Flex Ltd. (NASDAQ:FLEX) Insider Sells $1,350,944.27 in Stock

Flex Ltd. (NASDAQ:FLEX) insider Michael P. Hartung sold 32,173 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total value of $1,350,944.27. Following the transaction, the insider now directly owns 270,483 shares in the company, valued at approximately $11,357,581.17. The trade was a 10.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Flex Stock Up 2.4%

Flex stock opened at $41.85 on Wednesday. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $45.10. The stock has a 50 day moving average of $33.65 and a two-hundred day moving average of $37.55. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $16.03 billion, a price-to-earnings ratio of 16.88, a PEG ratio of 2.43 and a beta of 0.96.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. Flex had a return on equity of 17.93% and a net margin of 3.95%. The company had revenue of $6.40 billion during the quarter, compared to analysts’ expectations of $6.22 billion. During the same period last year, the firm earned $0.57 EPS. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. As a group, research analysts expect that Flex Ltd. will post 2.33 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on FLEX. StockNews.com downgraded Flex from a “buy” rating to a “hold” rating in a report on Monday. Barclays upped their price target on Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. JPMorgan Chase & Co. dropped their price objective on Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Stifel Nicolaus assumed coverage on Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price objective on the stock. Finally, KeyCorp increased their price objective on Flex from $35.00 to $44.00 and gave the company an “overweight” rating in a report on Friday, May 9th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Flex has a consensus rating of “Moderate Buy” and an average target price of $45.33.

Institutional Trading of Flex

Several hedge funds have recently modified their holdings of the business. Evergreen Capital Management LLC lifted its holdings in shares of Flex by 1.0% in the 4th quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company’s stock valued at $925,000 after buying an additional 246 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in shares of Flex by 2.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock valued at $488,000 after buying an additional 266 shares during the period. Dynasty Wealth Management LLC lifted its holdings in shares of Flex by 0.7% in the 1st quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company’s stock valued at $1,232,000 after buying an additional 276 shares during the period. SBI Securities Co. Ltd. lifted its holdings in shares of Flex by 30.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,299 shares of the technology company’s stock valued at $43,000 after buying an additional 306 shares during the period. Finally, Stephens Inc. AR lifted its holdings in shares of Flex by 2.7% in the 1st quarter. Stephens Inc. AR now owns 12,634 shares of the technology company’s stock valued at $418,000 after buying an additional 332 shares during the period. 94.30% of the stock is owned by institutional investors and hedge funds.

About Flex

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.