Flex (NASDAQ:FLEX) COO Sells $1,303,951.39 in Stock

Flex Ltd. (NASDAQ:FLEX) COO Kwang Hooi Tan sold 8,981 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $145.19, for a total value of $1,303,951.39. Following the sale, the chief operating officer owned 248,546 shares in the company, valued at approximately $36,086,393.74. This trade represents a 3.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Kwang Hooi Tan also recently made the following trade(s):

• On Wednesday, June 17th, Kwang Hooi Tan sold 26,657 shares of Flex stock. The stock was sold at an average price of $144.48, for a total value of $3,851,403.36.
• On Monday, June 15th, Kwang Hooi Tan sold 10,540 shares of Flex stock. The shares were sold at an average price of $148.02, for a total value of $1,560,130.80.
• On Tuesday, May 26th, Kwang Hooi Tan sold 17,500 shares of Flex stock. The shares were sold at an average price of $135.93, for a total value of $2,378,775.00.
• On Monday, May 11th, Kwang Hooi Tan sold 26,175 shares of Flex stock. The stock was sold at an average price of $142.37, for a total value of $3,726,534.75.

Flex Trading Down 0.8%

Shares of FLEX stock opened at $150.60 on Thursday. The company has a market capitalization of $55.18 billion, a price-to-earnings ratio of 64.64, a PEG ratio of 0.80 and a beta of 1.64. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The firm has a 50-day moving average price of $128.20 and a 200 day moving average price of $87.19. Flex Ltd. has a twelve month low of $47.83 and a twelve month high of $166.86.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (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%. Research analysts forecast that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Flex

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

Key Flex News

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

Analyst Ratings Changes

Several research firms have commented on FLEX. Zacks Research raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. KeyCorp raised their price objective on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a report 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 research report on Thursday, May 7th. Robert W. Baird set a $165.00 target price on Flex in a research note on Thursday, May 7th. Finally, Stifel Nicolaus increased their target price on Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. 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 data from MarketBeat, Flex has an average rating of “Moderate Buy” and a consensus target price of $115.70.

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.