New Mexico Educational Retirement Board Takes Position in Flex Ltd. (NASDAQ:FLEX)

New Mexico Educational Retirement Board acquired a new stake in shares of Flex Ltd. (NASDAQ:FLEX) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 81,700 shares of the technology company’s stock, valued at approximately $3,136,000.

Other hedge funds have also recently modified their holdings of the company. Harbor Capital Advisors Inc. bought a new stake in shares of Flex during the 3rd quarter valued at $29,000. Huntington National Bank grew its position in shares of Flex by 87.9% during the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after acquiring an additional 479 shares during the period. R Squared Ltd bought a new position in Flex in the 4th quarter worth $35,000. First Horizon Advisors Inc. boosted its holdings in Flex by 23.6% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after buying an additional 305 shares during the period. Finally, UMB Bank n.a. bought a new position in Flex in the 4th quarter worth $64,000. Institutional investors own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

FLEX has been the subject of several recent analyst reports. KeyCorp initiated coverage on shares of Flex in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 target price for the company. Craig Hallum upped their target price on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Barclays upped their target price on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Stifel Nicolaus assumed coverage on shares of Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price for the company. Finally, StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $44.33.

Insider Activity

In related news, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the transaction, the insider now directly owns 233,526 shares in the company, valued at approximately $10,249,456.14. This represents a 21.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the transaction, the director now owns 202,850 shares in the company, valued at $8,773,262.50. The trade was a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Flex Stock Up 0.3 %

Shares of FLEX stock opened at $42.51 on Friday. The stock has a market cap of $16.29 billion, a P/E ratio of 17.14, a PEG ratio of 2.58 and a beta of 1.10. Flex Ltd. has a 52 week low of $25.27 and a 52 week high of $45.10. The company has a quick ratio of 0.85, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The company’s fifty day simple moving average is $40.64 and its two-hundred day simple moving average is $36.29.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. Analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

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.