Flex (NASDAQ:FLEX) CFO Kevin Krumm Sells 3,378 Shares

Flex Ltd. (NASDAQ:FLEX) CFO Kevin Krumm sold 3,378 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $148.01, for a total value of $499,977.78. Following the completion of the sale, the chief financial officer directly owned 151,280 shares in the company, valued at $22,390,952.80. This trade represents a 2.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Flex Price Performance

NASDAQ:FLEX traded down $3.80 during trading hours on Wednesday, hitting $143.13. The company’s stock had a trading volume of 7,319,362 shares, compared to its average volume of 5,230,561. The stock has a fifty day simple moving average of $120.56 and a 200-day simple moving average of $83.95. The company has a market capitalization of $52.44 billion, a P/E ratio of 61.43, a PEG ratio of 0.77 and a beta of 1.64. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. Flex Ltd. has a twelve month low of $45.31 and a twelve month high of $166.86.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. The business had revenue of $7.48 billion for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. On average, analysts anticipate that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Institutional Trading of Flex

A number of hedge funds have recently made changes to their positions in FLEX. Vanguard Group Inc. raised its position 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 bought a new stake in Flex in the fourth quarter worth approximately $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in Flex in the fourth quarter valued at approximately $2,497,000. Sequoia Financial Advisors LLC grew its stake in Flex by 12.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company’s stock valued at $10,469,000 after acquiring an additional 19,270 shares during the period. Finally, Teacher Retirement System of Texas grew its stake in Flex by 62.3% in the fourth quarter. Teacher Retirement System of Texas now owns 340,389 shares of the technology company’s stock valued at $20,566,000 after acquiring an additional 130,641 shares during the period. 94.30% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Barclays raised their price objective on Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research note on Thursday, June 4th. JPMorgan Chase & Co. lifted their price target on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Stifel Nicolaus lifted their price target on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Robert W. Baird set a $165.00 price target on Flex in a research note on Thursday, May 7th. Finally, Wall Street Zen lowered Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Flex currently has a consensus rating of “Moderate Buy” and a consensus price target 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.