Wright Investors Service Inc. Takes Position in Flex Ltd. $FLEX

Wright Investors Service Inc. purchased a new stake in shares of Flex Ltd. (NASDAQ:FLEX) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 11,308 shares of the technology company’s stock, valued at approximately $656,000.

A number of other institutional investors have also recently bought and sold shares of FLEX. MTM Investment Management LLC purchased a new stake in shares of Flex during the 2nd quarter valued at $26,000. Concord Wealth Partners purchased a new stake in Flex during the second quarter worth about $28,000. CNB Bank bought a new stake in Flex in the second quarter worth about $30,000. Harbour Investments Inc. boosted its stake in Flex by 74.7% in the second quarter. Harbour Investments Inc. now owns 704 shares of the technology company’s stock valued at $35,000 after acquiring an additional 301 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in shares of Flex by 404.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 706 shares of the technology company’s stock valued at $35,000 after acquiring an additional 566 shares during the period. Institutional investors own 94.30% of the company’s stock.

Insider Activity at Flex

In other news, Director William D. Watkins sold 20,000 shares of the company’s 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 sale, the director directly owned 98,073 shares in the company, valued at $5,346,939.96. This represents a 16.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Daniel Wendler sold 10,000 shares of the stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $71.97, for a total transaction of $719,700.00. Following the completion of the sale, the chief accounting officer directly owned 27,619 shares in the company, valued at approximately $1,987,739.43. The trade was a 26.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 128,906 shares of company stock worth $7,904,439 in the last 90 days. 0.57% of the stock is owned by company insiders.

Flex Trading Up 4.3%

Shares of FLEX stock opened at $66.59 on Friday. The stock has a market capitalization of $24.62 billion, a price-to-earnings ratio of 29.46, a PEG ratio of 1.69 and a beta of 1.24. The company’s fifty day simple moving average is $62.06 and its two-hundred day simple moving average is $57.77. Flex Ltd. has a 1 year low of $25.11 and a 1 year high of $72.22. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.33 and a quick ratio of 0.83.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Raymond James Financial raised shares of Flex from a “market perform” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Wednesday. JPMorgan Chase & Co. raised their target price on Flex from $60.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. KeyCorp boosted their target price on Flex from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. The Goldman Sachs Group increased their price target on Flex from $67.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, December 9th. Finally, Barclays decreased their price objective on Flex from $78.00 to $71.00 and set an “overweight” rating for the company in a report on Wednesday. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $66.11.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.