Flex Ltd. (NASDAQ:FLEX) Insider Michael P. Hartung Sells 35,393 Shares

Flex Ltd. (NASDAQ:FLEX) insider Michael P. Hartung sold 35,393 shares of the business’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total transaction of $1,517,297.91. Following the completion of the sale, the insider now directly owns 293,195 shares of the company’s stock, valued at approximately $12,569,269.65. The trade was a 10.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Flex Stock Down 1.0%

Shares of NASDAQ FLEX opened at $42.77 on Thursday. 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 market cap of $15.97 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 2.43 and a beta of 1.04. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $45.10. The stock has a 50-day moving average price of $36.06 and a two-hundred day moving average price of $38.12.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group reduced their target price on shares of Flex from $53.00 to $41.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. JPMorgan Chase & Co. cut their price objective on shares of Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Wall Street Zen raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 28th. KeyCorp upped their price objective on shares of Flex from $35.00 to $44.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. Finally, Barclays upped their price objective on shares of Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, May 8th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Flex currently has an average rating of “Buy” and a consensus target price of $45.33.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Rise Advisors LLC acquired a new stake in Flex during the 1st quarter valued at approximately $25,000. Olde Wealth Management LLC acquired a new stake in Flex during the 1st quarter valued at approximately $26,000. Cullen Frost Bankers Inc. acquired a new stake in Flex during the 1st quarter valued at approximately $26,000. CX Institutional acquired a new stake in Flex during the 1st quarter valued at approximately $29,000. Finally, R Squared Ltd acquired a new stake in Flex during the 4th quarter valued at approximately $35,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

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.