Teacher Retirement System of Texas Raises Stake in Flex Ltd. (NASDAQ:FLEX)

Teacher Retirement System of Texas grew its position in Flex Ltd. (NASDAQ:FLEX) by 7.5% during the 4th quarter, Holdings Channel reports. The fund owned 411,520 shares of the technology company’s stock after buying an additional 28,881 shares during the quarter. Teacher Retirement System of Texas’ holdings in Flex were worth $15,798,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Harvest Fund Management Co. Ltd boosted its holdings in shares of Flex by 249.7% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 58,099 shares of the technology company’s stock valued at $2,230,000 after acquiring an additional 41,487 shares in the last quarter. Xponance Inc. purchased a new stake in shares of Flex in the fourth quarter valued at about $1,076,000. Boston Partners boosted its holdings in shares of Flex by 2.2% in the fourth quarter. Boston Partners now owns 26,114,574 shares of the technology company’s stock valued at $1,006,436,000 after acquiring an additional 569,916 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of Flex by 25.8% in the fourth quarter. Advisors Asset Management Inc. now owns 64,480 shares of the technology company’s stock valued at $2,475,000 after acquiring an additional 13,226 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of Flex by 35.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 194,305 shares of the technology company’s stock valued at $7,459,000 after acquiring an additional 50,600 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. 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 research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price objective for the company. Finally, Barclays raised their price objective on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Flex presently has a consensus rating of “Buy” and a consensus target price of $44.33.

Insiders Place Their Bets

In other news, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the sale, the director now directly owns 202,850 shares in the company, valued at $8,773,262.50. The trade was a 19.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the sale, the insider now owns 233,526 shares of the company’s stock, valued at approximately $10,249,456.14. This trade represents a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by company insiders.

Flex Stock Performance

Shares of FLEX opened at $36.40 on Friday. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The stock has a market cap of $13.94 billion, a P/E ratio of 14.68, a PEG ratio of 2.43 and a beta of 1.07. The company has a 50-day moving average of $39.68 and a two-hundred day moving average of $37.32. Flex Ltd. has a 12-month low of $25.27 and a 12-month high of $45.10.

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

Flex 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.