Hilltop National Bank Reduces Position in Flex Ltd. (NASDAQ:FLEX)

Hilltop National Bank cut its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 6.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,391 shares of the technology company’s stock after selling 393 shares during the period. Hilltop National Bank’s holdings in Flex were worth $207,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of FLEX. Geode Capital Management LLC boosted its position in shares of Flex by 619.3% during the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after buying an additional 3,844,935 shares during the last quarter. Merewether Investment Management LP purchased a new position in Flex in the second quarter worth about $72,808,000. Charles Schwab Investment Management Inc. raised its stake in shares of Flex by 462.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock worth $88,247,000 after buying an additional 2,170,262 shares during the period. Point72 Asset Management L.P. raised its stake in shares of Flex by 1,242.5% in the second quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock worth $21,495,000 after buying an additional 792,700 shares during the period. Finally, Simcoe Capital Management LLC bought a new position in shares of Flex in the third quarter worth about $22,075,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FLEX. StockNews.com downgraded Flex from a “buy” rating to a “hold” rating in a research note on Wednesday. Stifel Nicolaus raised their price objective on Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. The Goldman Sachs Group set a $39.00 price objective on Flex in a research note on Thursday, October 17th. KeyCorp began coverage on Flex in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price on the stock. Finally, Craig Hallum lifted their target price on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Flex presently has a consensus rating of “Buy” and an average price target of $42.67.

Flex Stock Performance

NASDAQ:FLEX opened at $40.21 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85. Flex Ltd. has a 1 year low of $21.84 and a 1 year high of $44.45. The stock’s 50 day simple moving average is $38.78 and its two-hundred day simple moving average is $34.09. The company has a market cap of $15.59 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 2.44 and a beta of 1.10.

Insiders Place Their Bets

In other news, Director Charles K. Stevens III sold 13,157 shares of Flex stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total value of $509,044.33. Following the completion of the transaction, the director now owns 55,713 shares in the company, valued at approximately $2,155,535.97. The trade was a 19.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction that occurred on Monday, October 28th. The stock was 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 of the company’s stock, valued at approximately $8,494,237.02. This trade represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

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.