Fred Alger Management LLC Sells 771 Shares of Flex Ltd. (NASDAQ:FLEX)

Fred Alger Management LLC cut its stake in Flex Ltd. (NASDAQ:FLEX) by 1.9% during the third quarter, HoldingsChannel reports. The fund owned 39,117 shares of the technology company’s stock after selling 771 shares during the quarter. Fred Alger Management LLC’s holdings in Flex were worth $1,308,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Harbor Capital Advisors Inc. purchased a new position in shares of Flex in the 3rd quarter worth approximately $29,000. Huntington National Bank increased its position in shares of Flex by 87.9% during the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after purchasing an additional 479 shares in the last quarter. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Flex in the 3rd quarter worth $39,000. Quarry LP purchased a new position in Flex during the 2nd quarter worth $43,000. Finally, American Capital Advisory LLC acquired a new position in Flex during the 2nd quarter valued at about $46,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Charles K. Stevens III sold 13,157 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $2,155,535.97. The trade was a 19.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $35.39, for a total value of $284,110.92. Following the completion of the transaction, the insider now owns 240,018 shares in the company, valued at $8,494,237.02. This represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.

Flex Stock Up 0.4 %

Shares of FLEX opened at $38.97 on Monday. The company has a market capitalization of $15.11 billion, a price-to-earnings ratio of 17.24, a PEG ratio of 2.48 and a beta of 1.08. Flex Ltd. has a 52 week low of $21.84 and a 52 week high of $42.47. The stock’s 50-day moving average price is $35.93 and its 200-day moving average price is $32.68. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64.

Analysts Set New Price Targets

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

Flex Company 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.