Flex (NASDAQ:FLEX) Director Sells $265,020.00 in Stock

Flex Ltd. (NASDAQ:FLEX) Director Erin Mcsweeney sold 2,000 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $132.51, for a total transaction of $265,020.00. Following the sale, the director owned 9,512 shares in the company, valued at approximately $1,260,435.12. This represents a 17.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Erin Mcsweeney also recently made the following trade(s):

• On Thursday, May 14th, Erin Mcsweeney sold 3,000 shares of Flex stock. The shares were sold at an average price of $145.88, for a total transaction of $437,640.00.
• On Tuesday, May 12th, Erin Mcsweeney sold 2,500 shares of Flex stock. The shares were sold at an average price of $136.59, for a total transaction of $341,475.00.

Flex Stock Performance

FLEX stock traded up $10.77 during midday trading on Tuesday, hitting $143.24. 5,439,082 shares of the stock traded hands, compared to its average volume of 6,676,761. The firm has a market cap of $52.48 billion, a P/E ratio of 61.48, a PEG ratio of 0.70 and a beta of 1.46. 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 stock’s fifty day simple moving average is $93.62 and its 200-day simple moving average is $73.73. Flex Ltd. has a 1-year low of $41.43 and a 1-year high of $147.34.

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FLEX. The Goldman Sachs Group lifted their target price on shares of Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Raymond James Financial set a $80.00 target price on shares of Flex and gave the company an “outperform” rating in a research report on Wednesday, February 4th. Robert W. Baird set a $165.00 target price on shares of Flex in a research report on Thursday, May 7th. JPMorgan Chase & Co. lifted their target price 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. Finally, KeyCorp lifted their target price 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. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $112.80.

Hedge Funds Weigh In On Flex

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

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.