Flex (NASDAQ:FLEX) CFO Kevin Krumm Sells 3,378 Shares of Stock

Flex Ltd. (NASDAQ:FLEX) CFO Kevin Krumm sold 3,378 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $148.01, for a total transaction of $499,977.78. Following the transaction, the chief financial officer directly owned 151,280 shares of the company’s stock, valued at $22,390,952.80. The trade was a 2.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 Trading Down 2.6%

Shares of Flex stock opened at $143.13 on Thursday. The stock has a market capitalization of $52.44 billion, a P/E ratio of 61.43, a price-to-earnings-growth ratio of 0.77 and a beta of 1.64. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The company has a 50-day simple moving average of $120.56 and a 200 day simple moving average of $83.95. Flex Ltd. has a 12-month low of $45.31 and a 12-month high of $166.86.

Flex (NASDAQ:FLEX) last announced its 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%. Research analysts expect that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Flex

Several institutional investors have recently modified their holdings of the business. Lombard Odier Asset Management Europe Ltd acquired a new stake in shares of Flex during the 1st quarter worth approximately $4,949,000. Segall Bryant & Hamill LLC acquired a new stake in shares of Flex during the 1st quarter worth approximately $446,000. Western Wealth Management LLC acquired a new stake in shares of Flex during the 1st quarter worth approximately $65,000. Intrinsic Edge Capital Management LLC acquired a new stake in shares of Flex during the 1st quarter worth approximately $5,891,000. Finally, Amundi grew its position in shares of Flex by 15.5% during the 1st quarter. Amundi now owns 1,494,418 shares of the technology company’s stock worth $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.

Key Headlines Impacting Flex

Here are the key news stories impacting Flex this week:

• Positive Sentiment: Analyst coverage remains constructive, with several firms raising price targets in recent weeks and the stock still carrying a “Moderate Buy” consensus, which supports the longer-term outlook. Flex stock page
• Neutral Sentiment: Insiders, including CEO Revathi Advaithi, CFO Kevin Krumm, COO Kwang Hooi Tan, and EVP David Scott Offer, sold shares in recent days, but the filings say the sales were made to cover tax withholding obligations tied to equity awards and, in one case, under a pre-arranged 10b5-1 plan. SEC filing
• Neutral Sentiment: Flex continues to show solid operating fundamentals, with its most recent quarter delivering $0.93 EPS on $7.48 billion in revenue, which helps offset some of the sentiment impact from insider selling. Flex stock page
• Negative Sentiment: The biggest drag on sentiment is the cluster of insider sales across senior leadership, which can signal caution to traders even when the transactions are explained as non-discretionary. SEC filing

Wall Street Analyst Weigh In

Several research firms have weighed in on FLEX. Barclays raised their price objective on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research report on Thursday, June 4th. KeyCorp raised their price objective on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Stifel Nicolaus raised their price objective on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $115.70.

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.