Wells Fargo & Company MN raised its stake in shares of Flex Ltd (NASDAQ:FLEX) by 25.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,641,321 shares of the technology company’s stock after purchasing an additional 1,134,493 shares during the quarter. Wells Fargo & Company MN owned about 1.06% of Flex worth $79,599,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of FLEX. Contour Asset Management LLC acquired a new stake in shares of Flex in the first quarter worth $91,302,000. BlackRock Inc. increased its stake in shares of Flex by 27.8% in the first quarter. BlackRock Inc. now owns 22,242,447 shares of the technology company’s stock worth $363,220,000 after acquiring an additional 4,844,002 shares during the period. Lateef Investment Management L.P. acquired a new stake in shares of Flex in the first quarter worth $28,944,000. Factory Mutual Insurance Co. increased its stake in shares of Flex by 162.6% in the second quarter. Factory Mutual Insurance Co. now owns 2,131,800 shares of the technology company’s stock worth $30,080,000 after acquiring an additional 1,320,000 shares during the period. Finally, Millennium Management LLC purchased a new stake in Flex during the first quarter worth $20,044,000. Institutional investors and hedge funds own 90.99% of the company’s stock.

Shares of Flex opened at $13.72 on Monday, according to Marketbeat. Flex Ltd has a 1 year low of $12.93 and a 1 year high of $19.71. The firm has a market cap of $7.31 billion, a P/E ratio of 17.15, a PEG ratio of 0.67 and a beta of 0.82. The company has a current ratio of 1.24, a quick ratio of 0.73 and a debt-to-equity ratio of 0.93.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Thursday, July 26th. The technology company reported $0.24 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.24. The business had revenue of $6.42 billion for the quarter, compared to the consensus estimate of $6.50 billion. Flex had a net margin of 1.62% and a return on equity of 14.02%. The company’s revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $0.24 earnings per share. research analysts anticipate that Flex Ltd will post 1.02 EPS for the current year.

A number of analysts recently issued reports on the stock. Raymond James downgraded shares of Flex from a “strong-buy” rating to a “market perform” rating and lowered their price target for the stock from $22.00 to $19.00 in a report on Friday, April 27th. Stifel Nicolaus lowered their price target on shares of Flex from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Friday, April 27th. BidaskClub raised shares of Flex from a “strong sell” rating to a “sell” rating in a report on Saturday, June 23rd. Standpoint Research raised shares of Flex from a “hold” rating to a “buy” rating in a report on Monday, June 18th. Finally, Zacks Investment Research raised shares of Flex from a “strong sell” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Wednesday, June 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $19.61.

In other Flex news, President Douglas Britt sold 8,067 shares of the stock in a transaction on Wednesday, June 27th. The shares were sold at an average price of $14.28, for a total transaction of $115,196.76. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Christopher Collier sold 49,217 shares of the stock in a transaction on Thursday, June 21st. The shares were sold at an average price of $14.50, for a total transaction of $713,646.50. Following the transaction, the chief financial officer now directly owns 821,355 shares in the company, valued at $11,909,647.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 619,564 shares of company stock worth $8,911,201. Insiders own 0.88% of the company’s stock.

Flex Profile

Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.

Read More: Price to Earnings Ratio (PE)

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Institutional Ownership by Quarter for Flex (NASDAQ:FLEX)

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