National Pension Service Lowers Stock Holdings in Flex Ltd. $FLEX

National Pension Service lowered its stake in Flex Ltd. (NASDAQ:FLEX) by 15.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 777,648 shares of the technology company’s stock after selling 140,144 shares during the period. National Pension Service owned approximately 0.21% of Flex worth $126,033,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Flex during the fourth quarter worth about $319,756,000. Rithm Capital Corp. acquired a new stake in Flex in the first quarter valued at about $1,407,000. North Dakota State Investment Board purchased a new stake in Flex in the 4th quarter valued at approximately $794,000. Entropy Technologies LP increased its position in Flex by 50.1% during the 4th quarter. Entropy Technologies LP now owns 87,883 shares of the technology company’s stock worth $5,310,000 after purchasing an additional 29,336 shares during the period. Finally, Atlas Capital Advisors Inc. acquired a new position in Flex during the 4th quarter worth approximately $2,239,000. 94.30% of the stock is owned by institutional investors and hedge funds.

Flex Stock Performance

FLEX opened at $108.01 on Friday. Flex Ltd. has a 1-year low of $53.07 and a 1-year high of $166.86. The stock has a market cap of $39.90 billion, a P/E ratio of 41.70, a P/E/G ratio of 0.57 and a beta of 1.67. The stock’s 50 day simple moving average is $119.49 and its 200 day simple moving average is $110.41. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.38 and a quick ratio of 0.89.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. The firm had revenue of $7.93 billion during the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. As a group, equities analysts anticipate that Flex Ltd. will post 4.27 EPS for the current fiscal year.

Analyst Ratings Changes

FLEX has been the subject of several recent analyst reports. Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Raymond James Financial set a $170.00 price objective on Flex and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Barclays reduced their target price on Flex from $203.00 to $144.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. The Goldman Sachs Group decreased their target price on shares of Flex from $177.00 to $154.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Finally, Robert W. Baird set a $142.00 price target on shares of Flex in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $114.20.

Insider Buying and Selling at Flex

In other news, COO Kwang Tan sold 26,657 shares of the stock in a transaction that occurred 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 sale, the chief operating officer directly owned 257,527 shares in the company, valued at $37,207,500.96. This represents a 9.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Offer sold 20,812 shares of Flex stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.47, for a total value of $3,006,709.64. Following the transaction, the executive vice president owned 97,779 shares of the company’s stock, valued at $14,126,132.13. This represents a 17.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 426,938 shares of company stock valued at $61,941,083. Insiders own 0.62% of the company’s stock.

About Flex

Flex Ltd. (NASDAQ:FLEX) is a global manufacturing and supply-chain solutions company that helps original equipment manufacturers design, build and manage products. Its services span product design and engineering, prototyping, manufacturing, assembly, testing, logistics, supply-chain management and aftermarket support.

The company supports customers across industries including automotive, communications, consumer, industrial, healthcare and life sciences, and cloud and data-center infrastructure.