New Mexico Educational Retirement Board Acquires New Shares in Flex Ltd. (NASDAQ:FLEX)

New Mexico Educational Retirement Board purchased a new position in Flex Ltd. (NASDAQ:FLEX - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 81,700 shares of the technology company's stock, valued at approximately $3,136,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its stake in shares of Flex by 1.3% in the third quarter. Janus Henderson Group PLC now owns 26,874,144 shares of the technology company's stock worth $898,389,000 after purchasing an additional 344,773 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Flex by 0.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,095,907 shares of the technology company's stock valued at $237,216,000 after acquiring an additional 31,214 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Flex by 5.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company's stock valued at $202,152,000 after acquiring an additional 296,505 shares during the last quarter. Geode Capital Management LLC raised its holdings 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 purchasing an additional 3,844,935 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Flex by 19.7% during the 3rd quarter. State Street Corp now owns 3,664,463 shares of the technology company's stock valued at $122,503,000 after buying an additional 603,208 shares during the period. Institutional investors own 94.30% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FLEX shares. StockNews.com upgraded shares of Flex from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. Stifel Nicolaus assumed coverage on shares of Flex in a report on Tuesday, February 11th. They issued a "buy" rating and a $52.00 target price for the company. KeyCorp started coverage on Flex in a research report on Tuesday, October 22nd. They set an "overweight" rating and a $41.00 target price for the company. Craig Hallum upped their target price on shares of Flex from $39.00 to $45.00 and gave the stock a "buy" rating in a research report on Thursday, October 31st. Finally, Barclays boosted their target price on Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $44.33.

Insider Activity at Flex

In other news, insider Michael P. Hartung sold 64,807 shares of the 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 sale, the insider now directly owns 233,526 shares of the company's stock, valued at $10,249,456.14. This represents a 21.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the transaction, the director now owns 202,850 shares in the company, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by company insiders.

Flex Stock Down 0.4 %

Shares of FLEX traded down $0.15 during trading hours on Wednesday, hitting $42.45. The company had a trading volume of 2,209,449 shares, compared to its average volume of 3,478,155. Flex Ltd. has a one year low of $25.27 and a one year high of $45.10. The company's fifty day moving average price is $40.72 and its two-hundred day moving average price is $36.40. The company has a market capitalization of $16.26 billion, a PE ratio of 17.12, a price-to-earnings-growth ratio of 2.48 and a beta of 1.10. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. As a group, equities analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Flex Company 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.