Flex Ltd. $FLEX Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio lowered its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 3.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 132,568 shares of the technology company’s stock after selling 5,353 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Flex were worth $8,678,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC purchased a new stake in Flex during the 4th quarter worth about $260,000. Goldman Sachs Group Inc. boosted its stake in shares of Flex by 19.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock valued at $42,314,000 after buying an additional 211,046 shares during the period. Empowered Funds LLC acquired a new position in shares of Flex during the first quarter worth about $397,000. EverSource Wealth Advisors LLC grew its position in shares of Flex by 63.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock worth $132,000 after buying an additional 1,031 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Flex by 92.4% during the second quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock worth $3,099,000 after buying an additional 29,821 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Flex Stock Down 2.1%

FLEX opened at $116.07 on Tuesday. Flex Ltd. has a 52 week low of $47.83 and a 52 week high of $166.86. The business has a 50 day moving average price of $141.10 and a two-hundred day moving average price of $98.60. 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 market cap of $42.53 billion, a PE ratio of 49.82, a P/E/G ratio of 0.62 and a beta of 1.64.

Flex (NASDAQ:FLEX) last announced its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The company had revenue of $7.48 billion for the quarter. As a group, research analysts anticipate that Flex Ltd. will post 4.18 EPS for the current year.

Analyst Upgrades and Downgrades

FLEX has been the subject of a number of recent research reports. The Goldman Sachs Group lifted their price target on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Weiss Ratings reissued a “buy (b-)” rating on shares of Flex in a research report on Friday, July 17th. KeyCorp raised their price objective on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Freedom Capital upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Finally, Zacks Research lowered Flex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. 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, Flex presently has a consensus rating of “Moderate Buy” and an average price target of $115.70.

Insider Activity

In other Flex news, COO Kwang Hooi Tan sold 26,657 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total value of $3,851,403.36. Following the transaction, the chief operating officer directly owned 257,527 shares of the company’s stock, valued at approximately $37,207,500.96. The trade was a 9.38% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 197,879 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the transaction, the chief executive officer owned 623,466 shares of the company’s stock, valued at approximately $89,978,613.12. The trade was a 24.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. In the last 90 days, insiders have sold 769,195 shares of company stock valued at $110,116,823. Corporate insiders own 0.62% of the company’s stock.

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.