Flex Ltd. $FLEX Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its position in Flex Ltd. (NASDAQ:FLEX) by 5.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,765,616 shares of the technology company’s stock after selling 163,192 shares during the period. Bank of New York Mellon Corp owned approximately 0.74% of Flex worth $160,323,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Fulton Bank N.A. increased its holdings in shares of Flex by 0.3% during the third quarter. Fulton Bank N.A. now owns 49,904 shares of the technology company’s stock valued at $2,893,000 after purchasing an additional 167 shares during the period. Diversified Trust Co raised its position in shares of Flex by 2.4% during the 3rd quarter. Diversified Trust Co now owns 7,697 shares of the technology company’s stock worth $446,000 after buying an additional 179 shares in the last quarter. Modera Wealth Management LLC lifted its stake in shares of Flex by 3.4% in the 3rd quarter. Modera Wealth Management LLC now owns 7,011 shares of the technology company’s stock worth $406,000 after acquiring an additional 231 shares during the period. Wilmington Savings Fund Society FSB boosted its holdings in shares of Flex by 7.4% in the third quarter. Wilmington Savings Fund Society FSB now owns 3,594 shares of the technology company’s stock valued at $208,000 after acquiring an additional 248 shares in the last quarter. Finally, Archer Investment Corp increased its stake in shares of Flex by 8.9% during the second quarter. Archer Investment Corp now owns 3,050 shares of the technology company’s stock valued at $152,000 after acquiring an additional 250 shares during the period. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FLEX has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their target price on Flex from $60.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Barclays dropped their price objective on Flex from $78.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 14th. Raymond James Financial raised Flex from a “market perform” rating to an “outperform” rating and set a $75.00 target price for the company in a research note on Wednesday, January 14th. KeyCorp lifted their target price on Flex from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Finally, Argus set a $85.00 price target on shares of Flex in a report on Friday, October 31st. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Flex presently has an average rating of “Moderate Buy” and an average target price of $66.11.

Insider Buying and Selling

In other news, Director William D. Watkins sold 20,000 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $54.52, for a total value of $1,090,400.00. Following the completion of the sale, the director owned 98,073 shares of the company’s stock, valued at $5,346,939.96. This trade represents a 16.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael E. Hurlston sold 10,000 shares of the company’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 transaction, the director directly owned 58,561 shares in the company, valued at $3,396,538. The trade was a 14.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 101,406 shares of company stock valued at $6,129,539. 0.57% of the stock is currently owned by company insiders.

Flex Price Performance

FLEX stock opened at $63.04 on Friday. The firm has a 50-day moving average of $63.22 and a two-hundred day moving average of $58.81. The firm has a market capitalization of $23.31 billion, a PE ratio of 27.89, a P/E/G ratio of 1.73 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. Flex Ltd. has a one year low of $25.11 and a one year high of $72.22.

Flex 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.