Insider Selling: Flex Ltd. (NASDAQ:FLEX) EVP Sells 32,172 Shares of Stock

Flex Ltd. (NASDAQ:FLEX) EVP David Scott Offer sold 32,172 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total transaction of $1,350,902.28. Following the sale, the executive vice president now directly owns 117,302 shares of the company’s stock, valued at $4,925,510.98. This trade represents a 21.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

David Scott Offer also recently made the following trade(s):

• On Friday, May 2nd, David Scott Offer sold 87,093 shares of Flex stock. The stock was sold at an average price of $36.43, for a total transaction of $3,172,797.99.

Flex Trading Up 0.5%

NASDAQ FLEX opened at $42.06 on Thursday. The company has a fifty day simple moving average of $33.94 and a two-hundred day simple moving average of $37.61. The stock has a market cap of $16.11 billion, a P/E ratio of 16.96, a P/E/G ratio of 2.43 and a beta of 0.96. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $45.10. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

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

Analyst Ratings Changes

FLEX has been the topic of several analyst reports. JPMorgan Chase & Co. dropped 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. KeyCorp boosted their price target on shares of Flex from $35.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. Barclays boosted their price target on shares of Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. Stifel Nicolaus began coverage on shares of Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price on the stock. Finally, StockNews.com downgraded shares of Flex from a “buy” rating to a “hold” rating in a report on Monday. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $45.33.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC grew its position in shares of Flex by 42.6% in the third quarter. Barclays PLC now owns 774,856 shares of the technology company’s stock valued at $25,902,000 after purchasing an additional 231,572 shares during the period. JPMorgan Chase & Co. boosted its position in Flex by 5.2% during the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock worth $202,152,000 after acquiring an additional 296,505 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Flex by 4.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 48,895 shares of the technology company’s stock valued at $1,877,000 after purchasing an additional 1,945 shares during the last quarter. Fifth Third Wealth Advisors LLC acquired a new position in Flex in the 4th quarter valued at about $321,000. Finally, Park Avenue Securities LLC boosted its holdings in Flex by 12.2% in the 4th quarter. Park Avenue Securities LLC now owns 24,484 shares of the technology company’s stock valued at $940,000 after purchasing an additional 2,654 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.