Insider Selling: Flex (NASDAQ:FLEX) EVP Sells 6,657 Shares of 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 shares were sold at an average price of $145.23, for a total value of $966,796.11. Following the transaction, the executive vice president owned 91,122 shares in the company, valued at approximately $13,233,648.06. This represents a 6.81% decrease in their position. The sale was disclosed in a document filed 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.

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 stock was sold at an average price of $144.47, for a total transaction 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 transaction of $2,773,312.50.
• On Monday, June 15th, David Scott Offer sold 7,223 shares of Flex stock. The shares were sold at an average price of $148.01, for a total transaction 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 transaction of $5,079,030.00.
• On Monday, May 11th, David Scott Offer sold 22,212 shares of Flex stock. The stock was sold at an average price of $142.40, for a total transaction of $3,162,988.80.

Flex Stock Up 5.6%

Shares of NASDAQ FLEX traded up $8.20 during midday trading on Monday, reaching $155.81. 7,414,337 shares of the company’s stock traded hands, compared to its average volume of 8,906,334. The company has a market cap 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. The stock’s 50 day simple moving average is $125.25 and its 200-day simple moving average is $85.91. 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 one year low of $45.31 and a one year 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. Flex had a return on equity of 22.12% and a net margin of 3.15%.The business had revenue of $7.48 billion for the quarter. On average, analysts predict that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Flex

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Flex by 196.1% during the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after acquiring an additional 25,662,586 shares during the last quarter. Norges Bank purchased a new position in shares of Flex in the 4th quarter valued at approximately $319,756,000. State Street Corp boosted its stake in Flex by 38.0% in the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock worth $611,997,000 after purchasing an additional 3,377,669 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Flex by 694,916.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,641,062 shares of the technology company’s stock worth $159,573,000 after purchasing an additional 2,640,682 shares in the last quarter. Finally, Polar Capital Holdings Plc grew its position in Flex by 141.8% during the 4th quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock worth $223,140,000 after purchasing an additional 2,165,780 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analyst Ratings Changes

FLEX has been the subject of a number of recent research reports. Zacks Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. The Goldman Sachs Group lifted their price objective on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Barclays increased their target price 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. Finally, Robert W. Baird set a $165.00 target price on shares of Flex in a research note on Thursday, May 7th. One 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 company. Based on data from MarketBeat.com, Flex has a consensus 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.