Michael Hartung Sells 2,755 Shares of Flex (NASDAQ:FLEX) Stock

Flex Ltd. (NASDAQ:FLEX) insider Michael Hartung sold 2,755 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total value of $332,363.20. Following the sale, the insider directly owned 243,175 shares of the company’s stock, valued at $29,336,632. The trade was a 1.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Flex Stock Performance

Shares of NASDAQ:FLEX traded down $2.71 during trading on Thursday, reaching $110.32. The stock had a trading volume of 3,083,565 shares, compared to its average volume of 4,636,004. The stock has a fifty day simple moving average of $131.78 and a two-hundred day simple moving average of $105.57. The company has a quick ratio of 0.89, a current ratio of 1.38 and a debt-to-equity ratio of 0.95. Flex Ltd. has a 52 week low of $48.98 and a 52 week high of $166.86. The firm has a market capitalization of $40.75 billion, a price-to-earnings ratio of 42.59, a P/E/G ratio of 0.57 and a beta of 1.67.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. The business had revenue of $7.93 billion during the quarter. As a group, analysts anticipate that Flex Ltd. will post 4.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FLEX. Frazier Financial Advisors LLC acquired a new position in shares of Flex during the fourth quarter valued at about $28,000. Parkside Financial Bank & Trust grew its position in Flex by 57.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after buying an additional 166 shares in the last quarter. Gables Capital Management Inc. bought a new position in Flex during the fourth quarter valued at about $42,000. Caitong International Asset Management Co. Ltd increased its stake in Flex by 6,318.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock valued at $43,000 after acquiring an additional 695 shares during the period. Finally, CENTRAL TRUST Co raised its holdings in Flex by 58.1% in the 4th quarter. CENTRAL TRUST Co now owns 797 shares of the technology company’s stock valued at $48,000 after acquiring an additional 293 shares in the last quarter. Institutional investors own 94.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on FLEX shares. KeyCorp raised their price target on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. The Goldman Sachs Group cut their price objective on Flex from $177.00 to $154.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Freedom Capital upgraded Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flex in a report on Friday, July 17th. Finally, Raymond James Financial set a $170.00 price target on Flex and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $114.20.

Flex Company Profile

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.