JPMorgan Chase & Co. Raises Position in Flex Ltd. (NASDAQ:FLEX)

JPMorgan Chase & Co. grew its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 5.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,047,021 shares of the technology company's stock after acquiring an additional 296,505 shares during the quarter. JPMorgan Chase & Co. owned about 1.56% of Flex worth $202,152,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. First Horizon Advisors Inc. lifted its position in Flex by 23.6% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company's stock valued at $53,000 after acquiring an additional 305 shares in the last quarter. Stephens Inc. AR raised its stake in shares of Flex by 2.6% in the third quarter. Stephens Inc. AR now owns 14,106 shares of the technology company's stock worth $472,000 after purchasing an additional 361 shares during the last quarter. Raymond James Trust N.A. lifted its holdings in shares of Flex by 2.0% in the third quarter. Raymond James Trust N.A. now owns 20,720 shares of the technology company's stock valued at $693,000 after purchasing an additional 413 shares in the last quarter. Huntington National Bank boosted its position in shares of Flex by 87.9% during the third quarter. Huntington National Bank now owns 1,024 shares of the technology company's stock valued at $34,000 after buying an additional 479 shares during the last quarter. Finally, Wahed Invest LLC grew its holdings in Flex by 7.4% during the third quarter. Wahed Invest LLC now owns 9,637 shares of the technology company's stock worth $322,000 after buying an additional 667 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Flex Stock Performance

NASDAQ FLEX traded down $0.24 during trading on Tuesday, hitting $38.39. 1,377,560 shares of the company's stock traded hands, compared to its average volume of 4,296,269. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.85 and a current ratio of 1.43. The stock has a market capitalization of $14.89 billion, a price-to-earnings ratio of 16.99, a PEG ratio of 2.43 and a beta of 1.10. Flex Ltd. has a 12-month low of $21.84 and a 12-month high of $42.47. The business has a 50 day moving average of $38.05 and a 200-day moving average of $33.69.

Analysts Set New Price Targets

Several brokerages have recently commented on FLEX. The Goldman Sachs Group set a $39.00 price target on shares of Flex in a research report on Thursday, October 17th. KeyCorp started coverage on Flex in a report on Tuesday, October 22nd. They issued an "overweight" rating and a $41.00 target price for the company. Craig Hallum boosted their price objective on Flex from $39.00 to $45.00 and gave the stock a "buy" rating in a research report on Thursday, October 31st. StockNews.com raised Flex from a "hold" rating to a "buy" rating in a research report on Tuesday, October 29th. Finally, Barclays increased their price target on shares of Flex from $39.00 to $43.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $42.67.

Insider Activity at Flex

In related news, Director Charles K. Stevens III sold 13,157 shares of the business's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total transaction of $509,044.33. Following the sale, the director now directly 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of the firm's stock in a transaction dated 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 represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by corporate insiders.

About Flex

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.