Louisiana State Employees Retirement System Takes $4.13 Million Position in Flex Ltd. (NASDAQ:FLEX)

Louisiana State Employees Retirement System purchased a new position in shares of Flex Ltd. (NASDAQ:FLEX) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 107,600 shares of the technology company’s stock, valued at approximately $4,131,000.

Other hedge funds have also bought and sold shares of the company. Janus Henderson Group PLC increased its position in shares of Flex by 1.3% during the 3rd quarter. Janus Henderson Group PLC now owns 26,874,144 shares of the technology company’s stock valued at $898,389,000 after purchasing an additional 344,773 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Flex by 0.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,095,907 shares of the technology company’s stock valued at $237,216,000 after buying an additional 31,214 shares during the period. JPMorgan Chase & Co. increased its holdings in Flex by 5.2% during the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock worth $202,152,000 after buying an additional 296,505 shares during the last quarter. Geode Capital Management LLC raised its position in Flex by 619.3% in the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after acquiring an additional 3,844,935 shares during the period. Finally, State Street Corp raised its position in Flex by 19.7% in the third quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock worth $122,503,000 after acquiring an additional 603,208 shares during the period. 94.30% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday. They set a “buy” rating and a $52.00 price target for the company. Craig Hallum raised their target price on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. StockNews.com lowered Flex from a “buy” rating to a “hold” rating in a research note on Saturday, February 1st. The Goldman Sachs Group set a $39.00 price target on Flex in a research note on Thursday, October 17th. Finally, Barclays boosted their price objective on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Flex has an average rating of “Buy” and an average target price of $44.33.

Insider Buying and Selling

In related news, 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 transaction of $2,162,500.00. Following the completion of the transaction, the director now directly owns 202,850 shares in the company, valued at $8,773,262.50. The trade was a 19.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael P. Hartung sold 64,807 shares of the firm’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of 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 position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by insiders.

Flex Price Performance

Shares of NASDAQ FLEX opened at $43.01 on Thursday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.41. Flex Ltd. has a fifty-two week low of $25.27 and a fifty-two week high of $45.10. The stock has a market cap of $16.48 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 2.58 and a beta of 1.10. The stock has a fifty day moving average of $40.50 and a 200-day moving average of $36.14.

Flex (NASDAQ:FLEX) last posted its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share 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%. Equities research analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current year.

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.