State of New Jersey Common Pension Fund D Sells 17,307 Shares of Flex Ltd. $FLEX

Key Points

• The State of New Jersey Common Pension Fund D has decreased its stake in Flex Ltd. by 12.3%, resulting in ownership of 123,432 shares valued at approximately $4.08 million.
• Flex experienced significant interest from other institutional investors, with Invesco Ltd. increasing its holding by 55.0% and Pacer Advisors Inc. growing its position by an extraordinary 3,794.6%.
• Analysts project a Moderate Buy rating for Flex, with an average price target increase to $53.71, reflecting positive sentiment despite a downgrade by KGI Securities.

State of New Jersey Common Pension Fund D cut its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 12.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 123,432 shares of the technology company's stock after selling 17,307 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Flex were worth $4,083,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. American Century Companies Inc. lifted its position in shares of Flex by 42.2% in the first quarter. American Century Companies Inc. now owns 986,492 shares of the technology company's stock worth $32,633,000 after purchasing an additional 292,646 shares in the last quarter. Ethic Inc. lifted its position in shares of Flex by 3.0% in the first quarter. Ethic Inc. now owns 21,748 shares of the technology company's stock worth $726,000 after purchasing an additional 627 shares in the last quarter. Brandywine Global Investment Management LLC lifted its position in shares of Flex by 7.4% in the first quarter. Brandywine Global Investment Management LLC now owns 143,211 shares of the technology company's stock worth $4,737,000 after purchasing an additional 9,862 shares in the last quarter. Aberdeen Group plc lifted its position in shares of Flex by 157.6% in the first quarter. Aberdeen Group plc now owns 320,888 shares of the technology company's stock worth $10,615,000 after purchasing an additional 196,334 shares in the last quarter. Finally, Vestmark Advisory Solutions Inc. lifted its position in shares of Flex by 100.1% in the first quarter. Vestmark Advisory Solutions Inc. now owns 15,026 shares of the technology company's stock worth $497,000 after purchasing an additional 7,517 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FLEX. Barclays increased their price target on shares of Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Stifel Nicolaus raised their price objective on shares of Flex from $45.00 to $52.00 and gave the company a "buy" rating in a research report on Friday, July 25th. JPMorgan Chase & Co. raised their price objective on shares of Flex from $44.00 to $60.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Wall Street Zen raised shares of Flex from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 26th. Finally, KeyCorp raised their price objective on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $53.71.

Flex Stock Performance

FLEX stock traded up $2.51 during midday trading on Friday, hitting $51.92. 3,241,831 shares of the company traded hands, compared to its average volume of 3,804,371. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $53.97. The company has a quick ratio of 0.83, a current ratio of 1.36 and a debt-to-equity ratio of 0.59. The business has a 50 day simple moving average of $50.15 and a 200-day simple moving average of $41.80. The stock has a market capitalization of $19.49 billion, a price-to-earnings ratio of 22.77, a price-to-earnings-growth ratio of 1.77 and a beta of 1.05.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.63 by $0.09. Flex had a return on equity of 20.25% and a net margin of 3.42%.The company had revenue of $6.58 billion for the quarter, compared to the consensus estimate of $6.27 billion. During the same quarter last year, the company posted $0.51 earnings per share. The company's revenue for the quarter was up 4.1% compared to the same quarter last year. Flex has set its FY 2026 guidance at 2.860-3.060 EPS. Q2 2026 guidance at 0.700-0.780 EPS. As a group, equities research analysts predict that Flex Ltd. will post 2.33 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Kwang Hooi Tan sold 12,500 shares of the firm's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $50.25, for a total value of $628,125.00. Following the sale, the chief operating officer owned 263,636 shares in the company, valued at approximately $13,247,709. This trade represents a 4.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Daniel Wendler sold 1,245 shares of the firm's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $56,037.45. Following the completion of the sale, the chief accounting officer owned 47,619 shares in the company, valued at approximately $2,143,331.19. The trade was a 2.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 661,706 shares of company stock valued at $28,746,344 in the last 90 days. 0.57% of the stock is currently owned by corporate insiders.

Flex 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.