New York State Common Retirement Fund Acquires 55,000 Shares of Flex Ltd. $FLEX

New York State Common Retirement Fund boosted its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 3.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,472,790 shares of the technology company’s stock after acquiring an additional 55,000 shares during the quarter. New York State Common Retirement Fund’s holdings in Flex were worth $85,378,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of FLEX. Norges Bank acquired a new position in shares of Flex during the second quarter worth approximately $291,362,000. State Street Corp raised its position in Flex by 38.0% in the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock worth $611,997,000 after purchasing an additional 3,377,669 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Flex by 52.1% during the 2nd quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock worth $358,500,000 after buying an additional 2,459,511 shares in the last quarter. Pacer Advisors Inc. boosted its position in Flex by 5,973.9% in the 3rd quarter. Pacer Advisors Inc. now owns 1,365,043 shares of the technology company’s stock valued at $79,132,000 after buying an additional 1,342,569 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Flex by 44.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,928,808 shares of the technology company’s stock valued at $146,206,000 after buying an additional 894,790 shares during the period. 94.30% of the stock is owned by institutional investors.

Flex Stock Performance

Shares of NASDAQ:FLEX opened at $65.47 on Friday. The firm’s 50 day simple moving average is $63.07 and its 200 day simple moving average is $58.73. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $72.22. The company has a market capitalization of $24.21 billion, a price-to-earnings ratio of 28.97, a P/E/G ratio of 1.75 and a beta of 1.24. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.33 and a quick ratio of 0.83.

Insider Buying and Selling

In related news, CAO Daniel Wendler sold 10,000 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $71.97, for a total transaction of $719,700.00. Following the sale, the chief accounting officer owned 27,619 shares of the company’s stock, valued at approximately $1,987,739.43. This trade represents a 26.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Michael E. Hurlston sold 10,000 shares of the business’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $58.00, for a total value of $580,000.00. Following the completion of the transaction, the director directly owned 58,561 shares of the company’s stock, valued at approximately $3,396,538. The trade was a 14.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 101,406 shares of company stock valued at $6,129,539. 0.57% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on FLEX shares. Bank of America upped their price target on Flex from $58.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Zacks Research downgraded shares of Flex from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Barclays reduced their target price on shares of Flex from $78.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 14th. Weiss Ratings reissued a “buy (b)” rating on shares of Flex in a research note on Monday, December 29th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $23.00 price objective on shares of Flex in a research note on Wednesday, November 12th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $66.11.

About Flex

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.