Insider Selling: Flex Ltd. (NASDAQ:FLEX) Insider Sells $2,844,379.23 in Stock

Flex Ltd. (NASDAQ:FLEX) insider Michael P. Hartung sold 64,807 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the sale, the insider now directly owns 233,526 shares of the company’s stock, valued at $10,249,456.14. This represents a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Flex Trading Down 2.5 %

Shares of Flex stock opened at $43.16 on Monday. Flex Ltd. has a 1 year low of $24.57 and a 1 year high of $45.10. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.85. The business has a 50 day moving average price of $40.27 and a 200 day moving average price of $35.93. The company has a market capitalization of $16.53 billion, a P/E ratio of 17.40, a P/E/G ratio of 2.58 and a beta of 1.10.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. Sell-side analysts anticipate that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Flex

Hedge funds have recently modified their holdings of the company. Geode Capital Management LLC lifted its stake in shares of Flex by 619.3% during the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after buying an additional 3,844,935 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Flex by 462.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock worth $88,247,000 after purchasing an additional 2,170,262 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Flex by 210.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock worth $75,148,000 after purchasing an additional 1,327,298 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in shares of Flex in the fourth quarter valued at $33,363,000. Finally, Raymond James Financial Inc. acquired a new position in Flex in the fourth quarter valued at $32,293,000. 94.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FLEX shares. KeyCorp initiated coverage on Flex in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 target price for the company. Craig Hallum boosted their price objective on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. StockNews.com cut shares of Flex from a “buy” rating to a “hold” rating in a report on Saturday, February 1st. The Goldman Sachs Group set a $39.00 price target on Flex in a report on Thursday, October 17th. Finally, Barclays lifted their price objective on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $43.67.

Flex Company Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.