Flex Ltd. (NASDAQ:FLEX) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System lessened its stake in Flex Ltd. (NASDAQ:FLEX) by 0.3% in the 1st quarter, Holdings Channel.com reports. The firm owned 107,300 shares of the technology company’s stock after selling 300 shares during the period. Louisiana State Employees Retirement System’s holdings in Flex were worth $3,549,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Olde Wealth Management LLC acquired a new stake in Flex during the first quarter worth $26,000. CX Institutional purchased a new position in shares of Flex during the first quarter worth $29,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Flex during the fourth quarter worth $35,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Flex by 112.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock worth $38,000 after buying an additional 509 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of Flex by 231.2% during the first quarter. GAMMA Investing LLC now owns 1,636 shares of the technology company’s stock worth $54,000 after buying an additional 1,142 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Insider Buying and Selling

In other Flex news, CAO Daniel Wendler sold 1,245 shares of the firm’s stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $56,037.45. Following the sale, the chief accounting officer directly owned 47,619 shares in the company, valued at $2,143,331.19. This trade represents a 2.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael P. Hartung sold 6,887 shares of the firm’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total value of $309,983.87. Following the completion of the sale, the insider owned 303,718 shares in the company, valued at approximately $13,670,347.18. This represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,135,941 shares of company stock valued at $47,582,965 over the last 90 days. 0.57% of the stock is currently owned by corporate insiders.

Flex Trading Up 0.5%

NASDAQ:FLEX opened at $52.19 on Monday. The firm has a market cap of $19.50 billion, a PE ratio of 24.62, a price-to-earnings-growth ratio of 1.94 and a beta of 1.07. The stock has a fifty day moving average price of $44.58 and a 200 day moving average price of $39.77. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $52.54. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. Flex had a return on equity of 19.01% and a net margin of 3.25%. The firm had revenue of $6.40 billion during the quarter, compared to analyst estimates of $6.22 billion. During the same period last year, the business posted $0.57 earnings per share. Flex’s revenue was up 3.7% compared to the same quarter last year. Sell-side analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on FLEX. The Goldman Sachs Group lowered their price target on Flex from $53.00 to $41.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. Bank of America raised their price target on Flex from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday. Barclays raised their price target on Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, May 8th. Wall Street Zen lowered Flex from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 27th. Finally, JPMorgan Chase & Co. decreased their target price on 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 company currently has an average rating of “Buy” and an average price target of $49.43.

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.