California State Teachers Retirement System Raises Stock Position in Flex Ltd. $FLEX

Key Points

• California State Teachers Retirement System dramatically increased its Flex stake by purchasing nearly 89.9 million additional shares in the second quarter, bringing its ownership to approximately 24.46% of the company.
• Analysts remain broadly optimistic, with one Strong Buy, nine Buy, and two Hold ratings. Flex has a consensus rating of “Moderate Buy” and an average price target of $114.20.
• Flex reported quarterly revenue of $7.93 billion and earnings of $1.00 per share, while insiders sold shares primarily to cover tax obligations; the stock recently opened at $109.51.

California State Teachers Retirement System lifted its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 18,186.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,345,435 shares of the technology company's stock after buying an additional 89,851,390 shares during the period. California State Teachers Retirement System owned approximately 24.46% of Flex worth $14,642,285,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Brighton Jones LLC acquired a new stake in shares of Flex during the fourth quarter worth about $260,000. Goldman Sachs Group Inc. boosted its position in shares of Flex by 19.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company's stock valued at $42,314,000 after purchasing an additional 211,046 shares during the period. Empowered Funds LLC purchased a new position in Flex during the 1st quarter worth approximately $397,000. EverSource Wealth Advisors LLC grew its stake in Flex by 63.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company's stock worth $132,000 after buying an additional 1,031 shares during the last quarter. Finally, First Trust Advisors LP increased its position in Flex by 92.4% during the second quarter. First Trust Advisors LP now owns 62,078 shares of the technology company's stock worth $3,099,000 after buying an additional 29,821 shares during the period. Institutional investors and hedge funds own 94.30% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FLEX. Raymond James Financial set a $170.00 price objective on Flex and gave the company an "outperform" rating in a report on Wednesday, July 29th. The Goldman Sachs Group reduced their price target on shares of Flex from $177.00 to $154.00 and set a "buy" rating for the company in a research report on Thursday, July 30th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Flex in a research note on Friday, July 17th. Barclays dropped their price objective on shares of Flex from $203.00 to $144.00 and set an "overweight" rating on the stock in a research note on Thursday, July 30th. Finally, Robert W. Baird set a $142.00 target price on shares of Flex in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $114.20.

Insider Transactions at Flex

In related news, EVP David Offer sold 6,657 shares of the business's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.23, for a total transaction of $966,796.11. Following the sale, the executive vice president owned 91,122 shares of the company's stock, valued at approximately $13,233,648.06. The trade was a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael P. Hartung sold 2,755 shares of the company's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total transaction of $332,363.20. Following the transaction, the insider owned 243,175 shares in the company, valued at $29,336,632. The trade was a 1.12% 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. Over the last three months, insiders have sold 426,938 shares of company stock valued at $61,941,083. 0.62% of the stock is owned by company insiders.

Flex Price Performance

Flex stock opened at $109.51 on Tuesday. The stock's 50 day moving average price is $121.84 and its 200 day moving average price is $109.43. Flex Ltd. has a 1-year low of $53.07 and a 1-year high of $166.86. The company has a market cap of $40.45 billion, a PE ratio of 42.28 and a beta of 1.67. 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 released 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 company had revenue of $7.93 billion during the quarter. On average, sell-side analysts predict that Flex Ltd. will post 4.27 EPS for the current fiscal year.

Flex Company 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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