Insider Selling: Flex Ltd. (NASDAQ:FLEX) CEO Sells 164,700 Shares of Stock

Flex Ltd. (NASDAQ:FLEX) CEO Revathi Advaithi sold 164,700 shares of the firm’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total value of $6,915,753.00. Following the completion of the transaction, the chief executive officer now owns 1,319,823 shares in the company, valued at approximately $55,419,367.77. This trade represents a 11.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Revathi Advaithi also recently made the following trade(s):

• On Wednesday, May 7th, Revathi Advaithi sold 120,280 shares of Flex stock. The stock was sold at an average price of $38.09, for a total value of $4,581,465.20.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $41.95 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $45.10. The firm’s 50 day simple moving average is $34.12 and its two-hundred day simple moving average is $37.65. The company has a market capitalization of $16.07 billion, a P/E ratio of 16.92, a P/E/G ratio of 2.43 and a beta of 0.96.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $6.22 billion. During the same quarter in the previous year, the company earned $0.57 EPS. Flex’s revenue for the quarter was up 3.7% on a year-over-year basis. Research analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FLEX. StockNews.com downgraded shares of Flex from a “buy” rating to a “hold” rating in a report on Monday. The Goldman Sachs Group dropped their price target on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Stifel Nicolaus initiated coverage on shares of Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target on the stock. Barclays lifted their target price on Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, May 8th. Finally, KeyCorp lifted their target price on Flex from $35.00 to $44.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Flex currently has a consensus rating of “Moderate Buy” and an average price target of $45.33.

Hedge Funds Weigh In On Flex

Several large investors have recently made changes to their positions in the business. Norges Bank purchased a new position in Flex in the 4th quarter worth approximately $229,484,000. Invesco Ltd. lifted its holdings in shares of Flex by 55.0% in the first quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company’s stock worth $276,652,000 after buying an additional 2,968,285 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Flex by 3,794.6% in the first quarter. Pacer Advisors Inc. now owns 2,900,133 shares of the technology company’s stock worth $95,936,000 after buying an additional 2,825,667 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Flex by 210.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock worth $75,148,000 after buying an additional 1,327,298 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its stake in Flex by 13,790.0% in the 4th quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company’s stock worth $47,528,000 after purchasing an additional 1,229,106 shares in the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

About Flex

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.