Flex (NASDAQ:FLEX) EVP Sells $3,162,988.80 in Stock

Flex Ltd. (NASDAQ:FLEX) EVP David Scott Offer sold 22,212 shares of Flex stock in a transaction on Monday, May 11th. The stock was sold at an average price of $142.40, for a total value of $3,162,988.80. Following the sale, the executive vice president directly owned 74,926 shares of the company’s stock, valued at approximately $10,669,462.40. This trade represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Flex Stock Down 0.1%

Shares of Flex stock opened at $143.60 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. Flex Ltd. has a 12 month low of $40.15 and a 12 month high of $147.34. The business has a fifty day simple moving average of $82.32 and a 200 day simple moving average of $69.84. The stock has a market cap of $52.80 billion, a PE ratio of 61.63 and a beta of 1.46.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Stifel Nicolaus lifted their price objective on Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Raymond James Financial set a $80.00 target price on Flex and gave the company an “outperform” rating in a research note on Wednesday, February 4th. JPMorgan Chase & Co. boosted their target price on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Robert W. Baird set a $165.00 target price on Flex in a research note on Thursday, May 7th. Finally, Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Flex has a consensus rating of “Moderate Buy” and a consensus price target of $112.80.

Institutional Trading of Flex

A number of institutional investors have recently modified their holdings of FLEX. Vanguard Group Inc. lifted its holdings in shares of Flex by 196.1% in the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after purchasing an additional 25,662,586 shares in the last quarter. Norges Bank bought a new stake in shares of Flex in the fourth quarter valued at about $319,756,000. State Street Corp lifted its holdings in shares of Flex by 38.0% in the second quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after purchasing an additional 3,377,669 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Flex by 694,916.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,641,062 shares of the technology company’s stock valued at $159,573,000 after purchasing an additional 2,640,682 shares in the last quarter. Finally, Polar Capital Holdings Plc lifted its holdings in shares of Flex by 141.8% in the fourth quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock valued at $223,140,000 after purchasing an additional 2,165,780 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors.

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.