Teacher Retirement System of Texas Sells 31,606 Shares of Flex Ltd. (NASDAQ:FLEX)

Teacher Retirement System of Texas reduced its stake in Flex Ltd. (NASDAQ:FLEX) by 16.9% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 155,249 shares of the technology company’s stock after selling 31,606 shares during the quarter. Teacher Retirement System of Texas’ holdings in Flex were worth $4,729,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC boosted its position in Flex by 58.0% during the third quarter. Commonwealth Equity Services LLC now owns 33,370 shares of the technology company’s stock worth $900,000 after purchasing an additional 12,248 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Flex by 3.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 463,264 shares of the technology company’s stock valued at $12,499,000 after acquiring an additional 14,205 shares in the last quarter. Allworth Financial LP boosted its position in shares of Flex by 345.1% during the 3rd quarter. Allworth Financial LP now owns 3,209 shares of the technology company’s stock valued at $87,000 after acquiring an additional 2,488 shares during the last quarter. Genus Capital Management Inc. grew its holdings in shares of Flex by 60.0% during the third quarter. Genus Capital Management Inc. now owns 106,720 shares of the technology company’s stock worth $2,879,000 after purchasing an additional 40,000 shares in the last quarter. Finally, California Public Employees Retirement System increased its position in shares of Flex by 58.4% in the third quarter. California Public Employees Retirement System now owns 1,478,476 shares of the technology company’s stock worth $39,889,000 after purchasing an additional 544,980 shares during the last quarter. Institutional investors own 94.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. StockNews.com assumed coverage on shares of Flex in a research note on Wednesday, March 6th. They issued a “hold” rating for the company. The Goldman Sachs Group increased their target price on Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Barclays upped their price objective on Flex from $30.00 to $34.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Craig Hallum cut Flex from a “buy” rating to a “hold” rating and decreased their price objective for the company from $28.00 to $27.00 in a report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. upped their target price on Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Two analysts have 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 an average rating of “Moderate Buy” and a consensus target price of $32.83.

Flex Price Performance

FLEX opened at $28.56 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.59 and a quick ratio of 0.86. The stock’s 50 day simple moving average is $28.50 and its 200 day simple moving average is $27.04. The firm has a market cap of $12.03 billion, a price-to-earnings ratio of 12.42, a PEG ratio of 1.91 and a beta of 1.18. Flex Ltd. has a 1 year low of $21.84 and a 1 year high of $30.93.

Insider Transactions at Flex

In related news, EVP David Scott Offer sold 75,000 shares of the company’s stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 162,094 shares in the company, valued at approximately $4,460,826.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO Daniel Wendler sold 1,860 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $28.89, for a total transaction of $53,735.40. Following the completion of the transaction, the chief accounting officer now owns 28,730 shares in the company, valued at $830,009.70. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP David Scott Offer sold 75,000 shares of Flex stock in a transaction on 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 completion of the sale, the executive vice president now owns 162,094 shares in the company, valued at approximately $4,460,826.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 395,451 shares of company stock worth $11,323,452. Insiders own 0.56% of the company’s stock.

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.