New York State Common Retirement Fund Raises Holdings in Flex Ltd. (NASDAQ:FLEX)

New York State Common Retirement Fund increased its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 11.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,501,307 shares of the technology company’s stock after buying an additional 155,703 shares during the period. New York State Common Retirement Fund’s holdings in Flex were worth $57,635,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Venturi Wealth Management LLC purchased a new stake in Flex during the 4th quarter worth about $452,000. D.A. Davidson & CO. lifted its holdings in Flex by 14.4% during the 4th quarter. D.A. Davidson & CO. now owns 15,729 shares of the technology company’s stock worth $604,000 after purchasing an additional 1,980 shares in the last quarter. Truist Financial Corp lifted its holdings in Flex by 5.3% during the 4th quarter. Truist Financial Corp now owns 93,269 shares of the technology company’s stock worth $3,581,000 after purchasing an additional 4,708 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in Flex by 12.0% during the 4th quarter. CIBC Asset Management Inc now owns 16,946 shares of the technology company’s stock worth $651,000 after purchasing an additional 1,814 shares in the last quarter. Finally, Principal Financial Group Inc. purchased a new stake in Flex during the 4th quarter worth about $33,363,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insider Buying and Selling

In related news, insider Michael P. Hartung sold 64,807 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the transaction, the insider now directly owns 233,526 shares in the company, valued at $10,249,456.14. This trade represents a 21.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the transaction, the director now owns 202,850 shares in the company, valued at approximately $8,773,262.50. The trade was a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is owned by corporate insiders.

Flex Price Performance

Shares of Flex stock opened at $42.45 on Thursday. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $16.26 billion, a PE ratio of 17.12, a price-to-earnings-growth ratio of 2.48 and a beta of 1.10. The business’s 50-day moving average price is $40.90 and its 200-day moving average price is $36.54. Flex Ltd. has a 12 month low of $25.27 and a 12 month high of $45.10.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 EPS 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%. Sell-side analysts forecast that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Craig Hallum upped their target price on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Barclays upped their target price on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Finally, Stifel Nicolaus assumed coverage on Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Flex currently 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.