Arizona State Retirement System Has $4.42 Million Stock Position in Flex Ltd. (NASDAQ:FLEX)

Arizona State Retirement System lifted its position in shares of Flex Ltd. (NASDAQ:FLEX) by 0.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 115,236 shares of the technology company’s stock after acquiring an additional 403 shares during the period. Arizona State Retirement System’s holdings in Flex were worth $4,424,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. State of Alaska Department of Revenue acquired a new stake in shares of Flex during the fourth quarter worth $1,697,000. One Wealth Advisors LLC bought a new position in shares of Flex in the fourth quarter worth $368,000. JPMorgan Chase & Co. increased its position in shares of Flex by 5.2% in the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock worth $202,152,000 after purchasing an additional 296,505 shares during the period. Mutual of America Capital Management LLC bought a new position in shares of Flex in the fourth quarter worth $7,864,000. Finally, KBC Group NV increased its position in shares of Flex by 872.7% in the fourth quarter. KBC Group NV now owns 104,132 shares of the technology company’s stock worth $3,998,000 after purchasing an additional 93,426 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Stock Performance

Flex stock opened at $34.70 on Friday. Flex Ltd. has a 12-month low of $25.27 and a 12-month high of $45.10. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The business’s 50-day moving average price is $40.69 and its two-hundred day moving average price is $37.18. The stock has a market cap of $13.29 billion, a PE ratio of 13.99, a P/E/G ratio of 2.43 and a beta of 1.07.

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

Analysts Set New Price Targets

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

Insider Buying and Selling at Flex

In other news, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction dated 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 directly owns 233,526 shares in the company, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the sale, the director now owns 202,850 shares in the company, valued at approximately $8,773,262.50. This trade represents a 19.77 % 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.

Flex Profile

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.