California Public Employees Retirement System Has $73.82 Million Holdings in Flex Ltd. (NASDAQ:FLEX)

California Public Employees Retirement System raised its stake in Flex Ltd. (NASDAQ:FLEX) by 63.9% in the 4th quarter, HoldingsChannel reports. The fund owned 2,423,404 shares of the technology company’s stock after buying an additional 944,928 shares during the quarter. California Public Employees Retirement System’s holdings in Flex were worth $73,817,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ardsley Advisory Partners LP boosted its stake in shares of Flex by 11.5% in the 3rd quarter. Ardsley Advisory Partners LP now owns 393,500 shares of the technology company’s stock valued at $10,617,000 after purchasing an additional 40,500 shares during the last quarter. FNY Investment Advisers LLC bought a new position in Flex in the fourth quarter valued at approximately $2,909,000. Vontobel Holding Ltd. raised its position in shares of Flex by 21.8% during the 4th quarter. Vontobel Holding Ltd. now owns 201,902 shares of the technology company’s stock valued at $6,150,000 after acquiring an additional 36,082 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Flex by 9.3% in the 3rd quarter. Legal & General Group Plc now owns 2,291,905 shares of the technology company’s stock valued at $61,836,000 after purchasing an additional 195,447 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Flex by 5.7% in the 3rd quarter. Vanguard Group Inc. now owns 5,581,270 shares of the technology company’s stock worth $150,583,000 after purchasing an additional 302,086 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Stock Down 0.1 %

Flex stock opened at $28.50 on Thursday. The company’s 50 day simple moving average is $28.44 and its 200 day simple moving average is $26.76. Flex Ltd. has a fifty-two week low of $19.44 and a fifty-two week high of $30.93. The firm has a market capitalization of $12.00 billion, a price-to-earnings ratio of 16.96, a PEG ratio of 1.78 and a beta of 1.19. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.59 and a quick ratio of 0.86.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.10. Flex had a net margin of 2.56% and a return on equity of 16.24%. The business had revenue of $7.10 billion for the quarter, compared to analyst estimates of $6.73 billion. As a group, sell-side analysts anticipate that Flex Ltd. will post 2.16 EPS for the current year.

Insiders Place Their Bets

In other Flex news, EVP David Scott Offer sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $27.52, for a total transaction of $2,064,000.00. Following the sale, the executive vice president now directly owns 162,094 shares in the company, valued at approximately $4,460,826.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Flex news, insider Rebecca Sidelinger sold 13,675 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $27.99, for a total transaction of $382,763.25. Following the sale, the insider now directly owns 161,913 shares in the company, valued at approximately $4,531,944.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David Scott Offer sold 75,000 shares of Flex stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $27.52, for a total transaction of $2,064,000.00. Following the completion of the sale, the executive vice president now owns 162,094 shares in the company, valued at $4,460,826.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 141,943 shares of company stock worth $4,055,311. Company insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FLEX. The Goldman Sachs Group increased their target price on Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, March 4th. StockNews.com assumed coverage on shares of Flex in a research report on Wednesday, March 6th. They issued a “hold” rating on the stock. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Flex currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.20.

Flex Company 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.