Flex (NASDAQ:FLEX) Insider Michael Hartung Sells 8,203 Shares

by · The Cerbat Gem

Flex Ltd. (NASDAQ:FLEX – Get Free Report) insider Michael Hartung sold 8,203 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $148.01, for a total transaction of $1,214,126.03. Following the completion of the sale, the insider owned 232,102 shares of the company’s stock, valued at approximately $34,353,417.02. This trade represents a 3.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Flex Stock Performance

Shares of NASDAQ FLEX traded down $3.80 during midday trading on Wednesday, reaching $143.13. The company had a trading volume of 7,319,362 shares, compared to its average volume of 5,230,561. The business’s 50-day simple moving average is $120.56 and its 200 day simple moving average is $83.95. The stock has a market cap of $52.44 billion, a P/E ratio of 61.43, a P/E/G ratio of 0.77 and a beta of 1.64. Flex Ltd. has a 1 year low of $45.31 and a 1 year high of $166.86. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73.

Flex (NASDAQ:FLEX – Get Free Report) last posted its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. The business had revenue of $7.48 billion during the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. On average, analysts forecast that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Barclays raised their target price on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a report on Thursday, June 4th. Stifel Nicolaus raised their target price on shares of Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Zacks Research raised shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. The Goldman Sachs Group raised their target price on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, JPMorgan Chase & Co. raised their target price on shares of Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Flex currently has a consensus rating of “Moderate Buy” and an average target price of $115.70.

Read Our Latest Research Report on Flex

Institutional Trading of Flex

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lombard Odier Asset Management Europe Ltd acquired a new stake in Flex during the first quarter valued at $4,949,000. Segall Bryant & Hamill LLC acquired a new stake in Flex during the first quarter valued at $446,000. Western Wealth Management LLC acquired a new stake in Flex during the first quarter valued at $65,000. Intrinsic Edge Capital Management LLC acquired a new stake in Flex during the first quarter valued at $5,891,000. Finally, Amundi grew its position in Flex by 15.5% during the first quarter. Amundi now owns 1,494,418 shares of the technology company’s stock valued at $97,825,000 after buying an additional 200,553 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

About Flex

(Get Free Report)

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.

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