Thrivent Financial for Lutherans Acquires 50,600 Shares of Flex Ltd. (NASDAQ:FLEX)

Thrivent Financial for Lutherans increased its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 35.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 194,305 shares of the technology company's stock after buying an additional 50,600 shares during the period. Thrivent Financial for Lutherans owned about 0.05% of Flex worth $7,459,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in Flex in the 4th quarter worth about $32,293,000. Mutual of America Capital Management LLC purchased a new stake in shares of Flex in the fourth quarter worth about $7,864,000. State of Alaska Department of Revenue bought a new position in shares of Flex in the fourth quarter valued at approximately $1,697,000. One Wealth Advisors LLC purchased a new position in Flex during the fourth quarter valued at approximately $368,000. Finally, JPMorgan Chase & Co. grew its position in shares of Flex by 5.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company's stock valued at $202,152,000 after purchasing an additional 296,505 shares in the last quarter. Institutional investors own 94.30% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. StockNews.com raised Flex from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. Barclays upped their price objective on Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Finally, Stifel Nicolaus began coverage on Flex in a report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price objective on the stock. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $44.33.

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Flex Trading Down 2.0 %

FLEX stock traded down $0.75 during midday trading on Tuesday, hitting $36.67. The company had a trading volume of 1,119,457 shares, compared to its average volume of 3,772,061. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. Flex Ltd. has a 52 week low of $25.27 and a 52 week high of $45.10. The stock has a market cap of $14.05 billion, a price-to-earnings ratio of 14.77, a PEG ratio of 2.43 and a beta of 1.07. The stock's 50 day moving average price is $39.64 and its 200 day moving average price is $37.46.

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

Insider Buying and Selling at Flex

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

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.