Ashton Thomas Cuts Stake in Flex Ltd. by Over 70% in Q2

Ashton Thomas Private Wealth LLC has significantly reduced its stake in Flex Ltd. (NASDAQ: FLEX), decreasing its holdings by 70.9% during the second quarter of 2023. According to a recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC), the firm now owns 14,049 shares of the technology company’s stock, following the sale of 34,289 shares. At the end of this reporting period, Ashton Thomas’s remaining shares were valued at approximately $701,000.

The reduction in holdings comes as other institutional investors have also made adjustments to their investments in Flex. For instance, Brighton Jones LLC established a new position in the company during the fourth quarter, valued at around $260,000. Meanwhile, GAMMA Investing LLC increased its stake by a striking 231.2% in the first quarter, acquiring an additional 1,142 shares to reach a total of 1,636 shares, valued at $54,000.

Mirae Asset Global Investments Co. Ltd. exemplified a more aggressive approach, raising its stake by an astonishing 7,157.2% during the same quarter. The firm now holds 69,016 shares worth approximately $2,290,000. Similarly, Sumitomo Mitsui Trust Group Inc. and the New York State Teachers Retirement System have made notable increases in their positions, owning 112,253 shares and 355,545 shares respectively.

As of the latest trading session, Flex shares opened at $63.99, reflecting a 3.2% decline. The company boasts a market capitalization of $24.02 billion, a price-to-earnings (P/E) ratio of 28.31, and a beta of 1.15. Over the past year, the stock has fluctuated between a low of $25.11 and a high of $67.00.

Analyst Sentiment on Flex Shares

Recent reports from several equities analysts indicate a positive outlook for Flex. KeyCorp has increased its price target on the stock from $70.00 to $75.00 while maintaining an “overweight” rating. Similarly, the Goldman Sachs Group raised its price target from $66.00 to $73.00 and also assigned a “buy” rating. Barclays followed suit with a price target increase from $60.00 to $78.00 while keeping an “overweight” rating.

Despite this optimism, KGI Securities has revised its rating from “strong-buy” to “hold,” while Wall Street Zen downgraded Flex from “strong-buy” to “buy.” Currently, seven analysts have rated the stock with a Buy rating, and one has assigned a Hold rating. According to MarketBeat.com, Flex holds a consensus rating of “Moderate Buy” with an average price target of $69.67.

Insider Transactions Highlight Activity at Flex

In addition to institutional trading, insider activity at Flex has also been noteworthy. Chief Accounting Officer Daniel Wendler sold 10,000 shares on September 10, at an average price of $56.66, totaling approximately $566,600. Following this transaction, Wendler’s ownership decreased to 37,619 shares, valued at about $2,131,492.54.

Director Erin McSweeney sold 10,000 shares on August 22 at an average price of $51.47, equating to a total of $514,700. McSweeney’s position was reduced by 37.02%, leaving her with 17,012 shares valued at approximately $875,607.64. Over the past three months, insiders have sold a total of 105,020 shares worth around $6,070,442, with insiders now holding 0.57% of the stock.

Flex Ltd. provides comprehensive technology, supply chain, and manufacturing solutions across Asia, the Americas, and Europe. The company operates through three segments: Flex Agility Solutions, Flex Reliability Solutions, and Nextracker, which encompass a wide range of products and services.

For those interested in tracking investment activities related to Flex, more information can be found through platforms that provide updates on hedge fund holdings and insider trades.