L2 Asset Management LLC Grows Position in Flex Ltd. $FLEX

L2 Asset Management LLC raised its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 16.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 144,865 shares of the technology company’s stock after acquiring an additional 20,160 shares during the period. Flex comprises approximately 1.2% of L2 Asset Management LLC’s investment portfolio, making the stock its 14th largest holding. L2 Asset Management LLC’s holdings in Flex were worth $7,232,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FLEX. Jump Financial LLC purchased a new position in Flex in the first quarter valued at approximately $2,882,000. Benjamin Edwards Inc. bought a new stake in shares of Flex in the first quarter valued at $258,000. American Century Companies Inc. lifted its position in shares of Flex by 42.2% during the 1st quarter. American Century Companies Inc. now owns 986,492 shares of the technology company’s stock valued at $32,633,000 after buying an additional 292,646 shares during the last quarter. Voya Investment Management LLC grew its stake in shares of Flex by 16.7% during the 1st quarter. Voya Investment Management LLC now owns 4,813,888 shares of the technology company’s stock worth $159,243,000 after acquiring an additional 690,611 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Flex by 16.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,135,247 shares of the technology company’s stock worth $103,714,000 after acquiring an additional 453,455 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $62.41 on Monday. The company has a 50 day moving average of $60.35 and a 200 day moving average of $53.89. The company has a current ratio of 1.33, a quick ratio of 0.83 and a debt-to-equity ratio of 0.60. The stock has a market cap of $23.08 billion, a P/E ratio of 27.62, a P/E/G ratio of 1.66 and a beta of 1.26. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $67.00.

Analysts Set New Price Targets

FLEX has been the topic of a number of research reports. Barclays boosted their price objective on Flex from $60.00 to $78.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. KeyCorp boosted their price target 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. Zacks Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Jefferies Financial Group reiterated a “hold” rating and issued a $23.00 price objective on shares of Flex in a research note on Wednesday, November 12th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Flex from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Flex currently has an average rating of “Moderate Buy” and an average target price of $65.75.

Insider Buying and Selling

In other news, Director William D. Watkins sold 20,000 shares of Flex stock in a transaction dated 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 completion of the sale, the director owned 98,073 shares in the company, valued at approximately $5,346,939.96. This trade represents a 16.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Kwang Hooi Tan sold 12,500 shares of the business’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $64.88, for a total value of $811,000.00. Following the transaction, the chief operating officer directly owned 251,136 shares of the company’s stock, valued at $16,293,703.68. The trade was a 4.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 152,500 shares of company stock valued at $9,011,950 in the last ninety days. 0.57% of the stock is owned by insiders.

Flex Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.