Insider Selling: Flex (NASDAQ:FLEX) Insider Sells $1,214,126.03 in Stock

Flex Ltd. (NASDAQ:FLEX) insider Michael Hartung sold 8,203 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $148.01, for a total transaction of $1,214,126.03. Following the completion of the transaction, the insider directly owned 232,102 shares in the company, valued at $34,353,417.02. This trade represents a 3.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, 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 Performance

NASDAQ FLEX opened at $147.61 on Friday. 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 quick ratio of 0.87 and a current ratio of 1.36. Flex Ltd. has a 52-week low of $45.31 and a 52-week high of $166.86. The company has a 50-day simple moving average of $123.64 and a 200 day simple moving average of $85.02.

Flex (NASDAQ:FLEX) last released its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The firm had revenue of $7.48 billion for the quarter. On average, research analysts predict that Flex Ltd. will post 4.15 EPS for the current year.

Hedge Funds Weigh In On Flex

A number of large investors have recently made changes to their positions in the stock. Pacer Advisors Inc. grew its position in shares of Flex by 9.3% in the first quarter. Pacer Advisors Inc. now owns 1,294,132 shares of the technology company’s stock valued at $84,714,000 after purchasing an additional 109,992 shares in the last quarter. Lombard Odier Asset Management Europe Ltd bought a new position in Flex in the 1st quarter worth about $4,949,000. Segall Bryant & Hamill LLC purchased a new position in Flex during the 1st quarter valued at about $446,000. Western Wealth Management LLC bought a new stake in shares of Flex during the first quarter valued at about $65,000. Finally, Intrinsic Edge Capital Management LLC purchased a new stake in shares of Flex in the first quarter worth about $5,891,000. 94.30% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on FLEX. The Goldman Sachs Group boosted their target price on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Barclays lifted their price objective on Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a report on Thursday, June 4th. Robert W. Baird set a $165.00 price objective on Flex in a research note on Thursday, May 7th. Stifel Nicolaus upped their price objective on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. Finally, JPMorgan Chase & Co. lifted their target price 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. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $115.70.

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.