Flex (NASDAQ:FLEX) Insider Sells $1,055,604.18 in Stock

by · The Markets Daily

Flex Ltd. (NASDAQ:FLEX – Get Free Report) insider Michael Hartung sold 7,269 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.22, for a total value of $1,055,604.18. Following the transaction, the insider owned 245,930 shares of the company’s stock, valued at approximately $35,713,954.60. This trade represents a 2.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Flex Stock Up 5.6%

NASDAQ FLEX traded up $8.20 during trading hours on Monday, reaching $155.81. 7,414,337 shares of the company traded hands, compared to its average volume of 8,906,334. The stock has a market capitalization of $57.09 billion, a PE ratio of 66.87, a PEG ratio of 0.78 and a beta of 1.63. The company has a 50 day moving average of $125.25 and a two-hundred day moving average of $85.91. 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 Ltd. has a 12 month low of $45.31 and a 12 month high of $166.86.

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

Analyst Ratings Changes

A number of equities analysts have commented on FLEX shares. JPMorgan Chase & Co. lifted their target price on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Robert W. Baird set a $165.00 price objective on Flex in a research note on Thursday, May 7th. The Goldman Sachs Group boosted their price target on shares of Flex from $84.00 to $177.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Finally, KeyCorp increased their price target on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Flex currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.70.

View Our Latest Report on Flex

Institutional Trading of Flex

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Flex by 196.1% during the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after acquiring an additional 25,662,586 shares in the last quarter. State Street Corp grew its position in Flex by 17.8% during the fourth quarter. State Street Corp now owns 14,055,533 shares of the technology company’s stock valued at $849,235,000 after purchasing an additional 2,126,440 shares in the last quarter. Geode Capital Management LLC increased its stake in Flex by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company’s stock valued at $459,829,000 after buying an additional 181,266 shares during the period. Norges Bank purchased a new stake in Flex in the 4th quarter worth approximately $319,756,000. Finally, Polar Capital Holdings Plc lifted its position in Flex by 141.8% in the 4th quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock worth $223,140,000 after buying an additional 2,165,780 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Flex Company Profile

(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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