Flex (NASDAQ:FLEX) COO Kwang Hooi Tan Sells 10,540 Shares

Flex Ltd. (NASDAQ:FLEX) COO Kwang Hooi Tan sold 10,540 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $148.02, for a total transaction of $1,560,130.80. Following the completion of the transaction, the chief operating officer directly owned 235,602 shares of the company’s stock, valued at approximately $34,873,808.04. The trade was a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 Tuesday, May 26th, Kwang Hooi Tan sold 17,500 shares of Flex stock. The shares were sold at an average price of $135.93, for a total transaction of $2,378,775.00.
• On Monday, May 11th, Kwang Hooi Tan sold 26,175 shares of Flex stock. The shares were sold at an average price of $142.37, for a total transaction of $3,726,534.75.

Flex Stock Down 2.6%

Shares of NASDAQ:FLEX traded down $3.80 during trading on Wednesday, reaching $143.13. 7,319,362 shares of the stock traded hands, compared to its average volume of 5,230,561. The stock has a 50-day moving average of $120.56 and a two-hundred day moving average of $83.95. Flex Ltd. has a 52-week low of $45.31 and a 52-week high of $166.86. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The stock has a market cap of $52.44 billion, a P/E ratio of 61.43, a price-to-earnings-growth ratio of 0.77 and a beta of 1.64.

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

Hedge Funds Weigh In On Flex

A number of large investors have recently made changes to their positions in the company. Lombard Odier Asset Management Europe Ltd purchased a new position in shares of Flex during the 1st quarter worth about $4,949,000. Segall Bryant & Hamill LLC purchased a new stake in Flex in the 1st quarter valued at about $446,000. Western Wealth Management LLC purchased a new stake in Flex in the 1st quarter valued at about $65,000. Intrinsic Edge Capital Management LLC bought a new stake in shares of Flex in the 1st quarter valued at about $5,891,000. Finally, Amundi raised its holdings in shares of Flex by 15.5% in the 1st quarter. Amundi now owns 1,494,418 shares of the technology company’s stock valued at $97,825,000 after purchasing an additional 200,553 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on FLEX. The Goldman Sachs Group raised their target price on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Robert W. Baird set a $165.00 target price on shares of Flex in a report on Thursday, May 7th. Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Zacks Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. Finally, Stifel Nicolaus raised their price objective 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 research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Flex presently has a consensus rating of “Moderate Buy” and an average price target of $115.70.

About Flex

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.