FIL Ltd Buys 187,263 Shares of Flex Ltd. (NASDAQ:FLEX)

FIL Ltd raised its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 9.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,262,441 shares of the technology company's stock after purchasing an additional 187,263 shares during the quarter. FIL Ltd owned about 0.59% of Flex worth $86,855,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Boston Partners increased its stake in Flex by 2.2% in the 4th quarter. Boston Partners now owns 26,114,574 shares of the technology company's stock valued at $1,006,436,000 after purchasing an additional 569,916 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Flex by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company's stock worth $472,155,000 after buying an additional 817,215 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Flex by 6.0% during the 4th quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company's stock valued at $246,006,000 after acquiring an additional 361,049 shares in the last quarter. Norges Bank acquired a new position in Flex during the fourth quarter worth about $229,484,000. Finally, Invesco Ltd. lifted its holdings in shares of Flex by 42.9% in the fourth quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock valued at $207,107,000 after purchasing an additional 1,620,812 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Price Performance

Shares of NASDAQ FLEX traded up $0.95 during mid-day trading on Tuesday, reaching $31.60. 1,020,544 shares of the company traded hands, compared to its average volume of 3,883,909. The stock has a fifty day simple moving average of $35.95 and a 200-day simple moving average of $37.45. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $45.10. The firm has a market cap of $12.11 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 2.43 and a beta of 0.99. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. Equities research analysts anticipate that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the transaction, the insider now directly owns 233,526 shares of the company's stock, valued at approximately $10,249,456.14. This represents a 21.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction on Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the transaction, the director now directly owns 202,850 shares of the company's stock, valued at approximately $8,773,262.50. The trade was a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.82% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. StockNews.com raised Flex from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. KeyCorp reduced their price objective on shares of Flex from $46.00 to $35.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. The Goldman Sachs Group lowered their target price on shares of Flex from $53.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Stifel Nicolaus assumed coverage on Flex in a research note on Tuesday, February 11th. They set a "buy" rating and a $52.00 price target on the stock. Finally, Barclays upped their target price on Flex from $43.00 to $49.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Flex has an average rating of "Buy" and an average price target of $43.67.

Flex Company 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.