Flex Ltd. (NASDAQ:FLEX) Stake Lifted by California Public Employees Retirement System

California Public Employees Retirement System grew its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 63.9% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 2,423,404 shares of the technology company’s stock after acquiring an additional 944,928 shares during the quarter. California Public Employees Retirement System owned about 0.56% of Flex worth $73,817,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Cetera Trust Company N.A acquired a new position in Flex during the 4th quarter worth $305,000. CWM LLC boosted its position in Flex by 92.5% during the 4th quarter. CWM LLC now owns 1,609 shares of the technology company’s stock worth $49,000 after acquiring an additional 773 shares during the period. abrdn plc boosted its position in Flex by 106.0% during the 4th quarter. abrdn plc now owns 146,524 shares of the technology company’s stock worth $4,463,000 after acquiring an additional 75,387 shares during the period. Prosperity Wealth Management Inc. acquired a new position in Flex during the 4th quarter worth $222,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Flex by 13.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 95,139 shares of the technology company’s stock valued at $2,898,000 after buying an additional 11,526 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. upped their price objective on Flex from $32.00 to $34.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. The Goldman Sachs Group upped their price objective on Flex from $29.00 to $37.00 and gave the company a “buy” rating in a report on Monday, March 4th. Finally, StockNews.com assumed coverage on Flex in a report on Wednesday, March 6th. They issued a “hold” rating for the company. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $34.20.

Insider Activity

In related news, EVP David Scott Offer sold 75,000 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total transaction of $2,064,000.00. Following the transaction, the executive vice president now directly owns 162,094 shares of the company’s stock, valued at $4,460,826.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP David Scott Offer sold 75,000 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total transaction of $2,064,000.00. Following the transaction, the executive vice president now directly owns 162,094 shares of the company’s stock, valued at $4,460,826.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Rebecca Sidelinger sold 13,675 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $27.99, for a total value of $382,763.25. Following the transaction, the insider now directly owns 161,913 shares in the company, valued at $4,531,944.87. The disclosure for this sale can be found here. Insiders sold a total of 141,943 shares of company stock valued at $4,055,311 over the last three months. Insiders own 0.56% of the company’s stock.

Flex Trading Down 0.1 %

Shares of NASDAQ FLEX opened at $28.50 on Thursday. Flex Ltd. has a 12 month low of $19.44 and a 12 month high of $30.93. The company has a market cap of $12.00 billion, a price-to-earnings ratio of 16.96, a P/E/G ratio of 1.78 and a beta of 1.19. The company has a quick ratio of 0.86, a current ratio of 1.59 and a debt-to-equity ratio of 0.53. The business has a fifty day simple moving average of $28.44 and a 200-day simple moving average of $26.76.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, January 31st. The technology company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.53 by $0.10. Flex had a return on equity of 16.24% and a net margin of 2.56%. The business had revenue of $7.10 billion during the quarter, compared to the consensus estimate of $6.73 billion. Sell-side analysts predict that Flex Ltd. will post 2.16 EPS for the current year.

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.