Janney Montgomery Scott LLC Cuts Stock Position in Flex Ltd. (NASDAQ:FLEX)

Janney Montgomery Scott LLC decreased its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 4.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 240,772 shares of the technology company’s stock after selling 12,354 shares during the quarter. Janney Montgomery Scott LLC owned about 0.06% of Flex worth $8,049,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Quantbot Technologies LP bought a new position in Flex in the 1st quarter worth about $633,000. Sciencast Management LP purchased a new stake in shares of Flex during the first quarter valued at approximately $543,000. SG Americas Securities LLC increased its position in shares of Flex by 24.6% during the first quarter. SG Americas Securities LLC now owns 8,766 shares of the technology company’s stock valued at $251,000 after acquiring an additional 1,729 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in Flex by 22.7% in the 1st quarter. Oppenheimer & Co. Inc. now owns 18,087 shares of the technology company’s stock worth $517,000 after acquiring an additional 3,342 shares during the last quarter. Finally, Illinois Municipal Retirement Fund lifted its position in Flex by 17.0% in the 1st quarter. Illinois Municipal Retirement Fund now owns 121,510 shares of the technology company’s stock valued at $3,476,000 after acquiring an additional 17,639 shares in the last quarter. 94.30% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on FLEX shares. The Goldman Sachs Group set a $39.00 target price on Flex in a report on Thursday, October 17th. JPMorgan Chase & Co. boosted their target price on Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Barclays lifted their price target on shares of Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. KeyCorp initiated coverage on shares of Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price objective on the stock. Finally, StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Tuesday, October 29th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Flex presently has a consensus rating of “Buy” and an average price target of $40.83.

Flex Price Performance

NASDAQ FLEX opened at $40.00 on Friday. The business’s fifty day moving average is $33.24 and its 200 day moving average is $31.46. Flex Ltd. has a fifty-two week low of $21.84 and a fifty-two week high of $40.06. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.85 and a current ratio of 1.43. The company has a market capitalization of $15.51 billion, a PE ratio of 17.70, a price-to-earnings-growth ratio of 2.08 and a beta of 1.08.

Insiders Place Their Bets

In other news, EVP David Scott Offer sold 10,000 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $32.95, for a total value of $329,500.00. Following the completion of the transaction, the executive vice president now owns 158,094 shares of the company’s stock, valued at $5,209,197.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP David Scott Offer sold 10,000 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $32.95, for a total value of $329,500.00. Following the transaction, the executive vice president now owns 158,094 shares of the company’s stock, valued at approximately $5,209,197.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $35.39, for a total transaction of $284,110.92. Following the transaction, the insider now directly owns 240,018 shares of the company’s stock, valued at $8,494,237.02. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,028 shares of company stock worth $933,511. Corporate insiders own 0.82% of the company’s stock.

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.