VIRGINIA RETIREMENT SYSTEMS ET Al Sells 19,693 Shares of Flex Ltd. $FLEX

Key Points

• Virginia Retirement Systems reduced its Flex stake by 36.9%, selling 19,693 shares and retaining 33,735 shares valued at approximately $3.71 million. Institutional investors collectively own 94.3% of Flex.
• Flex reported stronger-than-expected quarterly results, with earnings of $1.18 per share versus the $1.06 consensus estimate and revenue of $8.49 billion, up 24.8% year over year.
• Despite several analysts lowering price targets, Flex maintains a consensus “Moderate Buy” rating, with an average target price of $131.78 compared with the reported share price of $86.48.

VIRGINIA RETIREMENT SYSTEMS ET Al trimmed its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 36.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,735 shares of the technology company's stock after selling 19,693 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Flex were worth $3,711,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Sei Investments Co. boosted its stake in shares of Flex by 52.2% during the 1st quarter. Sei Investments Co. now owns 2,230,622 shares of the technology company's stock valued at $146,016,000 after buying an additional 764,558 shares during the period. KBC Group NV increased its position in Flex by 541.5% in the 1st quarter. KBC Group NV now owns 1,965,811 shares of the technology company's stock worth $128,682,000 after purchasing an additional 1,659,384 shares during the last quarter. Amundi raised its stake in shares of Flex by 15.5% during the 1st quarter. Amundi now owns 1,494,418 shares of the technology company's stock worth $97,825,000 after purchasing an additional 200,553 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Flex by 9.3% during the 1st quarter. Pacer Advisors Inc. now owns 1,294,132 shares of the technology company's stock valued at $84,714,000 after buying an additional 109,992 shares during the last quarter. Finally, Swiss National Bank grew its stake in shares of Flex by 5.9% in the 1st quarter. Swiss National Bank now owns 1,085,250 shares of the technology company's stock valued at $71,040,000 after buying an additional 60,500 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Stock Performance

NASDAQ FLEX opened at $86.48 on Monday. Flex Ltd. has a twelve month low of $53.07 and a twelve month high of $166.86. The company has a quick ratio of 0.85, a current ratio of 1.34 and a debt-to-equity ratio of 0.90. The stock has a market cap of $31.95 billion, a P/E ratio of 31.22, a PEG ratio of 0.42 and a beta of 1.80. The company's 50-day simple moving average is $105.70 and its 200 day simple moving average is $102.84.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The technology company reported $1.18 earnings per share for the quarter, beating analysts' consensus estimates of $1.06 by $0.12. Flex had a return on equity of 24.93% and a net margin of 3.35%. The company had revenue of $8.49 billion for the quarter, compared to the consensus estimate of $8.17 billion. During the same period in the previous year, the business earned $0.79 earnings per share. The company's quarterly revenue was up 24.8% on a year-over-year basis. As a group, research analysts forecast that Flex Ltd. will post 4.27 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. JPMorgan Chase & Co. cut their price target on shares of Flex from $175.00 to $160.00 and set an "overweight" rating on the stock in a report on Thursday, July 30th. Barclays cut their target price on shares of Flex from $144.00 to $128.00 and set an "overweight" rating for the company in a research report on Thursday. Bank of America cut their price objective on Flex from $180.00 to $150.00 and set a "buy" rating for the company in a research report on Tuesday, October 27th. Freedom Capital upgraded Flex from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 16th. Finally, Raymond James Financial set a $170.00 price objective on shares of Flex and gave the stock an "outperform" rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $131.78.

Insider Activity at Flex

In other news, insider Michael P. Hartung sold 2,755 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $120.64, for a total value of $332,363.20. Following the sale, the insider owned 243,175 shares of the company's stock, valued at approximately $29,336,632. This represents a 1.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.62% of the company's stock.

Flex Company Profile

Flex Ltd. NASDAQ: FLEX is a global manufacturing and supply chain solutions provider. The company helps original equipment manufacturers design, engineer, manufacture, distribute and service products across their lifecycles.

Flex serves customers in industries including automotive, communications, consumer electronics, health care, industrial, lifestyle and cloud infrastructure. Its capabilities include product design and engineering, printed circuit board assembly, systems integration, supply chain management, logistics, and aftermarket services.

The company was founded in 1969 as Flextronics and later adopted the name Flex.

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