State of Alaska Department of Revenue Purchases New Holdings in Flex Ltd. (NASDAQ:FLEX)

State of Alaska Department of Revenue acquired a new stake in Flex Ltd. (NASDAQ:FLEX) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 44,210 shares of the technology company’s stock, valued at approximately $1,697,000.

Other hedge funds also recently made changes to their positions in the company. Janus Henderson Group PLC increased its holdings in Flex by 1.3% during the third quarter. Janus Henderson Group PLC now owns 26,874,144 shares of the technology company’s stock worth $898,389,000 after buying an additional 344,773 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Flex by 0.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,095,907 shares of the technology company’s stock worth $237,216,000 after purchasing an additional 31,214 shares during the period. JPMorgan Chase & Co. grew its holdings in Flex by 5.2% during the third 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 during the period. Geode Capital Management LLC increased its position in 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. Finally, State Street Corp raised its stake in shares of Flex by 19.7% in the third quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock valued at $122,503,000 after buying an additional 603,208 shares during the period. 94.30% of the stock is currently owned by institutional investors.

Flex Trading Down 0.6 %

Flex stock opened at $42.78 on Wednesday. The stock has a market cap of $16.39 billion, a P/E ratio of 17.25, a PEG ratio of 2.58 and a beta of 1.10. Flex Ltd. has a fifty-two week low of $25.27 and a fifty-two week high of $45.10. The firm’s fifty day moving average price is $40.34 and its 200-day moving average price is $36.02. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.41.

Flex (NASDAQ:FLEX) last released 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 return on equity of 17.93% and a net margin of 3.95%. Equities research analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Transactions at Flex

In related news, insider Michael P. Hartung sold 64,807 shares of the company’s 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 transaction, the insider now directly owns 233,526 shares in the company, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on FLEX shares. Barclays lifted 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. The Goldman Sachs Group set a $39.00 price target on shares of Flex in a research report on Thursday, October 17th. Stifel Nicolaus assumed coverage on shares of Flex in a report on Tuesday. They issued a “buy” rating and a $52.00 price objective for the company. KeyCorp started coverage on Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price on the stock. Finally, Craig Hallum lifted their price target on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Flex presently has an average rating of “Buy” and an average price target of $44.33.

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.