New York State Teachers Retirement System Sells 18,756 Shares of Flex Ltd. $FLEX

New York State Teachers Retirement System cut its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 5.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 314,624 shares of the technology company’s stock after selling 18,756 shares during the quarter. New York State Teachers Retirement System’s holdings in Flex were worth $20,595,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Flex by 196.1% during the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after purchasing an additional 25,662,586 shares during the last quarter. Norges Bank acquired a new position in shares of Flex during the 4th quarter worth approximately $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd bought a new stake in shares of Flex during the 4th quarter worth approximately $2,497,000. Sequoia Financial Advisors LLC raised its stake in shares of Flex by 12.5% during the 4th quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company’s stock worth $10,469,000 after purchasing an additional 19,270 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its holdings in shares of Flex by 62.3% in the 4th quarter. Teacher Retirement System of Texas now owns 340,389 shares of the technology company’s stock valued at $20,566,000 after buying an additional 130,641 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Stock Performance

FLEX stock opened at $136.85 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. The company has a fifty day moving average price of $137.84 and a two-hundred day moving average price of $91.11. Flex Ltd. has a one year low of $47.83 and a one year high of $166.86. The stock has a market cap of $50.14 billion, a price-to-earnings ratio of 58.73, a price-to-earnings-growth ratio of 0.72 and a beta of 1.64.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. The company had revenue of $7.48 billion for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. Equities analysts anticipate that Flex Ltd. will post 4.15 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FLEX. Wall Street Zen downgraded shares of Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. KeyCorp lifted their price objective on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Zacks Research raised shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Barclays raised their target price on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research note on Thursday, June 4th. Finally, JPMorgan Chase & Co. lifted their price target on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $115.70.

Insider Activity at Flex

In other Flex news, insider Michael P. Hartung sold 22,627 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the completion of the sale, the insider directly owned 253,199 shares in the company, valued at $36,582,191.52. This trade represents a 8.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 33,000 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $153.91, for a total value of $5,079,030.00. Following the completion of the sale, the executive vice president owned 73,471 shares of the company’s stock, valued at $11,307,921.61. This trade represents a 30.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 769,195 shares of company stock valued at $110,116,823 in the last 90 days. Insiders own 0.62% of the company’s stock.

About Flex

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.