Flex (NASDAQ:FLEX) CEO Sells $16,242,993.30 in Stock

Flex Ltd. (NASDAQ:FLEX) CEO Revathi Advaithi sold 114,090 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $142.37, for a total transaction of $16,242,993.30. Following the transaction, the chief executive officer directly owned 689,022 shares of the company’s stock, valued at $98,096,062.14. The trade was a 14.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Flex Price Performance

FLEX stock opened at $143.60 on Friday. The firm has a market cap of $52.80 billion, a price-to-earnings ratio of 61.63 and a beta of 1.46. 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 company’s fifty day simple moving average is $82.32 and its 200 day simple moving average is $69.84.

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

Institutional Investors Weigh In On Flex

Several hedge funds and other institutional investors have recently modified their holdings of the stock. USA Financial Formulas purchased a new stake in shares of Flex in the fourth quarter worth $28,000. Parkside Financial Bank & Trust increased its stake in Flex by 57.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after acquiring an additional 166 shares during the last quarter. Frazier Financial Advisors LLC purchased a new stake in shares of Flex in the 4th quarter valued at about $28,000. CENTRAL TRUST Co boosted its position in shares of Flex by 238.3% during the 3rd quarter. CENTRAL TRUST Co now owns 504 shares of the technology company’s stock valued at $29,000 after acquiring an additional 355 shares during the last quarter. Finally, Gables Capital Management Inc. purchased a new position in shares of Flex during the fourth quarter worth about $42,000. 94.30% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. KeyCorp lifted their price objective on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Stifel Nicolaus lifted 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. JPMorgan Chase & Co. lifted their price objective on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Barclays lifted their price objective on shares of Flex from $72.00 to $174.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Finally, Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Flex currently has an average rating of “Moderate Buy” and an average price target of $112.80.

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.