Insider Selling: Flex (NASDAQ:FLEX) CEO Sells 83,500 Shares of Stock

by · The Cerbat Gem

Flex Ltd. (NASDAQ:FLEX – Get Free Report) CEO Revathi Advaithi sold 83,500 shares of Flex stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $132.87, for a total value of $11,094,645.00. Following the transaction, the chief executive officer owned 605,522 shares in the company, valued at approximately $80,455,708.14. This trade represents a 12.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Revathi Advaithi also recently made the following trade(s):

  • On Monday, May 11th, Revathi Advaithi sold 114,090 shares of Flex stock. The shares were sold at an average price of $142.37, for a total value of $16,242,993.30.

Flex Price Performance

Shares of FLEX stock traded up $10.77 during mid-day trading on Tuesday, hitting $143.24. 5,439,082 shares of the stock traded hands, compared to its average volume of 6,676,761. Flex Ltd. has a twelve month low of $41.43 and a twelve month high of $147.34. The firm has a market cap of $52.48 billion, a price-to-earnings ratio of 61.48, a price-to-earnings-growth ratio of 0.70 and a beta of 1.46. The company’s 50-day simple moving average is $93.62 and its 200-day simple moving average is $73.73. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36.

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

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Barclays lifted their target price on Flex from $72.00 to $174.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Stifel Nicolaus lifted their target price on Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, April 20th. The Goldman Sachs Group lifted their target price on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. JPMorgan Chase & Co. lifted their target price on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Finally, Robert W. Baird set a $165.00 target price on Flex in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $112.80.

Read Our Latest Research Report on FLEX

Institutional Trading of Flex

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Flex by 196.1% in the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after buying an additional 25,662,586 shares during the period. State Street Corp boosted its position in shares of Flex by 17.8% in the fourth quarter. State Street Corp now owns 14,055,533 shares of the technology company’s stock worth $849,235,000 after buying an additional 2,126,440 shares during the period. Geode Capital Management LLC boosted its position in shares of Flex by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company’s stock worth $459,829,000 after buying an additional 181,266 shares during the period. Norges Bank acquired a new stake in shares of Flex in the fourth quarter worth $319,756,000. Finally, Polar Capital Holdings Plc boosted its position in shares of Flex by 141.8% in the fourth 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 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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