Gateway Investment Advisers LLC Has $3.72 Million Stock Position in Flex Ltd. (NASDAQ:FLEX)

Gateway Investment Advisers LLC grew its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 153.6% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 111,399 shares of the technology company’s stock after buying an additional 67,468 shares during the period. Gateway Investment Advisers LLC’s holdings in Flex were worth $3,724,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Raymond James Trust N.A. increased its stake in Flex by 1.8% in the second quarter. Raymond James Trust N.A. now owns 20,307 shares of the technology company’s stock valued at $599,000 after purchasing an additional 360 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in shares of Flex by 5.3% during the first quarter. B. Riley Wealth Advisors Inc. now owns 9,299 shares of the technology company’s stock valued at $251,000 after acquiring an additional 471 shares in the last quarter. Resonant Capital Advisors LLC raised its position in shares of Flex by 8.6% during the first quarter. Resonant Capital Advisors LLC now owns 8,627 shares of the technology company’s stock worth $247,000 after purchasing an additional 683 shares during the period. Atomi Financial Group Inc. lifted its holdings in shares of Flex by 10.2% in the 2nd quarter. Atomi Financial Group Inc. now owns 7,984 shares of the technology company’s stock worth $235,000 after purchasing an additional 739 shares in the last quarter. Finally, Allegheny Financial Group LTD increased its stake in Flex by 4.8% during the 2nd quarter. Allegheny Financial Group LTD now owns 18,415 shares of the technology company’s stock valued at $543,000 after purchasing an additional 851 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Craig Hallum raised shares of Flex from a “hold” rating to a “buy” rating and boosted their target price for the stock from $27.00 to $39.00 in a research report on Thursday, July 25th. StockNews.com cut Flex from a “buy” rating to a “hold” rating in a research report on Thursday. Barclays raised their price objective on Flex from $34.00 to $39.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. increased their target price on shares of Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Finally, Stifel Nicolaus upped their price objective on shares of Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $38.40.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $35.11 on Friday. Flex Ltd. has a fifty-two week low of $21.84 and a fifty-two week high of $35.20. The company’s 50-day moving average is $31.49 and its 200 day moving average is $30.55. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.75 and a current ratio of 1.40. The company has a market capitalization of $13.94 billion, a P/E ratio of 15.74, a price-to-earnings-growth ratio of 2.00 and a beta of 1.09.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, July 24th. The technology company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.09. The firm had revenue of $6.31 billion during the quarter, compared to the consensus estimate of $5.89 billion. Flex had a net margin of 3.54% and a return on equity of 16.23%. On average, equities research analysts forecast that Flex Ltd. will post 2.06 earnings per share for the current year.

Insider Buying and Selling at Flex

In other news, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $31.78, for a total transaction of $255,129.84. Following the completion of the transaction, the insider now owns 175,468 shares in the company, valued at approximately $5,576,373.04. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP David Scott Offer sold 10,000 shares of Flex stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $32.95, for a total value of $329,500.00. Following the completion of the transaction, the executive vice president now directly owns 158,094 shares in the company, valued at approximately $5,209,197.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $31.78, for a total value of $255,129.84. Following the sale, the insider now owns 175,468 shares in the company, valued at approximately $5,576,373.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,028 shares of company stock worth $904,530 over the last ninety days. 0.82% of the stock is currently owned by company 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.