Insider Selling: Flex Ltd. (NASDAQ:FLEX) COO Sells $525,875.00 in Stock

Flex Ltd. (NASDAQ:FLEX) COO Kwang Hooi Tan sold 12,500 shares of the firm’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $42.07, for a total transaction of $525,875.00. Following the completion of the transaction, the chief operating officer now directly owns 249,813 shares in the company, valued at $10,509,632.91. This represents a 4.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Wednesday, June 4th, Kwang Hooi Tan sold 37,533 shares of Flex stock. The shares were sold at an average price of $42.87, for a total transaction of $1,609,039.71.
• On Tuesday, June 3rd, Kwang Hooi Tan sold 12,259 shares of Flex stock. The shares were sold at an average price of $42.90, for a total transaction of $525,911.10.
• On Tuesday, May 13th, Kwang Hooi Tan sold 34,335 shares of Flex stock. The stock was sold at an average price of $41.99, for a total transaction of $1,441,726.65.

Flex Stock Up 1.2%

Shares of NASDAQ FLEX opened at $43.07 on Friday. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $45.10. The stock has a market cap of $16.08 billion, a PE ratio of 17.37, a P/E/G ratio of 2.43 and a beta of 1.04. 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 company has a 50-day moving average of $36.44 and a 200 day moving average of $38.20.

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

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. The Goldman Sachs Group lowered their target price on shares of Flex from $53.00 to $41.00 and set a “buy” rating for the company 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. Stifel Nicolaus initiated coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price for the company. JPMorgan Chase & Co. decreased their target price on shares of Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Finally, KeyCorp reissued an “overweight” rating on shares of Flex in a research note on Tuesday. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $45.33.

Institutional Trading of Flex

Hedge funds have recently made changes to their positions in the company. Invst LLC acquired a new position in shares of Flex in the 1st quarter worth approximately $615,000. Advisors Capital Management LLC increased its position in shares of Flex by 8.4% in the 1st quarter. Advisors Capital Management LLC now owns 7,610 shares of the technology company’s stock valued at $252,000 after purchasing an additional 589 shares during the last quarter. Flaharty Asset Management LLC purchased a new stake in shares of Flex in the 1st quarter valued at approximately $66,000. Bayforest Capital Ltd grew its position in shares of Flex by 369.9% in the 1st quarter. Bayforest Capital Ltd now owns 14,521 shares of the technology company’s stock valued at $480,000 after buying an additional 11,431 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Flex by 16.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,135,247 shares of the technology company’s stock valued at $103,714,000 after buying an additional 453,455 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

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.