New York State Teachers Retirement System Increases Position in Flex Ltd. (NASDAQ:FLEX)

New York State Teachers Retirement System lifted its position in shares of Flex Ltd. (NASDAQ:FLEX) by 0.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 355,545 shares of the technology company’s stock after purchasing an additional 1,761 shares during the period. New York State Teachers Retirement System owned about 0.09% of Flex worth $11,761,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC purchased a new stake in Flex during the 4th quarter worth about $260,000. QRG Capital Management Inc. purchased a new stake in Flex during the fourth quarter worth approximately $201,000. Jones Financial Companies Lllp boosted its holdings in Flex by 133.4% in the fourth quarter. Jones Financial Companies Lllp now owns 2,322 shares of the technology company’s stock valued at $89,000 after purchasing an additional 1,327 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Flex in the fourth quarter valued at approximately $38,000. Finally, Steward Partners Investment Advisory LLC increased its stake in Flex by 149.7% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,307 shares of the technology company’s stock valued at $165,000 after purchasing an additional 2,582 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Insider Transactions at Flex

In other Flex news, COO Kwang Hooi Tan sold 8,509 shares of the stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $382,990.09. Following the completion of the transaction, the chief operating officer owned 276,136 shares in the company, valued at approximately $12,428,881.36. This represents a 2.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael P. Hartung sold 6,887 shares of the company’s stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $309,983.87. Following the transaction, the insider directly owned 303,718 shares in the company, valued at approximately $13,670,347.18. This trade represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,135,941 shares of company stock valued at $47,582,965. 0.82% of the stock is owned by company insiders.

Flex Stock Performance

NASDAQ:FLEX opened at $51.65 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.79. The firm has a market cap of $19.30 billion, a price-to-earnings ratio of 24.36, a price-to-earnings-growth ratio of 1.88 and a beta of 1.07. The firm’s fifty day moving average price is $42.61 and its 200 day moving average price is $39.21. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $52.17.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.04. The business had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. Flex had a net margin of 3.25% and a return on equity of 19.01%. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.57 earnings per share. On average, sell-side analysts expect that Flex Ltd. will post 2.33 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on FLEX shares. Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a report on Friday, June 27th. Barclays increased their price objective on Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, May 8th. Bank of America upped their price target on shares of Flex from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, June 9th. KeyCorp raised their price objective on shares of Flex from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. reduced their target price on shares of Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $48.29.

Flex Company Profile

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.