Deltec Asset Management LLC Buys 17,000 Shares of Flex Ltd. $FLEX

Deltec Asset Management LLC lifted its position in Flex Ltd. (NASDAQ:FLEX) by 12.3% during the 3rd quarter, Holdings Channel reports. The firm owned 155,419 shares of the technology company’s stock after acquiring an additional 17,000 shares during the period. Flex comprises about 1.5% of Deltec Asset Management LLC’s holdings, making the stock its 17th biggest holding. Deltec Asset Management LLC’s holdings in Flex were worth $9,010,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FLEX. Norges Bank bought a new position in Flex in the second quarter worth about $291,362,000. State Street Corp lifted its stake in shares of Flex by 38.0% in the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after purchasing an additional 3,377,669 shares during the period. Geode Capital Management LLC boosted its position in shares of Flex by 52.1% during the second quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock valued at $358,500,000 after purchasing an additional 2,459,511 shares in the last quarter. Pacer Advisors Inc. grew its stake in Flex by 5,973.9% in the third quarter. Pacer Advisors Inc. now owns 1,365,043 shares of the technology company’s stock worth $79,132,000 after purchasing an additional 1,342,569 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Flex by 44.0% in the second quarter. Bank of New York Mellon Corp now owns 2,928,808 shares of the technology company’s stock worth $146,206,000 after purchasing an additional 894,790 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors.

Flex Stock Performance

Shares of FLEX opened at $61.50 on Friday. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $72.22. The business’s fifty day simple moving average is $62.01 and its two-hundred day simple moving average is $57.42. The company has a current ratio of 1.33, a quick ratio of 0.83 and a debt-to-equity ratio of 0.60. The company has a market cap of $22.74 billion, a price-to-earnings ratio of 27.21, a P/E/G ratio of 1.63 and a beta of 1.24.

Insiders Place Their Bets

In other Flex news, CAO Daniel Wendler sold 10,000 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $71.97, for a total transaction of $719,700.00. Following the transaction, the chief accounting officer owned 27,619 shares in the company, valued at approximately $1,987,739.43. This represents a 26.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Kwang Hooi Tan sold 12,500 shares of the firm’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $64.88, for a total transaction of $811,000.00. Following the sale, the chief operating officer directly owned 251,136 shares in the company, valued at approximately $16,293,703.68. The trade was a 4.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 128,906 shares of company stock worth $7,904,439 in the last quarter. Insiders own 0.57% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FLEX. Jefferies Financial Group reiterated a “hold” rating and issued a $23.00 price target on shares of Flex in a research note on Wednesday, November 12th. The Goldman Sachs Group raised their target price on shares of Flex from $67.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, December 9th. KeyCorp boosted their price target on Flex from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Zacks Research downgraded Flex from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Flex in a research note on Monday, December 29th. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $65.88.

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.