California State Teachers Retirement System Increases Stock Holdings in Flex Ltd. $FLEX

California State Teachers Retirement System lifted its position in shares of Flex Ltd. (NASDAQ:FLEX) by 18,186.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 90,345,435 shares of the technology company’s stock after buying an additional 89,851,390 shares during the quarter. California State Teachers Retirement System owned approximately 0.24% of Flex worth $14,642,285,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Flex during the 4th quarter valued at about $319,756,000. State Street Corp lifted its holdings in shares of Flex by 38.0% in the second quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after purchasing an additional 3,377,669 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Flex by 694,916.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,641,062 shares of the technology company’s stock valued at $159,573,000 after purchasing an additional 2,640,682 shares during the last quarter. Polar Capital Holdings Plc increased its stake in shares of Flex by 141.8% during the 4th quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock worth $223,140,000 after purchasing an additional 2,165,780 shares in the last quarter. Finally, KBC Group NV raised its position in shares of Flex by 541.5% during the 1st quarter. KBC Group NV now owns 1,965,811 shares of the technology company’s stock worth $128,682,000 after purchasing an additional 1,659,384 shares during the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FLEX. Freedom Capital upgraded Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Zacks Research lowered Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flex in a research report on Friday, July 17th. Barclays cut their target price on shares of Flex from $203.00 to $144.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. Finally, Raymond James Financial set a $170.00 price target on shares of Flex and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $114.20.

Flex Stock Performance

Shares of FLEX opened at $109.51 on Tuesday. Flex Ltd. has a twelve month low of $53.07 and a twelve month high of $166.86. The firm has a market capitalization of $40.45 billion, a P/E ratio of 42.28 and a beta of 1.67. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95. The stock’s fifty day simple moving average is $121.84 and its 200 day simple moving average is $109.43.

Flex (NASDAQ:FLEX) last announced 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 research analysts forecast that Flex Ltd. will post 4.27 earnings per share for the current year.

Insider Activity

In related news, COO Kwang Tan sold 8,981 shares of Flex stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $145.19, for a total transaction of $1,303,951.39. Following the transaction, the chief operating officer owned 248,546 shares in the company, valued at approximately $36,086,393.74. The trade was a 3.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Daniel Wendler sold 1,311 shares of the company’s 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 of the company’s stock, valued at approximately $5,507,726.40. This trade represents a 3.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 426,938 shares of company stock worth $61,941,083. Insiders own 0.62% of the company’s stock.

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.