Flex Ltd. (NASDAQ:FLEX) Stock Position Raised by Artisan Partners Limited Partnership

Artisan Partners Limited Partnership lifted its position in Flex Ltd. (NASDAQ:FLEX) by 18.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,337,150 shares of the technology company’s stock after buying an additional 367,179 shares during the quarter. Artisan Partners Limited Partnership owned about 0.61% of Flex worth $89,723,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in shares of Flex by 619.3% in the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after buying an additional 3,844,935 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Flex by 462.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock valued at $88,247,000 after acquiring an additional 2,170,262 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Flex by 210.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock worth $75,148,000 after purchasing an additional 1,327,298 shares during the period. Principal Financial Group Inc. acquired a new position in Flex during the fourth quarter valued at approximately $33,363,000. Finally, Raymond James Financial Inc. bought a new stake in Flex during the fourth quarter valued at about $32,293,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Stock Down 2.6 %

FLEX opened at $34.46 on Friday. Flex Ltd. has a twelve month low of $25.27 and a twelve month high of $45.10. The firm has a market cap of $13.20 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 2.43 and a beta of 1.07. The firm’s 50-day simple moving average is $39.28 and its 200-day simple moving average is $37.48. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping 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%. Equities research analysts anticipate that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on FLEX shares. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Barclays upped their price target 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 started coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price objective on the stock. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Flex currently has a consensus rating of “Buy” and a consensus target price of $44.33.

Insider Transactions at Flex

In other Flex news, Director Lay Koon Tan sold 50,000 shares of the company’s stock in a transaction on 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 transaction, the director now owns 202,850 shares of the company’s stock, valued at approximately $8,773,262.50. This represents a 19.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the sale, the insider now directly owns 233,526 shares of the company’s stock, valued at $10,249,456.14. This trade represents a 21.72 % 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.

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.