53,428 Shares in Flex Ltd. $FLEX Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems acquired 53,428 shares of Flex in the second quarter, valued at approximately $8.66 million. Institutional investors collectively own 94.30% of the company.
• Analysts maintain a generally positive outlook, with Flex receiving a “Moderate Buy” consensus rating and an average price target of $114.20; targets cited in the article range from $142 to $170.
• Flex reported quarterly revenue of $7.93 billion and earnings of $1.00 per share. Meanwhile, insiders sold 426,938 shares worth about $61.94 million during the quarter, primarily to cover tax obligations tied to equity awards.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Flex Ltd. (NASDAQ:FLEX - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 53,428 shares of the technology company's stock, valued at approximately $8,659,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Frazier Financial Advisors LLC purchased a new stake in Flex during the fourth quarter valued at $28,000. Parkside Financial Bank & Trust increased its position in shares of Flex by 57.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company's stock valued at $28,000 after purchasing an additional 166 shares during the last quarter. Gables Capital Management Inc. bought a new position in shares of Flex in the 4th quarter worth approximately $42,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Flex by 6,318.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company's stock worth $43,000 after buying an additional 695 shares during the last quarter. Finally, Transamerica Financial Advisors LLC grew its position in shares of Flex by 168.7% during the 4th quarter. Transamerica Financial Advisors LLC now owns 841 shares of the technology company's stock valued at $51,000 after acquiring an additional 528 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FLEX has been the topic of a number of analyst reports. Robert W. Baird set a $142.00 price objective on Flex in a research note on Thursday, July 30th. Freedom Capital upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 16th. Raymond James Financial set a $170.00 target price on shares of Flex and gave the stock an "outperform" rating in a report on Wednesday, July 29th. Weiss Ratings restated a "buy (b-)" rating on shares of Flex in a research report on Friday, July 17th. Finally, Zacks Research downgraded shares of Flex from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Flex has an average rating of "Moderate Buy" and an average target price of $114.20.

Insider Buying and Selling at Flex

In related news, EVP David Offer sold 20,812 shares of Flex stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $144.47, for a total value of $3,006,709.64. Following the completion of the transaction, the executive vice president owned 97,779 shares in the company, valued at approximately $14,126,132.13. This trade represents a 17.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 197,879 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.32, for a total value of $28,557,897.28. Following the sale, the chief executive officer directly owned 623,466 shares in the company, valued at $89,978,613.12. The trade was a 24.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 426,938 shares of company stock valued at $61,941,083. Corporate insiders own 0.62% of the company's stock.

Flex Stock Performance

NASDAQ:FLEX opened at $114.31 on Wednesday. The company has a market cap of $42.23 billion, a price-to-earnings ratio of 44.14 and a beta of 1.67. Flex Ltd. has a 1 year low of $53.07 and a 1 year high of $166.86. The stock's 50 day simple moving average is $120.88 and its two-hundred day simple moving average is $109.77. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.38 and a quick ratio of 0.89.

Flex (NASDAQ:FLEX - Get Free Report) last posted its earnings results on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The firm had revenue of $7.93 billion during the quarter. As a group, equities analysts anticipate that Flex Ltd. will post 4.27 earnings per share for the current fiscal year.

Flex Profile

Flex NASDAQ: FLEX, formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.

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