Flex Ltd. (NASDAQ:FLEX) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lowered its stake in Flex Ltd. (NASDAQ:FLEX) by 3.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 140,739 shares of the technology company’s stock after selling 4,427 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Flex were worth $5,403,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of FLEX. Harbor Capital Advisors Inc. acquired a new position in Flex in the third quarter valued at about $29,000. Huntington National Bank lifted its position in Flex by 87.9% in the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after buying an additional 479 shares during the last quarter. R Squared Ltd acquired a new position in Flex in the fourth quarter valued at about $35,000. First Horizon Advisors Inc. increased its stake in Flex by 23.6% during the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after purchasing an additional 305 shares during the period. Finally, UMB Bank n.a. purchased a new stake in Flex during the fourth quarter worth about $64,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Stock Performance

Shares of Flex stock opened at $42.50 on Wednesday. The firm has a market capitalization of $16.28 billion, a P/E ratio of 17.14, a P/E/G ratio of 2.58 and a beta of 1.10. Flex Ltd. has a 52 week low of $25.27 and a 52 week high of $45.10. The company has a quick ratio of 0.85, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The firm’s 50 day moving average is $40.72 and its two-hundred day moving average is $36.40.

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

Insider Activity

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on FLEX shares. KeyCorp started coverage on shares of Flex in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price target on the stock. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Barclays boosted 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. Stifel Nicolaus assumed coverage on shares of Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price on the stock. Finally, Craig Hallum upped their target price on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $44.33.

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.