California Public Employees Retirement System Sells 90,681 Shares of Flex Ltd. (NASDAQ:FLEX)

California Public Employees Retirement System reduced its holdings in Flex Ltd. (NASDAQ:FLEX) by 10.4% in the 4th quarter, Holdings Channel reports. The fund owned 780,198 shares of the technology company’s stock after selling 90,681 shares during the quarter. California Public Employees Retirement System’s holdings in Flex were worth $29,952,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of FLEX. Sage Rhino Capital LLC raised its holdings in Flex by 1.1% during the 4th quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company’s stock worth $1,358,000 after buying an additional 374 shares during the period. Arizona State Retirement System raised its holdings in shares of Flex by 0.4% during the fourth quarter. Arizona State Retirement System now owns 115,236 shares of the technology company’s stock worth $4,424,000 after acquiring an additional 403 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Flex by 112.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock valued at $38,000 after acquiring an additional 509 shares in the last quarter. Blair William & Co. IL boosted its stake in Flex by 4.5% in the 4th quarter. Blair William & Co. IL now owns 13,568 shares of the technology company’s stock worth $521,000 after purchasing an additional 589 shares during the period. Finally, Atomi Financial Group Inc. increased its holdings in Flex by 6.4% during the 4th quarter. Atomi Financial Group Inc. now owns 10,413 shares of the technology company’s stock worth $400,000 after purchasing an additional 630 shares in the last quarter. Institutional investors own 94.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Barclays raised their price target on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Finally, Stifel Nicolaus started coverage on shares of Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price for the company. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $44.33.

Flex Trading Up 2.1 %

NASDAQ FLEX opened at $34.06 on Thursday. Flex Ltd. has a 12 month low of $25.27 and a 12 month high of $45.10. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The stock has a 50 day moving average of $38.47 and a 200-day moving average of $37.65. The company has a market cap of $13.05 billion, a PE ratio of 13.73, a PEG ratio of 2.43 and a beta of 1.07.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. On average, equities research analysts anticipate that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Lay Koon Tan sold 50,000 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the transaction, the director now owns 202,850 shares in the company, valued at approximately $8,773,262.50. This represents a 19.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the sale, the insider now owns 233,526 shares of the company’s stock, valued at $10,249,456.14. This trade represents a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.82% of the company’s stock.

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.