California State Teachers Retirement System Has $32.34 Million Stake in Flex Ltd. $FLEX

California State Teachers Retirement System reduced its position in Flex Ltd. (NASDAQ:FLEX) by 3.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 494,045 shares of the technology company’s stock after selling 16,848 shares during the period. California State Teachers Retirement System owned approximately 0.13% of Flex worth $32,340,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Flex by 196.1% in the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after acquiring an additional 25,662,586 shares during the last quarter. Norges Bank acquired a new position in Flex during the 4th quarter valued at about $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd bought a new stake in Flex during the 4th quarter worth approximately $2,497,000. Sequoia Financial Advisors LLC increased its holdings in 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, Rithm Capital Corp. purchased a new stake in shares of Flex in the first quarter worth approximately $1,407,000. Institutional investors own 94.30% of the company’s stock.

Flex Price Performance

Shares of NASDAQ FLEX opened at $113.75 on Friday. The company has a market capitalization of $41.68 billion, a PE ratio of 43.92, a PEG ratio of 0.58 and a beta of 1.64. The company has a quick ratio of 0.87, a current ratio of 1.38 and a debt-to-equity ratio of 0.95. The stock’s 50 day moving average price is $139.51 and its 200-day moving average price is $99.72. Flex Ltd. has a twelve month low of $47.83 and a twelve month high of $166.86.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. The company had revenue of $7.93 billion during the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. On average, equities analysts anticipate that Flex Ltd. will post 4.18 EPS for the current year.

Insider Activity

In other news, CAO Daniel Wendler sold 1,311 shares of Flex stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $145.20, for a total transaction of $190,357.20. Following the sale, the chief accounting officer directly owned 37,932 shares in the company, valued at $5,507,726.40. The trade was a 3.34% decrease in their position. The transaction was disclosed in a document filed 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, COO Kwang Hooi Tan sold 8,981 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.19, for a total transaction of $1,303,951.39. Following the completion of the transaction, the chief operating officer directly owned 248,546 shares in the company, valued at $36,086,393.74. This trade represents a 3.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 769,195 shares of company stock worth $110,116,823. 0.62% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flex in a research report on Friday, July 17th. Barclays lowered their price target on Flex from $203.00 to $144.00 and set an “overweight” rating for the company in a research report on Thursday. Stifel Nicolaus raised their price objective on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Zacks Research downgraded shares of Flex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, KeyCorp increased their target price on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $114.20.

Flex Profile

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.