Flex (NASDAQ:FLEX) CFO Sells $499,977.78 in Stock

Flex Ltd. (NASDAQ:FLEX) CFO Kevin Krumm sold 3,378 shares of the company’s stock in a transaction that occurred on 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 owned 151,280 shares in the company, valued at approximately $22,390,952.80. This represents a 2.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Flex Price Performance

Flex stock opened at $147.61 on Friday. The business has a 50 day simple moving average of $123.64 and a 200 day simple moving average of $85.02. Flex Ltd. has a one year low of $45.31 and a one year high of $166.86. The company has a market capitalization of $54.08 billion, a PE ratio of 63.35, a price-to-earnings-growth ratio of 0.78 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 (NASDAQ:FLEX) last issued its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The company had revenue of $7.48 billion during the quarter. On average, sell-side analysts forecast that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FLEX. JPMorgan Chase & Co. upped their price objective on shares of Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Zacks Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. Robert W. Baird set a $165.00 price target on Flex in a research report on Thursday, May 7th. Stifel Nicolaus raised their price target on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. Finally, Barclays lifted their price objective on Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Flex presently has a consensus rating of “Moderate Buy” and an average price target of $115.70.

Institutional Investors Weigh In On Flex

Institutional investors have recently made changes to their positions in the stock. USA Financial Formulas bought a new position in Flex during the fourth quarter worth about $28,000. Frazier Financial Advisors LLC bought a new position in Flex during the 4th quarter worth approximately $28,000. Parkside Financial Bank & Trust grew its holdings in Flex by 57.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after purchasing an additional 166 shares during the period. CENTRAL TRUST Co increased its stake in Flex by 238.3% in the third quarter. CENTRAL TRUST Co now owns 504 shares of the technology company’s stock valued at $29,000 after purchasing an additional 355 shares in the last quarter. Finally, Gables Capital Management Inc. acquired a new stake in Flex in the fourth quarter worth $42,000. 94.30% of the stock is owned by institutional investors and hedge funds.

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.