New York State Common Retirement Fund Trims Holdings in Flex Ltd. $FLEX

New York State Common Retirement Fund lessened its stake in Flex Ltd. (NASDAQ:FLEX) by 5.5% in the second quarter, Holdings Channel reports. The institutional investor owned 1,417,790 shares of the technology company’s stock after selling 82,103 shares during the quarter. New York State Common Retirement Fund’s holdings in Flex were worth $70,776,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Jump Financial LLC bought a new position in shares of Flex in the 1st quarter worth about $2,882,000. Benjamin Edwards Inc. acquired a new stake in Flex during the first quarter worth about $258,000. American Century Companies Inc. lifted its holdings in Flex by 42.2% in the first quarter. American Century Companies Inc. now owns 986,492 shares of the technology company’s stock worth $32,633,000 after acquiring an additional 292,646 shares during the last quarter. Voya Investment Management LLC boosted its stake in Flex by 16.7% in the first quarter. Voya Investment Management LLC now owns 4,813,888 shares of the technology company’s stock valued at $159,243,000 after acquiring an additional 690,611 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Flex by 16.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,135,247 shares of the technology company’s stock valued at $103,714,000 after purchasing an additional 453,455 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors.

Insider Activity at Flex

In related news, CAO Daniel Wendler sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $56.66, for a total transaction of $566,600.00. Following the sale, the chief accounting officer 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael E. Hurlston sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $58.00, for a total value of $580,000.00. Following the completion of the sale, the director owned 58,561 shares of the company’s stock, valued at $3,396,538. This trade represents a 14.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 152,500 shares of company stock worth $9,011,950 in the last three months. Insiders own 0.57% of the company’s stock.

Flex Price Performance

Shares of NASDAQ FLEX opened at $59.12 on Friday. The stock has a market cap of $21.86 billion, a P/E ratio of 26.16, a P/E/G ratio of 1.57 and a beta of 1.24. The firm’s 50-day simple moving average is $60.21 and its 200 day simple moving average is $53.20. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $67.00. The company has a quick ratio of 0.83, a current ratio of 1.33 and a debt-to-equity ratio of 0.60.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FLEX. Bank of America increased their price target on Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. JPMorgan Chase & Co. upped their price objective on Flex from $60.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Flex in a research note on Tuesday. Barclays boosted their price target on shares of Flex from $60.00 to $78.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Finally, Argus set a $85.00 price objective on shares of Flex in a research report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.75.

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.