JNBA Financial Advisors Acquires 7,396 Shares of Flex Ltd. $FLEX

JNBA Financial Advisors grew its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 21,752.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,430 shares of the technology company’s stock after purchasing an additional 7,396 shares during the quarter. JNBA Financial Advisors’ holdings in Flex were worth $1,204,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Flex in the fourth quarter valued at approximately $319,756,000. Rithm Capital Corp. purchased a new position in Flex during the 1st quarter worth $1,407,000. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in Flex during the 4th quarter worth $2,497,000. Sequoia Financial Advisors LLC raised its position in Flex by 12.5% during the 4th quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company’s stock valued at $10,469,000 after purchasing an additional 19,270 shares in the last quarter. Finally, North Dakota State Investment Board purchased a new stake in shares of Flex in the 4th quarter worth $794,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Trading Down 1.1%

Shares of NASDAQ:FLEX opened at $109.25 on Tuesday. The company has a market capitalization of $40.36 billion, a PE ratio of 42.18, a P/E/G ratio of 0.56 and a beta of 1.68. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95. Flex Ltd. has a 12-month low of $51.76 and a 12-month high of $166.86. The business’s fifty day simple moving average is $126.44 and its 200-day simple moving average is $107.89.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The firm had revenue of $7.93 billion during the quarter. As a group, equities research analysts predict that Flex Ltd. will post 4.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently issued reports on FLEX. The Goldman Sachs Group dropped their price target on Flex from $177.00 to $154.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. KeyCorp upped their price objective on shares of Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Raymond James Financial set a $170.00 target price on shares of Flex and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Barclays cut their target price on shares of Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Finally, Freedom Capital raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $114.20.

Insiders Place Their Bets

In other news, insider Michael P. Hartung sold 2,755 shares of Flex stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $120.64, for a total value of $332,363.20. Following the transaction, the insider owned 243,175 shares of the company’s stock, valued at $29,336,632. The trade was a 1.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 8,981 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.19, for a total transaction of $1,303,951.39. Following the transaction, the chief operating officer owned 248,546 shares of the company’s stock, valued at approximately $36,086,393.74. This trade represents a 3.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 459,938 shares of company stock worth $67,020,113. Insiders own 0.62% of the company’s stock.

About Flex

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.