Quantbot Technologies LP Sells 93,136 Shares of Flex Ltd. (NASDAQ:FLEX)

Quantbot Technologies LP cut its holdings in Flex Ltd. (NASDAQ:FLEX) by 63.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,859 shares of the technology company’s stock after selling 93,136 shares during the quarter. Quantbot Technologies LP’s holdings in Flex were worth $1,801,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Harbor Capital Advisors Inc. purchased a new stake in shares of Flex in the 3rd quarter worth about $29,000. Huntington National Bank boosted its position in Flex by 87.9% during the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after acquiring an additional 479 shares in the last quarter. Kathleen S. Wright Associates Inc. purchased a new position in shares of Flex during the 3rd quarter worth approximately $39,000. Quarry LP bought a new position in shares of Flex in the 2nd quarter worth approximately $43,000. Finally, American Capital Advisory LLC purchased a new position in shares of Flex in the 2nd quarter valued at approximately $46,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insiders Place Their Bets

In other news, Director Charles K. Stevens III sold 13,157 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total transaction of $509,044.33. Following the transaction, the director now directly owns 55,713 shares of the company’s stock, valued at $2,155,535.97. This represents a 19.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction on Monday, October 28th. The stock was sold at an average price of $35.39, for a total value of $284,110.92. Following the completion of the sale, the insider now directly owns 240,018 shares of the company’s stock, valued at $8,494,237.02. The trade was a 3.24 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on FLEX shares. KeyCorp initiated coverage on Flex in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price objective for the company. The Goldman Sachs Group set a $39.00 target price on shares of Flex in a research note on Thursday, October 17th. Barclays boosted their price target on Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research report on Tuesday, October 29th. Finally, Craig Hallum boosted their target price on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $40.83.

Flex Stock Up 0.4 %

Flex stock opened at $38.97 on Friday. Flex Ltd. has a 12 month low of $21.84 and a 12 month high of $42.47. The stock has a fifty day simple moving average of $35.93 and a two-hundred day simple moving average of $32.63. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64. The firm has a market cap of $15.11 billion, a price-to-earnings ratio of 17.24, a PEG ratio of 2.47 and a beta of 1.08.

About Flex

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.