Louisiana State Employees Retirement System Invests $6.98 Million in Flex Ltd. $FLEX

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

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC bought a new position in Flex in the 4th quarter worth about $260,000. Goldman Sachs Group Inc. boosted its position 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 valued at $42,314,000 after acquiring an additional 211,046 shares during the last quarter. Empowered Funds LLC purchased a new position in shares of Flex during the first quarter worth about $397,000. EverSource Wealth Advisors LLC increased its position in shares of Flex by 63.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock worth $132,000 after purchasing an additional 1,031 shares during the last quarter. Finally, First Trust Advisors LP raised 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 valued at $3,099,000 after purchasing an additional 29,821 shares in the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FLEX. Stifel Nicolaus lifted their target price on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, April 20th. KeyCorp raised their price objective on shares of 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 shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Finally, Robert W. Baird set a $165.00 price target on Flex in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $115.70.

Insider Buying and Selling at Flex

In other news, EVP David Scott Offer sold 6,657 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.23, for a total transaction of $966,796.11. Following the completion of the sale, the executive vice president directly owned 91,122 shares in the company, valued at approximately $13,233,648.06. This represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 8,981 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.19, for a total value of $1,303,951.39. Following the completion of the sale, the chief operating officer directly owned 248,546 shares in the company, valued at $36,086,393.74. The trade was a 3.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 worth $110,116,823 over the last ninety days. 0.57% of the stock is owned by company insiders.

Flex Price Performance

Shares of Flex stock opened at $161.28 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. Flex Ltd. has a one year low of $47.83 and a one year high of $166.86. The business’s 50 day simple moving average is $129.83 and its two-hundred day simple moving average is $87.89. The stock has a market capitalization of $59.09 billion, a P/E ratio of 69.22, a price-to-earnings-growth ratio of 0.79 and a beta of 1.64.

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