VIRGINIA RETIREMENT SYSTEMS ET Al Invests $8.66 Million in Flex Ltd. $FLEX

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Flex Ltd. (NASDAQ:FLEX) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 53,428 shares of the technology company’s stock, valued at approximately $8,659,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new position in shares of Flex during the fourth quarter valued at approximately $260,000. Goldman Sachs Group Inc. lifted its stake in shares of Flex by 19.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock worth $42,314,000 after acquiring an additional 211,046 shares during the last quarter. Empowered Funds LLC purchased a new position in Flex during the 1st quarter valued at $397,000. EverSource Wealth Advisors LLC grew its position in Flex by 63.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock valued at $132,000 after acquiring an additional 1,031 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in Flex by 92.4% in the second quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock worth $3,099,000 after purchasing an additional 29,821 shares during the period. 94.30% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on FLEX shares. Raymond James Financial set a $170.00 target price on Flex and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. Robert W. Baird set a $142.00 price objective on shares of Flex in a report on Thursday, July 30th. Zacks Research cut shares of Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flex in a research report on Friday, July 17th. Finally, Barclays lowered their price target on Flex from $203.00 to $144.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $114.20.

Insider Buying and Selling

In other Flex news, CEO Revathi Advaithi sold 197,879 shares of the business’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 completion of the transaction, the chief executive officer directly owned 623,466 shares in the company, valued at approximately $89,978,613.12. The trade was a 24.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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. Also, COO Kwang Tan sold 26,657 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,851,403.36. Following the completion of the sale, the chief operating officer owned 257,527 shares in the company, valued at $37,207,500.96. This represents a 9.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 426,938 shares of company stock valued at $61,941,083. 0.62% of the stock is currently owned by insiders.

Flex Price Performance

NASDAQ FLEX opened at $114.31 on Wednesday. The company has a market cap of $42.23 billion, a PE ratio of 44.14 and a beta of 1.67. The firm’s 50 day moving average price is $120.88 and its 200-day moving average price is $109.77. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 1.38. Flex Ltd. has a 52-week low of $53.07 and a 52-week high of $166.86.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. The company had revenue of $7.93 billion during the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. Sell-side analysts forecast that Flex Ltd. will post 4.27 EPS for the current fiscal year.

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.