Flex (NASDAQ:FLEX) Insider Sells $3,163,114.08 in Stock

Flex Ltd. (NASDAQ:FLEX) insider Michael Hartung sold 22,216 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $142.38, for a total value of $3,163,114.08. Following the completion of the sale, the insider directly owned 232,706 shares in the company, valued at $33,132,680.28. This represents a 8.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Flex Price Performance

Shares of NASDAQ FLEX opened at $143.60 on Friday. Flex Ltd. has a 1-year low of $40.15 and a 1-year high of $147.34. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. The business’s fifty day moving average price is $82.32 and its two-hundred day moving average price is $69.84. The firm has a market capitalization of $52.80 billion, a PE ratio of 61.63 and a beta of 1.46.

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

Institutional Investors Weigh In On Flex

Several hedge funds have recently bought and sold shares of FLEX. Brighton Jones LLC purchased a new stake in shares of Flex during the 4th quarter worth about $260,000. Goldman Sachs Group Inc. raised its stake in shares of Flex by 19.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock worth $42,314,000 after purchasing an additional 211,046 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of Flex during the 1st quarter worth about $397,000. EverSource Wealth Advisors LLC raised its stake in shares of Flex by 63.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock worth $132,000 after purchasing an additional 1,031 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Flex by 92.4% during the 2nd quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock worth $3,099,000 after purchasing an additional 29,821 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on FLEX. JPMorgan Chase & Co. increased their price target on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Stifel Nicolaus raised their target price on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. KeyCorp raised their target price on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Finally, Raymond James Financial set a $80.00 target price on Flex and gave the company an “outperform” rating in a research note on Wednesday, February 4th. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $112.80.

Flex Company Profile

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.