David Scott Offer Sells 7,223 Shares of Flex (NASDAQ:FLEX) Stock

Flex Ltd. (NASDAQ:FLEX) EVP David Scott Offer sold 7,223 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $148.01, for a total transaction of $1,069,076.23. Following the completion of the transaction, the executive vice president directly owned 74,867 shares of the company’s stock, valued at approximately $11,081,064.67. This represents a 8.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

David Scott Offer also recently made the following trade(s):

• On Tuesday, June 16th, David Scott Offer sold 18,750 shares of Flex stock. The shares were sold at an average price of $147.91, for a total transaction of $2,773,312.50.
• On Friday, June 5th, David Scott Offer sold 33,000 shares of Flex stock. The stock was sold at an average price of $153.91, for a total transaction of $5,079,030.00.
• On Monday, May 11th, David Scott Offer sold 22,212 shares of Flex stock. The shares were sold at an average price of $142.40, for a total value of $3,162,988.80.

Flex Trading Up 3.1%

NASDAQ FLEX opened at $147.61 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The stock’s 50-day simple moving average is $122.15 and its two-hundred day simple moving average is $84.57. Flex Ltd. has a twelve month low of $45.31 and a twelve month high of $166.86. The company has a market capitalization of $54.08 billion, a price-to-earnings ratio of 63.35, a PEG ratio of 0.75 and a beta of 1.64.

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

Flex News Roundup

Here are the key news stories impacting Flex this week:

• Positive Sentiment: Analyst sentiment remains constructive, with several firms maintaining buy ratings and recent price-target increases supporting the longer-term outlook. Flex stock page
• Positive Sentiment: Flex’s latest quarter showed solid operating performance, with $0.93 EPS and $7.48 billion in revenue, reinforcing confidence in the business. Flex stock page
• Neutral Sentiment: Several insider sales were disclosed, but the company said they were primarily tied to tax withholding on vested equity awards and, in one case, a 10b5-1 plan. SEC filing
• Negative Sentiment: The concentration of insider selling across senior leadership may still create short-term caution among investors, even if the transactions were routine. SEC filing

Analyst Upgrades and Downgrades

Several research analysts have commented on FLEX shares. Robert W. Baird set a $165.00 price target on shares of Flex in a research note on Thursday, May 7th. KeyCorp increased their target price on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Stifel Nicolaus lifted their target price on shares of Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Wall Street Zen downgraded shares of Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Finally, Zacks Research raised Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Flex has a consensus rating of “Moderate Buy” and an average price target of $115.70.

Institutional Trading of Flex

Institutional investors have recently made changes to their positions in the stock. Brighton Jones LLC purchased a new position in shares of Flex in the fourth quarter worth $260,000. Goldman Sachs Group Inc. grew its holdings in Flex by 19.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock worth $42,314,000 after acquiring an additional 211,046 shares during the last quarter. Empowered Funds LLC purchased a new position in shares of Flex in the first quarter valued at about $397,000. EverSource Wealth Advisors LLC raised its stake in shares of Flex by 63.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock valued at $132,000 after acquiring an additional 1,031 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Flex by 92.4% during the second quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock worth $3,099,000 after purchasing an additional 29,821 shares during the period. Hedge funds and other 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.