471,511 Shares in Flex Ltd. (NASDAQ:FLEX) Bought by Retirement Systems of Alabama

Retirement Systems of Alabama acquired a new stake in shares of Flex Ltd. (NASDAQ:FLEX) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 471,511 shares of the technology company’s stock, valued at approximately $18,101,000. Retirement Systems of Alabama owned about 0.12% of Flex at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Harbor Capital Advisors Inc. purchased a new position in Flex in the 3rd quarter worth approximately $29,000. Huntington National Bank grew its holdings in shares of Flex by 87.9% in the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after purchasing an additional 479 shares during the last quarter. R Squared Ltd purchased a new position in shares of Flex in the fourth quarter worth $35,000. Kathleen S. Wright Associates Inc. purchased a new stake in Flex during the 3rd quarter valued at $39,000. Finally, First Horizon Advisors Inc. grew its holdings in Flex by 23.6% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after acquiring an additional 305 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Craig Hallum increased their target price on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. The Goldman Sachs Group set a $39.00 price objective on Flex in a report on Thursday, October 17th. KeyCorp assumed coverage on Flex in a report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price for the company. Barclays lifted their price target on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Finally, Stifel Nicolaus upped their price objective on shares of Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $43.67.

Flex Stock Performance

Shares of Flex stock opened at $44.25 on Friday. The business has a fifty day simple moving average of $40.07 and a two-hundred day simple moving average of $35.70. The firm has a market capitalization of $17.16 billion, a P/E ratio of 17.84, a P/E/G ratio of 2.43 and a beta of 1.10. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64. Flex Ltd. has a 12 month low of $24.11 and a 12 month high of $45.10.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.83%. On average, equities analysts forecast that Flex Ltd. will post 2.33 earnings per share 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.