Flex (NASDAQ:FLEX) CAO Sells $561,988.30 in Stock

Flex Ltd. (NASDAQ:FLEX) CAO Daniel Wendler sold 3,890 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $144.47, for a total value of $561,988.30. Following the completion of the transaction, the chief accounting officer owned 39,243 shares of the company’s stock, valued at $5,669,436.21. The trade was a 9.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Daniel Wendler also recently made the following trade(s):

• On Thursday, June 18th, Daniel Wendler sold 1,311 shares of Flex stock. The stock was sold at an average price of $145.20, for a total transaction of $190,357.20.
• On Monday, June 15th, Daniel Wendler sold 1,579 shares of Flex stock. The shares were sold at an average price of $147.64, for a total transaction of $233,123.56.
• On Monday, May 11th, Daniel Wendler sold 3,819 shares of Flex stock. The shares were sold at an average price of $142.39, for a total transaction of $543,787.41.

Flex Price Performance

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

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

Analyst Ratings Changes

Several analysts recently commented on the company. KeyCorp boosted their price target on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. The Goldman Sachs Group lifted their price objective on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Stifel Nicolaus upped their target price on shares of Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Barclays increased their target price on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research report on Thursday, June 4th. Finally, Robert W. Baird set a $165.00 price target on shares of Flex in a report on Thursday, May 7th. 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 stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $115.70.

Key Headlines Impacting Flex

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

Several large investors have recently made changes to their positions in FLEX. Brighton Jones LLC acquired a new stake in shares of Flex in the fourth quarter valued at $260,000. Goldman Sachs Group Inc. increased its holdings 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 valued at $42,314,000 after purchasing an additional 211,046 shares in the last quarter. Empowered Funds LLC bought a new position in Flex in the 1st quarter worth approximately $397,000. EverSource Wealth Advisors LLC raised its position in Flex by 63.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock worth $132,000 after purchasing an additional 1,031 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in Flex by 92.4% during the 2nd 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. Institutional investors own 94.30% of the company’s stock.

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.