New York State Teachers Retirement System Sells 18,756 Shares of Flex Ltd. $FLEX

Key Points

• New York State Teachers Retirement System reduced its Flex stake by 5.6% in Q1, selling 18,756 shares and leaving it with 314,624 shares valued at about $20.6 million.
• Flex reported strong recent operating results, with quarterly EPS of $0.93 on revenue of $7.48 billion, and analysts expect full-year EPS of 4.15.
• Sentiment remains mixed-to-positive: several analysts have raised price targets or upgraded the stock, while insiders have also sold shares recently, mostly tied to tax withholding from equity awards.

New York State Teachers Retirement System cut its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 5.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 314,624 shares of the technology company's stock after selling 18,756 shares during the period. New York State Teachers Retirement System owned approximately 0.09% of Flex worth $20,595,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. USA Financial Formulas acquired a new position in shares of Flex during the 4th quarter worth about $28,000. Parkside Financial Bank & Trust raised its position in shares of Flex by 57.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company's stock valued at $28,000 after acquiring an additional 166 shares during the period. Frazier Financial Advisors LLC bought a new position in Flex during the 4th quarter worth approximately $28,000. Gables Capital Management Inc. acquired a new position in Flex during the fourth quarter valued at approximately $42,000. Finally, Caitong International Asset Management Co. Ltd increased its stake in 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 valued at $43,000 after purchasing an additional 695 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

Flex Price Performance

Flex stock opened at $136.85 on Friday. The company has a 50 day moving average of $137.84 and a 200-day moving average of $91.11. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. Flex Ltd. has a twelve month low of $47.83 and a twelve month high of $166.86. The stock has a market capitalization of $50.14 billion, a PE ratio of 58.73, a price-to-earnings-growth ratio of 0.72 and a beta of 1.64.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. The business had revenue of $7.48 billion for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. On average, equities research analysts anticipate that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Insider Transactions at Flex

In related news, CAO Daniel Wendler sold 1,311 shares of the 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 transaction, the chief accounting officer directly owned 37,932 shares in the company, valued at approximately $5,507,726.40. This trade represents a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael P. Hartung sold 7,269 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.22, for a total value of $1,055,604.18. Following the completion of the sale, the insider owned 245,930 shares in the company, valued at $35,713,954.60. The trade was a 2.87% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 769,195 shares of company stock worth $110,116,823. 0.62% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

FLEX has been the topic of a number of recent analyst reports. Zacks Research raised shares of Flex from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 13th. Robert W. Baird set a $165.00 price objective on shares of Flex in a research report on Thursday, May 7th. KeyCorp raised their price objective on Flex from $75.00 to $180.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. lifted their target price on Flex from $75.00 to $84.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Finally, The Goldman Sachs Group increased their price target on Flex from $84.00 to $177.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. 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 company's stock. According to data from MarketBeat, Flex has a consensus rating of "Moderate Buy" and an average price target of $115.70.

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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