State of New Jersey Common Pension Fund D Lowers Position in Flex Ltd. (NASDAQ:FLEX)

State of New Jersey Common Pension Fund D trimmed its position in shares of Flex Ltd. (NASDAQ:FLEX) by 3.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 140,739 shares of the technology company’s stock after selling 4,427 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Flex were worth $5,403,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FLEX. Geode Capital Management LLC lifted its position in shares of Flex by 619.3% during the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after buying an additional 3,844,935 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Flex by 462.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock worth $88,247,000 after purchasing an additional 2,170,262 shares in the last quarter. Simcoe Capital Management LLC acquired a new stake in Flex in the 3rd quarter worth approximately $22,075,000. State Street Corp boosted its stake in Flex by 19.7% in the 3rd quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock worth $122,503,000 after purchasing an additional 603,208 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in Flex by 2,600.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 493,659 shares of the technology company’s stock worth $16,503,000 after purchasing an additional 475,376 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Price Performance

Shares of NASDAQ FLEX opened at $42.50 on Wednesday. The firm has a market cap of $16.28 billion, a PE ratio of 17.14, a PEG ratio of 2.58 and a beta of 1.10. The firm has a fifty day moving average of $40.72 and a 200 day moving average of $36.40. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.41. Flex Ltd. has a one year low of $25.27 and a one year high of $45.10.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, topping 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%. As a group, research analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FLEX. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective for the company. Barclays lifted their price objective on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. KeyCorp initiated coverage on shares of Flex in a report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price for the company. Finally, Craig Hallum lifted their target price on shares of Flex from $39.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $44.33.

Insiders Place Their Bets

In other news, Director Lay Koon Tan sold 50,000 shares of the business’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 of the company’s stock, valued at approximately $8,773,262.50. The trade was a 19.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael P. Hartung sold 64,807 shares of the business’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. The trade was a 21.72 % decrease in their position. The disclosure for this sale can be found here. 0.82% 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.