Insider Selling: Flex (NASDAQ:FLEX) COO Sells $1,303,951.39 in Stock

Flex Ltd. (NASDAQ:FLEX) COO Kwang Hooi Tan sold 8,981 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.19, for a total value of $1,303,951.39. Following the completion of the transaction, the chief operating officer owned 248,546 shares of the company’s stock, valued at $36,086,393.74. The trade was a 3.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Kwang Hooi Tan also recently made the following trade(s):

• On Wednesday, June 17th, Kwang Hooi Tan sold 26,657 shares of Flex stock. The stock was sold at an average price of $144.48, for a total transaction of $3,851,403.36.
• On Monday, June 15th, Kwang Hooi Tan sold 10,540 shares of Flex stock. The stock was sold at an average price of $148.02, for a total transaction of $1,560,130.80.
• On Tuesday, May 26th, Kwang Hooi Tan sold 17,500 shares of Flex stock. The stock was sold at an average price of $135.93, for a total value of $2,378,775.00.
• On Monday, May 11th, Kwang Hooi Tan sold 26,175 shares of Flex stock. The stock was sold at an average price of $142.37, for a total value of $3,726,534.75.

Flex Stock Performance

Shares of FLEX traded up $8.20 during mid-day trading on Monday, reaching $155.81. The company’s stock had a trading volume of 7,414,337 shares, compared to its average volume of 8,906,334. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The stock has a market cap of $57.09 billion, a P/E ratio of 66.87, a PEG ratio of 0.78 and a beta of 1.63. Flex Ltd. has a 1-year low of $45.31 and a 1-year high of $166.86. The business has a 50-day simple moving average of $125.25 and a two-hundred day simple moving average of $85.91.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The business had revenue of $7.48 billion for the quarter. As a group, equities research analysts anticipate that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. increased its holdings in Flex by 9.3% in the 1st quarter. Pacer Advisors Inc. now owns 1,294,132 shares of the technology company’s stock worth $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 during the 1st quarter worth $4,949,000. Segall Bryant & Hamill LLC acquired a new position in shares of Flex in the first quarter worth approximately $446,000. Western Wealth Management LLC bought a new stake in Flex in the first quarter valued at approximately $65,000. Finally, Intrinsic Edge Capital Management LLC acquired a new stake in Flex during the 1st quarter valued at approximately $5,891,000. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FLEX. The Goldman Sachs Group upped their price objective on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Wall Street Zen downgraded shares of Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Robert W. Baird set a $165.00 target price on shares of Flex in a report on Thursday, May 7th. Finally, Stifel Nicolaus boosted their target price on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $115.70.

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.