National Pension Service Reduces Stock Position in Flex Ltd. $FLEX

National Pension Service trimmed its position in Flex Ltd. (NASDAQ:FLEX) by 15.3% during the second quarter, Holdings Channel.com reports. The firm owned 777,648 shares of the technology company’s stock after selling 140,144 shares during the period. National Pension Service’s holdings in Flex were worth $126,033,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of FLEX. California State Teachers Retirement System grew its holdings in shares of Flex by 18,186.9% during the second quarter. California State Teachers Retirement System now owns 90,345,435 shares of the technology company’s stock worth $14,642,285,000 after buying an additional 89,851,390 shares in the last quarter. Norges Bank purchased a new position in shares of Flex during the fourth quarter valued at approximately $319,756,000. State Street Corp boosted its position in Flex by 38.0% during the second quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock worth $611,997,000 after acquiring an additional 3,377,669 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Flex by 694,916.3% in the 4th 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 worth $159,573,000 after acquiring an additional 2,640,682 shares during the period. Finally, Polar Capital Holdings Plc raised its holdings in Flex by 141.8% in the 4th quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock valued at $223,140,000 after acquiring an additional 2,165,780 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 research analysts have weighed in on the company. Robert W. Baird set a $142.00 price objective on Flex in a report on Thursday, July 30th. Barclays dropped their target price on Flex from $203.00 to $144.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. The Goldman Sachs Group reduced their target price on Flex from $177.00 to $154.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Weiss Ratings reissued a “buy (b-)” rating on shares of Flex in a research note on Friday, July 17th. Finally, Zacks Research cut Flex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $114.20.

Insider Activity

In other Flex news, CAO Daniel Wendler sold 1,311 shares of the company’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.20, for a total transaction of $190,357.20. Following the completion of the sale, the chief accounting officer directly owned 37,932 shares in the company, valued at $5,507,726.40. This represents a 3.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Tan sold 8,981 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.19, for a total value of $1,303,951.39. Following the completion of the transaction, the chief operating officer owned 248,546 shares in the company, valued at approximately $36,086,393.74. This trade represents a 3.49% 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. Insiders have sold 426,938 shares of company stock valued at $61,941,083 in the last 90 days. 0.62% of the stock is owned by corporate insiders.

Flex Stock Down 4.1%

Shares of FLEX opened at $108.01 on Friday. Flex Ltd. has a fifty-two week low of $53.07 and a fifty-two week high of $166.86. The company’s fifty day moving average is $119.49 and its two-hundred day moving average is $110.41. The firm has a market cap of $39.90 billion, a PE ratio of 41.70, a price-to-earnings-growth ratio of 0.57 and a beta of 1.67. The company has a quick ratio of 0.89, a current ratio of 1.38 and a debt-to-equity ratio of 0.95.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. The business 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%. Analysts forecast that Flex Ltd. will post 4.27 earnings per share for the current year.

Flex Profile

Flex Ltd. (NASDAQ:FLEX) is a global manufacturing and supply-chain solutions company that helps original equipment manufacturers design, build and manage products. Its services span product design and engineering, prototyping, manufacturing, assembly, testing, logistics, supply-chain management and aftermarket support.

The company supports customers across industries including automotive, communications, consumer, industrial, healthcare and life sciences, and cloud and data-center infrastructure.