Flex (NASDAQ:FLEX) CEO Sells $5,805,802.44 in Stock

Flex Ltd. (NASDAQ:FLEX) CEO Revathi Advaithi sold 39,239 shares of Flex stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $147.96, for a total transaction of $5,805,802.44. Following the completion of the transaction, the chief executive officer directly owned 566,283 shares of the company’s stock, valued at $83,787,232.68. This trade represents a 6.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Revathi Advaithi also recently made the following trade(s):

• On Friday, May 22nd, Revathi Advaithi sold 83,500 shares of Flex stock. The stock was sold at an average price of $132.87, for a total transaction of $11,094,645.00.
• On Monday, May 11th, Revathi Advaithi sold 114,090 shares of Flex stock. The stock was sold at an average price of $142.37, for a total transaction of $16,242,993.30.

Flex Price Performance

Flex stock traded down $3.80 during mid-day trading on Wednesday, reaching $143.13. 7,319,362 shares of the company’s stock traded hands, compared to its average volume of 5,230,561. The company has a market cap of $52.44 billion, a price-to-earnings ratio of 61.43, a PEG ratio of 0.77 and a beta of 1.64. The stock has a 50 day moving average of $120.56 and a two-hundred day moving average of $83.95. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. 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 for the quarter. The business 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%. Equities analysts forecast that Flex Ltd. will post 4.15 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FLEX. Brighton Jones LLC acquired a new position in shares of Flex during the 4th quarter valued at about $260,000. Goldman Sachs Group Inc. boosted its position 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 valued at $42,314,000 after acquiring an additional 211,046 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of Flex during the 1st quarter valued at about $397,000. EverSource Wealth Advisors LLC raised its holdings in Flex by 63.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock valued at $132,000 after buying an additional 1,031 shares during the period. Finally, First Trust Advisors LP increased its stake in shares of Flex by 92.4% during 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 during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Wall Street Analysts Forecast Growth

FLEX has been the subject of a number of recent research reports. KeyCorp raised their price target on shares of Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Barclays boosted their price target on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a report on Thursday, June 4th. The Goldman Sachs Group lifted their target price on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. lifted their target price on shares of Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Finally, Zacks Research raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. One equities research 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.