Insider Selling: Flex (NASDAQ:FLEX) CEO Sells 39,188 Shares

Flex Ltd. (NASDAQ:FLEX) CEO Revathi Advaithi sold 39,188 shares of Flex stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.18, for a total transaction of $5,689,313.84. Following the completion of the sale, the chief executive officer owned 584,278 shares of the company’s stock, valued at $84,825,480.04. This represents a 6.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 Wednesday, June 17th, Revathi Advaithi sold 197,879 shares of Flex stock. The shares were sold at an average price of $144.32, for a total value of $28,557,897.28.
• On Monday, June 15th, Revathi Advaithi sold 39,239 shares of Flex stock. The stock was sold at an average price of $147.96, for a total value of $5,805,802.44.
• On Friday, May 22nd, Revathi Advaithi sold 83,500 shares of Flex stock. The shares were sold at an average price of $132.87, for a total value 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 value of $16,242,993.30.

Flex Stock Performance

Shares of Flex stock traded up $8.20 during trading hours on Monday, reaching $155.81. 7,414,337 shares of the stock traded hands, compared to its average volume of 8,906,334. The company has a 50 day moving average price of $125.25 and a 200 day moving average price of $85.91. Flex Ltd. has a one year low of $45.31 and a one year high of $166.86. 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 firm has a market capitalization of $57.09 billion, a price-to-earnings ratio of 66.87, a P/E/G ratio of 0.78 and a beta of 1.63.

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. Flex had a net margin of 3.15% and a return on equity of 22.12%. The company had revenue of $7.48 billion during the quarter. On average, equities research analysts expect that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently commented on FLEX shares. The Goldman Sachs Group raised their price objective 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. KeyCorp boosted their target price on shares of Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. JPMorgan Chase & Co. upped their target price on shares of Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Stifel Nicolaus raised their target price on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Finally, Wall Street Zen downgraded shares of Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $115.70.

Hedge Funds Weigh In On Flex

Several large investors have recently modified their holdings of the stock. USA Financial Formulas purchased a new stake in shares of Flex in the fourth quarter valued at $28,000. Frazier Financial Advisors LLC purchased a new stake in Flex in the 4th quarter worth about $28,000. Parkside Financial Bank & Trust lifted its stake in Flex by 57.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after purchasing an additional 166 shares during the last quarter. Gables Capital Management Inc. purchased a new position in shares of Flex during the fourth quarter valued at approximately $42,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of Flex by 6,318.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock valued at $43,000 after buying an additional 695 shares during the period. Institutional investors own 94.30% of the company’s stock.

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.