Flex (NASDAQ:FLEX) EVP Sells $966,796.11 in Stock

Flex Ltd. (NASDAQ:FLEX) EVP David Scott Offer sold 6,657 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $145.23, for a total value of $966,796.11. Following the sale, the executive vice president owned 91,122 shares in the company, valued at $13,233,648.06. This trade represents a 6.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

David Scott Offer also recently made the following trade(s):

• On Wednesday, June 17th, David Scott Offer sold 20,812 shares of Flex stock. The shares were sold at an average price of $144.47, for a total value of $3,006,709.64.
• On Tuesday, June 16th, David Scott Offer sold 18,750 shares of Flex stock. The stock was sold at an average price of $147.91, for a total value of $2,773,312.50.
• On Monday, June 15th, David Scott Offer sold 7,223 shares of Flex stock. The stock was sold at an average price of $148.01, for a total value of $1,069,076.23.
• On Friday, June 5th, David Scott Offer sold 33,000 shares of Flex stock. The shares were sold at an average price of $153.91, for a total value of $5,079,030.00.
• On Monday, May 11th, David Scott Offer sold 22,212 shares of Flex stock. The shares were sold at an average price of $142.40, for a total transaction of $3,162,988.80.

Flex Trading Down 0.8%

Shares of FLEX stock opened at $150.60 on Thursday. The firm’s 50-day simple moving average is $128.20 and its 200-day simple moving average is $87.19. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. Flex Ltd. has a 1-year low of $47.83 and a 1-year high of $166.86. The firm has a market cap of $55.18 billion, a P/E ratio of 64.64, a PEG ratio of 0.80 and a beta of 1.64.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on FLEX shares. KeyCorp upped their price objective on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. The Goldman Sachs Group boosted their price target on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. upped 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. Barclays raised their price objective on Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a report on Thursday, June 4th. 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 given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $115.70.

Flex News Summary

Here are the key news stories impacting Flex this week:

• Positive Sentiment: Flex was set to join the S&P 500 Index, a change that can boost demand for shares through index fund buying and improve the company’s visibility with institutional investors. Flex Ltd. (FLEX) to Join S&P 500 Index on June 22
• Neutral Sentiment: A Kotaku article about a Bose SoundLink Flex speaker being at an all-time low appears unrelated to Flex Ltd. and is unlikely to affect the stock. Bose SoundLink Flex 2 article
• Negative Sentiment: Multiple insiders, including CEO Revathi Advaithi, COO Kwang Hooi Tan, EVP David Scott Offer, CAO Daniel Wendler, and insider Michael P. Hartung, sold shares recently. Although the filings say the sales were mostly tied to Rule 10b5-1 plans and tax withholding from vested awards, the concentration of selling can still weigh on sentiment. Flex insider selling alert

Institutional Trading of Flex

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Flex by 196.1% in the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after purchasing 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 valued at about $319,756,000. Finally, Polar Capital Holdings Plc raised its holdings in shares of Flex by 141.8% during the 4th quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock valued at $223,140,000 after buying an additional 2,165,780 shares during the period. 94.30% of the stock is currently owned by institutional investors and hedge funds.

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.