Logan Capital Management Inc. Has $20.99 Million Stock Position in Flex Ltd. $FLEX

Logan Capital Management Inc. lessened its holdings in Flex Ltd. (NASDAQ:FLEX) by 9.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 420,468 shares of the technology company’s stock after selling 43,154 shares during the period. Flex accounts for about 1.0% of Logan Capital Management Inc.’s investment portfolio, making the stock its 22nd biggest holding. Logan Capital Management Inc.’s holdings in Flex were worth $20,990,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of FLEX. Rise Advisors LLC bought a new position in Flex during the first quarter valued at about $25,000. Olde Wealth Management LLC acquired a new position in shares of Flex during the 1st quarter valued at about $26,000. Cullen Frost Bankers Inc. bought a new position in shares of Flex in the 1st quarter valued at approximately $26,000. Concord Wealth Partners acquired a new stake in Flex in the 2nd quarter worth approximately $28,000. Finally, CNB Bank bought a new stake in Flex during the second quarter worth approximately $30,000. 94.30% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Flex

In other Flex news, Director Erin Mcsweeney sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $51.47, for a total value of $514,700.00. Following the completion of the sale, the director owned 17,012 shares in the company, valued at approximately $875,607.64. This trade represents a 37.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Daniel Wendler sold 10,000 shares of Flex 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 sale, the chief accounting officer directly owned 37,619 shares in the company, valued at $2,131,492.54. The trade was a 21.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 77,520 shares of company stock worth $4,295,542. Insiders own 0.57% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on FLEX shares. Bank of America boosted their price objective on shares of Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. JPMorgan Chase & Co. lifted their target price on shares of Flex from $44.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, July 17th. Weiss Ratings restated a “buy (b-)” rating on shares of Flex in a report on Wednesday, October 8th. Wall Street Zen lowered Flex from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 11th. Finally, The Goldman Sachs Group set a $66.00 price objective on Flex in a research report on Monday, September 29th. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $59.71.

Flex Stock Performance

NASDAQ:FLEX opened at $64.66 on Tuesday. The firm’s 50-day moving average is $57.36 and its 200-day moving average is $48.80. The company has a market cap of $24.27 billion, a price-to-earnings ratio of 28.36, a PEG ratio of 2.09 and a beta of 1.15. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 1.36. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $65.88.

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.