New York State Common Retirement Fund Acquires 55,000 Shares of Flex Ltd. $FLEX

New York State Common Retirement Fund raised its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 3.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,472,790 shares of the technology company’s stock after buying an additional 55,000 shares during the quarter. New York State Common Retirement Fund owned about 0.39% of Flex worth $85,378,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of FLEX. Boston Partners raised its stake in Flex by 3.5% during the 2nd quarter. Boston Partners now owns 20,620,717 shares of the technology company’s stock valued at $1,029,769,000 after purchasing an additional 687,835 shares during the last quarter. State Street Corp increased its holdings in shares of Flex by 38.0% during the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock worth $611,997,000 after purchasing an additional 3,377,669 shares during the period. Invesco Ltd. raised its position in shares of Flex by 6.1% during the second quarter. Invesco Ltd. now owns 8,871,601 shares of the technology company’s stock valued at $442,870,000 after buying an additional 508,495 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Flex by 52.1% in the second quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock valued at $358,500,000 after buying an additional 2,459,511 shares during the period. Finally, Norges Bank acquired a new stake in Flex during the second quarter worth about $291,362,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Insider Activity

In other Flex news, CFO Kevin Krumm sold 21,406 shares of the business’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $61.23, for a total value of $1,310,689.38. Following the transaction, the chief financial officer directly owned 143,803 shares in the company, valued at $8,805,057.69. The trade was a 12.96% 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 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $62.21, for a total transaction of $933,150.00. Following the sale, the insider directly owned 211,198 shares of the company’s stock, valued at approximately $13,138,627.58. The trade was a 6.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 101,406 shares of company stock worth $6,129,539 over the last ninety days. Corporate insiders own 0.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on FLEX. Zacks Research downgraded Flex from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Weiss Ratings restated a “buy (b)” rating on shares of Flex in a research note on Monday, December 29th. Bank of America lifted their price target on shares of Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. KeyCorp increased their price objective on shares of Flex from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Finally, Barclays reduced their price objective on shares of Flex from $78.00 to $71.00 and set an “overweight” rating for the company in a report on Wednesday, January 14th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.11.

Flex Stock Performance

Flex stock opened at $65.47 on Friday. The firm has a market capitalization of $24.21 billion, a P/E ratio of 28.97, a P/E/G ratio of 1.75 and a beta of 1.24. The stock has a fifty day moving average price of $63.07 and a two-hundred day moving average price of $58.73. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $72.22. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.33 and a quick ratio of 0.83.

About Flex

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.