Park Avenue Securities LLC Cuts Its Position in Flex Ltd. (NASDAQ:FLEX)

Park Avenue Securities LLC lessened its holdings in shares of Flex Ltd. (NASDAQ:FLEX – Free Report) by 35.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 23,122 shares of the technology company’s stock after selling 12,568 shares during the quarter. Park Avenue Securities LLC’s holdings in Flex were worth $682,000 at the end of the most recent quarter.

Other hedge funds have recently modified their positions in the company. International Assets Investment Management LLC acquired a new position in Flex in the fourth quarter valued at approximately $5,449,000. Cerity Partners LLC boosted its holdings in Flex by 22.8% during the 4th quarter. Cerity Partners LLC now owns 12,443 shares of the technology company’s stock valued at $379,000 after buying an additional 2,309 shares during the period. Sapient Capital LLC bought a new stake in Flex in the fourth quarter valued at $774,000. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Flex by 5.7% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 135,262 shares of the technology company’s stock worth $4,120,000 after buying an additional 7,300 shares during the period. Finally, Vontobel Holding Ltd. increased its position in Flex by 21.8% during the fourth quarter. Vontobel Holding Ltd. now owns 201,902 shares of the technology company’s stock valued at $6,150,000 after acquiring an additional 36,082 shares in the last quarter. 94.30% of the shares are currently held by hedge funds and other institutional investors.

Indoor activity

In related news, Director Michael D. Capellas sold 78,872 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $33.64, for a total transaction of $2,653,254.08. Following the completion of the sale, the director now directly owns 219,037 shares in the company, valued at approximately $7,368,404.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other Flex news, CEO Revathi Advaithi sold 61,042 shares of Flex stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $32.53, for a total value of $1,985,696.26. Following the transaction, the chief executive officer now directly owns 1,842,362 shares of the company’s stock, valued at $59,932,035.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, Director Michael D. Capellas sold 78,872 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $33.64, for a total value of $2,653,254.08. Following the sale, the director now owns 219,037 shares of the company’s stock, valued at approximately $7,368,404.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 559,062 shares of company stock worth $18,134,960. 0.82% of shares are currently owned by company insiders.

Changes in Analyst Ratings

Several research firms recently issued reports on FLEX. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, August 2nd. Craig Hallum upgraded Flex from a “hold” rating to a “buy” rating and boosted their price target for the company from $27.00 to $39.00 in a research report on Thursday, 25 July. JPMorgan Chase & Co. upped their target price on Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd. Barclays upped their target price on Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Finally, Stifel Nicolaus boosted their target price on shares of Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Six investment analysts have rated the stock with a buy rating. The company currently has an average rating of “Buy” and an average price target of $38.40, according to MarketBeat.

Check out our latest review of Flex

Flexible stock performance

Shares of NASDAQ:FLEX opened at $29.29 on Friday. The firm has a 50-day moving average of $30.63 and a 200-day moving average of $29.06. The company has a quick ratio of 0.79, a current ratio of 1.40, and a debt-to-equity ratio of 0.53. The company has a market cap of $11.68 billion, a price-to-earnings ratio of 12.73, a price-to-earnings-growth ratio of 2.03 and a beta of 1.12. Flex Ltd. has a 52 week low of $21.84 and a 52 week high of $34.12.

Flex Company Profile

(Free report)

Flex Ltd. provides technology, supply chain and manufacturing solutions in Asia, America and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS) and Nextracker. The FAS segment provides a flexible sourcing and manufacturing system that encompasses communications, enterprise and cloud solutions that include data, edge and communications infrastructure; lifestyle solution including appliances, consumer packaging, floor care, micro mobility and audio; and consumer devices such as mobile and high-speed devices.

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