Flex Ltd. (NASDAQ:FLEX) CEO Revathi Advaithi Sells 120,280 Shares

Flex Ltd. (NASDAQ:FLEX) CEO Revathi Advaithi sold 120,280 shares of Flex stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $38.09, for a total transaction of $4,581,465.20. Following the completion of the transaction, the chief executive officer now directly owns 1,112,193 shares of the company’s stock, valued at $42,363,431.37. The trade was a 9.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Flex Stock Down 0.1%

NASDAQ:FLEX opened at $38.48 on Monday. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $45.10. The company’s 50 day moving average is $33.55 and its two-hundred day moving average is $37.51. The company has a market cap of $14.74 billion, a PE ratio of 15.52, a P/E/G ratio of 2.43 and a beta of 0.96.

Flex (NASDAQ:FLEX) last posted its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.04. Flex had a net margin of 3.95% and a return on equity of 17.93%. The firm had revenue of $6.40 billion during the quarter, compared to analysts’ expectations of $6.22 billion. During the same period in the previous year, the business posted $0.57 EPS. The business’s revenue was up 3.7% compared to the same quarter last year. Analysts anticipate that Flex Ltd. will post 2.33 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FLEX. JPMorgan Chase & Co. lowered their target price on shares of Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Barclays raised their target price on shares of Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday. Stifel Nicolaus began coverage on shares of Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price for the company. The Goldman Sachs Group lowered their target price on shares of Flex from $53.00 to $41.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Finally, StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $45.33.

Hedge Funds Weigh In On Flex

A number of large investors have recently added to or reduced their stakes in FLEX. Barclays PLC raised its position in Flex by 42.6% during the third quarter. Barclays PLC now owns 774,856 shares of the technology company’s stock worth $25,902,000 after acquiring an additional 231,572 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Flex during the third quarter worth $75,000. JPMorgan Chase & Co. raised its position in Flex by 5.2% during the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock worth $202,152,000 after acquiring an additional 296,505 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in Flex by 4.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 48,895 shares of the technology company’s stock worth $1,877,000 after acquiring an additional 1,945 shares during the period. Finally, Fifth Third Wealth Advisors LLC acquired a new position in Flex during the fourth quarter worth $321,000. 94.30% of the stock is currently 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.