Louisiana State Employees Retirement System Buys New Holdings in Flex Ltd. $FLEX

Louisiana State Employees Retirement System purchased a new position in Flex Ltd. (NASDAQ:FLEX) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 106,600 shares of the technology company’s stock, valued at approximately $6,978,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Fifth Third Wealth Advisors LLC lifted its stake in Flex by 34.8% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 11,397 shares of the technology company’s stock valued at $746,000 after acquiring an additional 2,940 shares in the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of Flex in the 1st quarter worth $842,000. Cidel Asset Management Inc. purchased a new stake in shares of Flex in the first quarter valued at about $201,000. Hanson & Doremus Investment Management purchased a new stake in shares of Flex in the first quarter valued at about $227,000. Finally, Brookstone Capital Management lifted its position in shares of Flex by 4.0% during the first quarter. Brookstone Capital Management now owns 11,753 shares of the technology company’s stock valued at $769,000 after purchasing an additional 447 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $161.28 on Friday. The firm has a market capitalization of $59.09 billion, a PE ratio of 69.22, a P/E/G ratio of 0.79 and a beta of 1.64. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The company has a 50-day moving average price of $129.83 and a two-hundred day moving average price of $87.89. Flex Ltd. has a twelve month low of $47.83 and a twelve month high of $166.86.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The company had revenue of $7.48 billion for the quarter. Equities analysts forecast that Flex Ltd. will post 4.17 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on FLEX shares. Robert W. Baird set a $165.00 price objective on shares of Flex in a research note on Thursday, May 7th. The Goldman Sachs Group upped their target price on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a report on Thursday, May 7th. KeyCorp increased their price target on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. boosted their price objective on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $115.70.

Insider Buying and Selling

In other Flex news, EVP David Scott Offer sold 33,000 shares of Flex stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the completion of the transaction, the executive vice president owned 73,471 shares of the company’s stock, valued at $11,307,921.61. The trade was a 30.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Revathi Advaithi sold 197,879 shares of the company’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $144.32, for a total value of $28,557,897.28. Following the sale, the chief executive officer owned 623,466 shares in the company, valued at approximately $89,978,613.12. This represents a 24.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 769,195 shares of company stock valued at $110,116,823 in the last ninety days. 0.57% of the stock is owned by company insiders.

Flex Company Profile

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.