $72,808,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Flex by 2.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,184,485 shares of the technology company’s stock valued at $73,027,000 after acquiring an additional 49,928 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Tuesday, October 29th. Barclays increased their price objective 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 raised their price target on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. KeyCorp started coverage on Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price objective for the company. Finally, The Goldman Sachs Group set a $39.00 target price on Flex in a research note 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’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $40.83.

Flex Trading Up 0.4 %

NASDAQ:FLEX opened at $38.97 on Monday. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64. Flex Ltd. has a 52-week low of $21.84 and a 52-week high of $42.47. The stock’s 50 day moving average price is $35.93 and its 200 day moving average price is $32.68. The company has a market capitalization of $15.11 billion, a PE ratio of 17.24, a P/E/G ratio of 2.48 and a beta of 1.08.

Insider Activity at Flex

In related news, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $35.39, for a total value of $284,110.92. Following the transaction, the insider now owns 240,018 shares in the company, valued at $8,494,237.02. The trade was a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Charles K. Stevens III sold 13,157 shares of the stock in a transaction that occurred on 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 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 insiders.

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.