Yousif Capital Management LLC Lowers Holdings in Flex Ltd. $FLEX

Yousif Capital Management LLC lowered its holdings in Flex Ltd. (NASDAQ:FLEX) by 9.0% in the third quarter, HoldingsChannel reports. The firm owned 122,696 shares of the technology company’s stock after selling 12,186 shares during the quarter. Yousif Capital Management LLC’s holdings in Flex were worth $7,113,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Flex in the second quarter worth $291,362,000. State Street Corp boosted its holdings in Flex by 38.0% in 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 during the period. Geode Capital Management LLC grew its stake 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 purchasing an additional 2,459,511 shares in the last quarter. Alyeska Investment Group L.P. increased its holdings in Flex by 73.6% during the 1st quarter. Alyeska Investment Group L.P. now owns 2,777,753 shares of the technology company’s stock worth $91,888,000 after purchasing an additional 1,177,970 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Flex by 44.0% in the 2nd 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 purchasing an additional 894,790 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Flex

In other Flex news, Director William D. Watkins sold 20,000 shares of Flex stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $54.52, for a total transaction of $1,090,400.00. Following the transaction, the director owned 98,073 shares of the company’s stock, valued at $5,346,939.96. The trade was a 16.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael P. Hartung sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $62.21, for a total transaction of $933,150.00. Following the transaction, the insider owned 211,198 shares in the company, valued at approximately $13,138,627.58. This trade represents a 6.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 107,500 shares of company stock valued at $6,593,750. 0.57% of the stock is owned by insiders.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $63.78 on Thursday. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $72.22. The firm has a market capitalization of $23.58 billion, a P/E ratio of 28.22, a P/E/G ratio of 1.69 and a beta of 1.26. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.33 and a quick ratio of 0.83. The company’s fifty day moving average price is $62.39 and its 200 day moving average price is $56.00.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on FLEX shares. JPMorgan Chase & Co. boosted their price objective on Flex from $60.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Flex in a report on Monday. KeyCorp increased their price objective on shares of Flex from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Jefferies Financial Group reaffirmed a “hold” rating and set a $23.00 price objective on shares of Flex in a research report on Wednesday, November 12th. Finally, Zacks Research raised Flex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.88.

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.