Kwang Hooi Tan Sells 34,335 Shares of Flex Ltd. (NASDAQ:FLEX) Stock

Flex Ltd. (NASDAQ:FLEX) COO Kwang Hooi Tan sold 34,335 shares of Flex stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total transaction of $1,441,726.65. Following the transaction, the chief operating officer now directly owns 262,313 shares in the company, valued at approximately $11,014,522.87. This represents a 11.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Flex Stock Performance

Flex stock opened at $42.06 on Thursday. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The firm has a 50-day moving average of $33.94 and a 200-day moving average of $37.61. The firm has a market cap of $16.11 billion, a P/E ratio of 16.96, a P/E/G ratio of 2.43 and a beta of 0.96. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $45.10.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. Flex had a net margin of 3.95% and a return on equity of 17.93%. The company had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. During the same period in the prior year, the firm earned $0.57 earnings per share. Flex’s revenue was up 3.7% on a year-over-year basis. Sell-side analysts expect that Flex Ltd. will post 2.33 EPS for the current year.

Hedge Funds Weigh In On Flex

A number of institutional investors and hedge funds have recently made changes to their positions in FLEX. Cullen Frost Bankers Inc. purchased a new stake in shares of Flex during the first quarter valued at approximately $26,000. Olde Wealth Management LLC purchased a new stake in shares of Flex during the first quarter valued at approximately $26,000. CX Institutional purchased a new stake in shares of Flex during the first quarter valued at approximately $29,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Flex during the fourth quarter valued at approximately $35,000. Finally, R Squared Ltd purchased a new stake in shares of Flex during the fourth quarter valued at approximately $35,000. Institutional investors own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

FLEX has been the topic of several research analyst reports. Barclays upped their price objective on Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, May 8th. The Goldman Sachs Group lowered their target price on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. JPMorgan Chase & Co. lowered their target price on shares of Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Stifel Nicolaus initiated coverage on shares of Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price on the stock. Finally, KeyCorp boosted their target price on shares of Flex from $35.00 to $44.00 and gave the company an “overweight” rating in a report on Friday, May 9th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Flex currently has a consensus rating of “Moderate Buy” and an average target price of $45.33.

Flex Company Profile

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.