Flex Ltd. $FLEX Holdings Trimmed by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its position in Flex Ltd. (NASDAQ:FLEX) by 36.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 33,735 shares of the technology company’s stock after selling 19,693 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Flex were worth $3,711,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Burkett Financial Services LLC bought a new position in Flex in the third quarter valued at about $25,000. Reyes Financial Architecture Inc. bought a new position in shares of Flex in the 3rd quarter valued at about $28,000. Rosenberg Matthew Hamilton acquired a new stake in shares of Flex during the 3rd quarter worth approximately $29,000. Security National Bank of SO Dak bought a new stake in shares of Flex during the second quarter worth approximately $89,000. Finally, MassMutual Private Wealth & Trust FSB raised its stake in shares of Flex by 14.5% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 783 shares of the technology company’s stock worth $86,000 after buying an additional 99 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FLEX. Weiss Ratings downgraded Flex from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, September 17th. The Goldman Sachs Group cut their target price on Flex from $154.00 to $145.00 in a research note on Friday, October 16th. Wall Street Zen upgraded Flex from a “hold” rating to a “buy” rating in a research report on Saturday, September 26th. Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Finally, Raymond James Financial set a $170.00 price objective on shares of Flex and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $131.78.

Insider Activity

In other news, insider Michael P. Hartung sold 2,755 shares of Flex stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $120.64, for a total value of $332,363.20. Following the sale, the insider directly owned 243,175 shares in the company, valued at $29,336,632. This trade represents a 1.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.62% of the stock is owned by company insiders.

Flex Price Performance

Shares of FLEX stock opened at $86.48 on Monday. The company has a market capitalization of $31.95 billion, a price-to-earnings ratio of 31.22, a P/E/G ratio of 0.42 and a beta of 1.80. The company has a quick ratio of 0.85, a current ratio of 1.34 and a debt-to-equity ratio of 0.90. Flex Ltd. has a 12-month low of $53.07 and a 12-month high of $166.86. The firm has a fifty day moving average of $105.70 and a 200-day moving average of $102.84.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Wednesday, October 28th. The technology company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.12. The company had revenue of $8.49 billion for the quarter, compared to analyst estimates of $8.17 billion. Flex had a return on equity of 24.93% and a net margin of 3.35%. The company’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.79 earnings per share. As a group, equities research analysts predict that Flex Ltd. will post 4.27 earnings per share for the current fiscal year.

Flex Company Profile

Flex Ltd. (NASDAQ: FLEX) is a global manufacturing and supply chain solutions provider. The company helps original equipment manufacturers design, engineer, manufacture, distribute and service products across their lifecycles.

Flex serves customers in industries including automotive, communications, consumer electronics, health care, industrial, lifestyle and cloud infrastructure. Its capabilities include product design and engineering, printed circuit board assembly, systems integration, supply chain management, logistics, and aftermarket services.

The company was founded in 1969 as Flextronics and later adopted the name Flex.