Whalen Wealth Management Inc. Reduces Position in Flex Ltd. $FLEX

Whalen Wealth Management Inc. cut its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 5.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,351 shares of the technology company’s stock after selling 570 shares during the period. Whalen Wealth Management Inc.’s holdings in Flex were worth $517,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of FLEX. Invesco Ltd. boosted its position in shares of Flex by 55.0% during the first quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company’s stock valued at $276,652,000 after buying an additional 2,968,285 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in Flex by 3,794.6% in the first quarter. Pacer Advisors Inc. now owns 2,900,133 shares of the technology company’s stock valued at $95,936,000 after acquiring an additional 2,825,667 shares during the period. Alyeska Investment Group L.P. lifted its holdings in Flex by 73.6% in the first quarter. Alyeska Investment Group L.P. now owns 2,777,753 shares of the technology company’s stock valued at $91,888,000 after acquiring an additional 1,177,970 shares during the period. Wellington Management Group LLP lifted its holdings in Flex by 4.8% in the first quarter. Wellington Management Group LLP now owns 21,742,194 shares of the technology company’s stock valued at $719,232,000 after acquiring an additional 996,276 shares during the period. Finally, Voya Investment Management LLC lifted its holdings in Flex by 16.7% in the first quarter. Voya Investment Management LLC now owns 4,813,888 shares of the technology company’s stock valued at $159,243,000 after acquiring an additional 690,611 shares during the period. 94.30% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Flex

In related news, CAO Daniel Wendler sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $56.66, for a total value of $566,600.00. Following the transaction, the chief accounting officer directly owned 37,619 shares of the company’s stock, valued at approximately $2,131,492.54. The trade was a 21.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William D. Watkins sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $51.79, for a total value of $517,900.00. Following the completion of the transaction, the director owned 111,355 shares of the company’s stock, valued at $5,767,075.45. The trade was a 8.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 105,020 shares of company stock worth $6,070,442 in the last three months. Corporate insiders own 0.57% of the company’s stock.

Flex Stock Down 0.6%

NASDAQ FLEX opened at $64.26 on Wednesday. The stock’s 50-day moving average price is $57.65 and its 200-day moving average price is $49.05. The company has a quick ratio of 0.83, a current ratio of 1.36 and a debt-to-equity ratio of 0.59. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $65.95. The company has a market capitalization of $24.12 billion, a P/E ratio of 28.18, a price-to-earnings-growth ratio of 2.10 and a beta of 1.15.

Wall Street Analyst Weigh In

FLEX has been the topic of a number of recent research reports. Wall Street Zen downgraded Flex from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 11th. KeyCorp increased their target price on Flex from $60.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, October 10th. Bank of America increased their target price on Flex from $58.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Stifel Nicolaus increased their target price on Flex from $45.00 to $52.00 and gave the company a “buy” rating in a report on Friday, July 25th. Finally, The Goldman Sachs Group set a $66.00 price objective on Flex in a research note on Monday, September 29th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.71.

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.