CIBC Asset Management Inc Grows Stake in Flex Ltd. (NASDAQ:FLEX)

CIBC Asset Management Inc raised its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 5.5% during the third quarter, HoldingsChannel reports. The firm owned 15,132 shares of the technology company’s stock after purchasing an additional 786 shares during the quarter. CIBC Asset Management Inc’s holdings in Flex were worth $506,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Boston Partners lifted its position in Flex by 113.8% during the first quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock valued at $548,519,000 after purchasing an additional 10,201,162 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Flex by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,978,522 shares of the technology company’s stock worth $235,289,000 after buying an additional 127,688 shares during the last quarter. Vanguard Group Inc. increased its stake in Flex by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 5,971,083 shares of the technology company’s stock worth $170,833,000 after buying an additional 141,580 shares in the last quarter. Merewether Investment Management LP acquired a new position in shares of Flex during the second quarter valued at approximately $72,808,000. Finally, Brandes Investment Partners LP boosted its stake in Flex by 8.3% during the 2nd quarter. Brandes Investment Partners LP now owns 2,055,170 shares of the technology company’s stock worth $60,592,000 after purchasing an additional 157,516 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insider Buying and Selling

In other news, 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 approximately $8,494,237.02. The trade was a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP David Scott Offer sold 10,000 shares of Flex stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $32.95, for a total transaction 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 trade represents a 5.95 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 31,185 shares of company stock valued at $1,122,655. 0.82% of the stock is currently owned by insiders.

Flex Price Performance

FLEX stock opened at $40.72 on Friday. Flex Ltd. has a 52-week low of $21.84 and a 52-week high of $41.50. The business has a fifty day moving average of $34.66 and a two-hundred day moving average of $32.12. The stock has a market cap of $15.79 billion, a price-to-earnings ratio of 18.02, a price-to-earnings-growth ratio of 2.37 and a beta of 1.08. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on FLEX shares. Barclays increased their target price on shares of Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Craig Hallum raised their target price on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. The Goldman Sachs Group set a $39.00 price target on Flex in a research report on Thursday, October 17th. Stifel Nicolaus boosted their price objective on Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Finally, StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research note on Tuesday, October 29th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Flex has a consensus rating of “Buy” and an average price target of $40.83.

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.