Flex (NASDAQ:FLEX) CFO Sells $1,310,689.38 in Stock

Flex Ltd. (NASDAQ:FLEX) CFO Kevin Krumm sold 21,406 shares of the stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $61.23, for a total transaction of $1,310,689.38. Following the completion of the transaction, the chief financial officer directly owned 143,803 shares of the company’s stock, valued at $8,805,057.69. The trade was a 12.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Flex Stock Performance

NASDAQ:FLEX traded up $1.12 during trading hours on Friday, hitting $61.50. 2,761,235 shares of the company were exchanged, compared to its average volume of 5,073,354. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.33 and a quick ratio of 0.83. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $72.22. The stock has a market capitalization of $22.74 billion, a price-to-earnings ratio of 27.21, a PEG ratio of 1.60 and a beta of 1.24. The company’s 50 day moving average price is $62.01 and its 200-day moving average price is $57.35.

Institutional Investors Weigh In On Flex

Several hedge funds have recently modified their holdings of FLEX. Norges Bank purchased a new position in Flex during the second quarter worth approximately $291,362,000. State Street Corp raised its position in shares of Flex by 38.0% in the second quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after buying an additional 3,377,669 shares during the last quarter. Geode Capital Management LLC lifted its stake in Flex by 52.1% in the 2nd quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock worth $358,500,000 after purchasing an additional 2,459,511 shares in the last quarter. Qube Research & Technologies Ltd boosted its stake in Flex by 118.1% during the third quarter. Qube Research & Technologies Ltd now owns 2,811,248 shares of the technology company’s stock worth $162,968,000 after buying an additional 1,522,308 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its position in shares of Flex by 5,973.9% during the 3rd quarter. Pacer Advisors Inc. now owns 1,365,043 shares of the technology company’s stock valued at $79,132,000 after acquiring an additional 1,342,569 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. raised their target price on Flex from $60.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Zacks Research downgraded Flex from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Argus set a $85.00 price target on shares of Flex in a report on Friday, October 31st. The Goldman Sachs Group lifted their price objective on shares of Flex from $67.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, December 9th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $23.00 price objective on shares of Flex in a report on Wednesday, November 12th. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.88.

About Flex

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.