State Board of Administration of Florida Retirement System Makes New $2.63 Million Investment in Flex Ltd. $FLEX

State Board of Administration of Florida Retirement System acquired a new stake in shares of Flex Ltd. (NASDAQ:FLEX) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 52,643 shares of the technology company’s stock, valued at approximately $2,628,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. BayBridge Capital Group LLC raised its stake in Flex by 2.1% in the second quarter. BayBridge Capital Group LLC now owns 11,400 shares of the technology company’s stock valued at $569,000 after buying an additional 235 shares during the last quarter. Pinnacle Bancorp Inc. raised its position in shares of Flex by 39.4% in the 2nd quarter. Pinnacle Bancorp Inc. now owns 864 shares of the technology company’s stock valued at $43,000 after purchasing an additional 244 shares during the last quarter. Archer Investment Corp boosted its stake in Flex by 8.9% in the 2nd quarter. Archer Investment Corp now owns 3,050 shares of the technology company’s stock worth $152,000 after purchasing an additional 250 shares in the last quarter. Farther Finance Advisors LLC grew its position in Flex by 1.8% during the 2nd quarter. Farther Finance Advisors LLC now owns 15,206 shares of the technology company’s stock worth $759,000 after purchasing an additional 266 shares during the last quarter. Finally, Uncommon Cents Investing LLC increased its stake in Flex by 4.1% during the 2nd quarter. Uncommon Cents Investing LLC now owns 6,850 shares of the technology company’s stock valued at $342,000 after purchasing an additional 270 shares in the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, COO Kwang Hooi Tan sold 12,500 shares of Flex stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $64.88, for a total transaction of $811,000.00. Following the completion of the transaction, the chief operating officer directly owned 251,136 shares in the company, valued at approximately $16,293,703.68. This trade represents a 4.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Daniel Wendler sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $56.66, for a total value of $566,600.00. Following the completion of the transaction, the chief accounting officer directly owned 37,619 shares of the company’s stock, valued at $2,131,492.54. The trade was a 21.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 152,500 shares of company stock valued at $9,011,950 over the last 90 days. Company insiders own 0.57% of the company’s stock.

Flex Price Performance

Shares of FLEX opened at $62.41 on Friday. The business’s 50-day moving average is $60.35 and its two-hundred day moving average is $53.72. The company has a market capitalization of $23.08 billion, a P/E ratio of 27.62, a P/E/G ratio of 1.62 and a beta of 1.26. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $67.00. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.83 and a current ratio of 1.33.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. The Goldman Sachs Group lifted their price objective on shares of Flex from $66.00 to $73.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Jefferies Financial Group reiterated a “hold” rating and set a $23.00 price target on shares of Flex in a research note on Wednesday, November 12th. Bank of America increased their price objective on Flex from $58.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Finally, Barclays lifted their target price on Flex from $60.00 to $78.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $65.75.

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.