ARS Investment Partners LLC lowered its stake in Flex Ltd. (NASDAQ:FLEX – Get Rating) by 3.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,058,270 shares of the technology company's stock after selling 35,286 shares during the period. Flex accounts for 2.1% of ARS Investment Partners LLC's holdings, making the stock its 14th largest holding. ARS Investment Partners LLC owned approximately 0.23% of Flex worth $15,313,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its holdings in shares of Flex by 9.2% during the first quarter. Victory Capital Management Inc. now owns 21,382,355 shares of the technology company's stock worth $396,643,000 after purchasing an additional 1,800,973 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of Flex by 7.2% during the fourth quarter. Alliancebernstein L.P. now owns 21,008,183 shares of the technology company's stock worth $385,080,000 after purchasing an additional 1,414,461 shares during the period. Lyrical Asset Management LP lifted its holdings in shares of Flex by 1.2% during the first quarter. Lyrical Asset Management LP now owns 13,746,411 shares of the technology company's stock worth $254,996,000 after purchasing an additional 162,876 shares during the period. Boston Partners lifted its holdings in shares of Flex by 16.4% during the first quarter. Boston Partners now owns 13,263,113 shares of the technology company's stock worth $245,975,000 after purchasing an additional 1,866,361 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Flex by 1.6% during the first quarter. Dimensional Fund Advisors LP now owns 11,035,531 shares of the technology company's stock worth $204,669,000 after buying an additional 176,865 shares during the last quarter. Institutional investors and hedge funds own 95.01% of the company's stock.
Get Flex alerts:Analyst Ratings Changes
A number of equities analysts recently weighed in on the stock. Credit Suisse Group assumed coverage on shares of Flex in a research note on Tuesday, August 16th. They set an "outperform" rating and a $24.00 target price for the company. The Goldman Sachs Group lowered their target price on shares of Flex from $24.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, June 1st. Finally, StockNews.com raised shares of Flex from a "hold" rating to a "buy" rating in a research note on Saturday, August 6th.
Insider Buying and Selling at Flex
In other Flex news, CFO Paul Lundstrom sold 56,868 shares of Flex stock in a transaction on Friday, September 16th. The shares were sold at an average price of $17.64, for a total value of $1,003,151.52. Following the completion of the sale, the chief financial officer now directly owns 326,798 shares of the company's stock, valued at $5,764,716.72. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CFO Paul Lundstrom sold 56,868 shares of Flex stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $17.64, for a total transaction of $1,003,151.52. Following the completion of the transaction, the chief financial officer now directly owns 326,798 shares in the company, valued at $5,764,716.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David Scott Offer sold 120,000 shares of Flex stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $19.19, for a total transaction of $2,302,800.00. Following the transaction, the executive vice president now owns 262,164 shares of the company's stock, valued at $5,030,927.16. The disclosure for this sale can be found here. Insiders own 0.54% of the company's stock.Flex Stock Down 3.2 %
FLEX traded down $0.55 during midday trading on Friday, hitting $16.89. The company had a trading volume of 3,325,638 shares, compared to its average volume of 3,654,947. Flex Ltd. has a 52 week low of $13.63 and a 52 week high of $19.63. The company has a quick ratio of 0.68, a current ratio of 1.31 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $7.70 billion, a price-to-earnings ratio of 8.75, a PEG ratio of 0.75 and a beta of 1.49. The stock's 50 day moving average price is $17.51 and its 200 day moving average price is $16.71.
Flex Company Profile
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Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The company provides cross-industry technologies, including human-machine interface, internet of things platforms, power, sensor fusion, and smart audio.
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