Insider Selling: Flex Ltd. (NASDAQ:FLEX) CEO Sells 59,150 Shares of Stock

Flex Ltd. (NASDAQ:FLEX) CEO Revathi Advaithi sold 59,150 shares of Flex stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $42.90, for a total transaction of $2,537,535.00. Following the completion of the sale, the chief executive officer now owns 1,260,673 shares in the company, valued at $54,082,871.70. The trade was a 4.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

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

• On Tuesday, May 13th, Revathi Advaithi sold 164,700 shares of Flex stock. The shares were sold at an average price of $41.99, for a total transaction of $6,915,753.00.
• On Wednesday, May 7th, Revathi Advaithi sold 120,280 shares of Flex stock. The shares were sold at an average price of $38.09, for a total transaction of $4,581,465.20.

Flex Stock Down 0.5%

Flex stock opened at $42.56 on Friday. The firm has a market capitalization of $15.89 billion, a PE ratio of 17.16, a P/E/G ratio of 2.43 and a beta of 1.04. The company’s 50-day moving average is $36.25 and its 200-day moving average is $38.16. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $45.10. 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 (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.04. The company had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. Flex’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.57 EPS. Sell-side analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Boston Partners grew its stake in Flex by 2.2% in the 4th quarter. Boston Partners now owns 26,114,574 shares of the technology company’s stock valued at $1,006,436,000 after buying an additional 569,916 shares during the last quarter. Wellington Management Group LLP grew its stake in Flex by 4.8% in the 1st quarter. Wellington Management Group LLP now owns 21,742,194 shares of the technology company’s stock valued at $719,232,000 after buying an additional 996,276 shares during the last quarter. Vanguard Group Inc. grew its stake in Flex by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company’s stock valued at $472,155,000 after buying an additional 817,215 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Flex by 12.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company’s stock valued at $326,833,000 after buying an additional 916,085 shares during the last quarter. Finally, Invesco Ltd. grew its stake in Flex by 55.0% in the 1st quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company’s stock valued at $276,652,000 after buying an additional 2,968,285 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on FLEX shares. Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target on the stock. KeyCorp lifted their price target on shares of Flex from $35.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. The Goldman Sachs Group lowered 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. Wall Street Zen upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 28th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Flex presently has a consensus rating of “Buy” and an average price target of $45.33.

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.