Flex (NASDAQ:FLEX) Director Michael Hurlston Sells 10,000 Shares

Flex Ltd. (NASDAQ:FLEX) Director Michael Hurlston sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $58.00, for a total transaction of $580,000.00. Following the sale, the director directly owned 58,561 shares in the company, valued at $3,396,538. This trade represents a 14.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Flex Price Performance

Shares of FLEX stock traded up $1.05 on Wednesday, reaching $58.40. The company’s stock had a trading volume of 3,331,818 shares, compared to its average volume of 5,298,328. The company has a market capitalization of $21.60 billion, a P/E ratio of 25.84, a PEG ratio of 1.52 and a beta of 1.24. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $67.00. The stock’s 50 day simple moving average is $60.19 and its 200-day simple moving average is $52.96. The company has a quick ratio of 0.83, a current ratio of 1.33 and a debt-to-equity ratio of 0.60.

Analysts Set New Price Targets

Several brokerages have recently commented on FLEX. Bank of America boosted their price objective on Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Jefferies Financial Group reiterated a “hold” rating and set a $23.00 target price on shares of Flex in a research report on Wednesday, November 12th. KeyCorp increased their price target on shares of Flex from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. JPMorgan Chase & Co. raised their price objective on shares of Flex from $60.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Finally, The Goldman Sachs Group upped their target price on shares of Flex from $66.00 to $73.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $65.75.

Institutional Trading of Flex

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Brighton Jones LLC bought a new stake in Flex during the 4th quarter valued at approximately $260,000. CWM LLC lifted its stake in shares of Flex by 73.3% in the 1st quarter. CWM LLC now owns 1,281 shares of the technology company’s stock valued at $42,000 after purchasing an additional 542 shares during the period. AE Wealth Management LLC bought a new stake in shares of Flex during the first quarter valued at approximately $233,000. Assetmark Inc. grew its stake in Flex by 15.0% in the first quarter. Assetmark Inc. now owns 20,935 shares of the technology company’s stock worth $693,000 after purchasing an additional 2,738 shares during the period. Finally, HB Wealth Management LLC raised its holdings in Flex by 23.5% in the first quarter. HB Wealth Management LLC now owns 7,065 shares of the technology company’s stock worth $234,000 after purchasing an additional 1,343 shares in the last quarter. 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.