State of New Jersey Common Pension Fund D Has $12.30 Million Position in Flex Ltd. (NASDAQ:FLEX)

State of New Jersey Common Pension Fund D lowered its stake in Flex Ltd. (NASDAQ:FLEX) by 34.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 403,885 shares of the technology company’s stock after selling 216,649 shares during the period. State of New Jersey Common Pension Fund D owned 0.09% of Flex worth $12,302,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cornerstone Planning Group LLC acquired a new stake in shares of Flex in the third quarter valued at approximately $30,000. CWM LLC increased its holdings in shares of Flex by 92.5% in the fourth quarter. CWM LLC now owns 1,609 shares of the technology company’s stock valued at $49,000 after purchasing an additional 773 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of Flex by 276.6% in the fourth quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock valued at $60,000 after purchasing an additional 1,455 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in Flex during the 4th quarter worth $75,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in Flex during the 4th quarter worth $77,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Trading Up 0.7 %

Shares of NASDAQ FLEX traded up $0.20 during midday trading on Thursday, reaching $28.70. 2,513,555 shares of the stock were exchanged, compared to its average volume of 4,857,604. The business has a 50-day simple moving average of $28.44 and a two-hundred day simple moving average of $26.76. The company has a market capitalization of $12.09 billion, a price-to-earnings ratio of 17.07, a P/E/G ratio of 1.78 and a beta of 1.19. Flex Ltd. has a 12 month low of $19.44 and a 12 month high of $30.93. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.59 and a quick ratio of 0.86.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.53 by $0.10. The business had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.73 billion. Flex had a net margin of 2.56% and a return on equity of 16.24%. As a group, equities research analysts expect that Flex Ltd. will post 2.16 EPS for the current year.

Insider Activity at Flex

In related news, EVP David Scott Offer sold 75,000 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $27.52, for a total value of $2,064,000.00. Following the sale, the executive vice president now directly owns 162,094 shares of the company’s stock, valued at approximately $4,460,826.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Flex news, EVP David Scott Offer sold 75,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $27.52, for a total transaction of $2,064,000.00. Following the sale, the executive vice president now directly owns 162,094 shares of the company’s stock, valued at approximately $4,460,826.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Rebecca Sidelinger sold 13,675 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $27.99, for a total transaction of $382,763.25. Following the sale, the insider now directly owns 161,913 shares in the company, valued at $4,531,944.87. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 141,943 shares of company stock valued at $4,055,311. 0.56% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FLEX. StockNews.com began coverage on shares of Flex in a report on Wednesday, March 6th. They set a “hold” rating for the company. The Goldman Sachs Group lifted their target price on shares of Flex from $29.00 to $37.00 and gave the stock a “buy” rating in a report on Monday, March 4th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Flex presently has a consensus rating of “Moderate Buy” and an average price target of $34.20.

About Flex

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.