Covestor Ltd Has $863,000 Stock Holdings in Flex Ltd. $FLEX

Covestor Ltd grew its position in Flex Ltd. (NASDAQ:FLEX) by 2,233.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 14,888 shares of the technology company’s stock after buying an additional 14,250 shares during the period. Flex makes up 0.5% of Covestor Ltd’s portfolio, making the stock its 18th largest position. Covestor Ltd’s holdings in Flex were worth $863,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In other news, CFO Kevin Krumm sold 21,406 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief financial officer owned 143,803 shares of the company’s stock, valued at approximately $8,805,057.69. The trade was a 12.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael E. Hurlston sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $58.00, for a total transaction of $580,000.00. Following the transaction, the director directly owned 58,561 shares in the company, valued at approximately $3,396,538. This represents a 14.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 128,906 shares of company stock worth $7,904,439 over the last three months. 0.57% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Zacks Research downgraded Flex from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Argus set a $85.00 target price on shares of Flex in a research note on Friday, October 31st. Bank of America boosted their target price on shares of Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Jefferies Financial Group reiterated a “hold” rating and issued a $23.00 price target on shares of Flex in a research note on Wednesday, November 12th. Finally, Barclays lowered their price objective on shares of Flex from $78.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 14th. Eight 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.com, Flex currently has a consensus rating of “Moderate Buy” and an average price target of $66.11.

Flex Stock Up 3.4%

Flex stock opened at $66.60 on Thursday. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $72.22. The stock has a market cap of $24.63 billion, a P/E ratio of 29.47, a P/E/G ratio of 1.71 and a beta of 1.24. The company’s 50-day moving average price is $62.26 and its two-hundred day moving average price is $58.23. The company has a quick ratio of 0.83, a current ratio of 1.33 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.