Insider Selling: Flex Ltd. (NASDAQ:FLEX) CAO Sells 4,953 Shares of Stock

Flex Ltd. (NASDAQ:FLEX) CAO Daniel Wendler sold 4,953 shares of Flex stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total transaction of $212,335.11. Following the completion of the transaction, the chief accounting officer now owns 44,584 shares of the company’s stock, valued at $1,911,316.08. This trade represents a 10.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Daniel Wendler also recently made the following trade(s):

• On Tuesday, June 3rd, Daniel Wendler sold 1,619 shares of Flex stock. The shares were sold at an average price of $42.91, for a total transaction of $69,471.29.
• On Tuesday, May 13th, Daniel Wendler sold 4,502 shares of Flex stock. The shares were sold at an average price of $41.99, for a total transaction of $189,038.98.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $42.77 on Thursday. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $45.10. The firm’s fifty day moving average is $36.06 and its 200-day moving average is $38.12. The firm has a market cap of $15.97 billion, a PE ratio of 17.25, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $6.22 billion. During the same quarter last year, the firm earned $0.57 earnings per share. Flex’s quarterly revenue was up 3.7% on a year-over-year basis. Sell-side analysts predict that Flex Ltd. will post 2.33 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced 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. The Goldman Sachs Group reduced their price objective 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. 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. KeyCorp increased their price target on shares of Flex from $35.00 to $44.00 and gave the company an “overweight” rating in a report on Friday, May 9th. Finally, Barclays increased their price target on shares of Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, May 8th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Flex has an average rating of “Buy” and a consensus target price of $45.33.

Institutional Investors Weigh In On Flex

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Evergreen Capital Management LLC boosted its stake in Flex by 1.0% in the fourth quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company’s stock valued at $925,000 after acquiring an additional 246 shares during the last quarter. Rockefeller Capital Management L.P. raised its position in shares of Flex by 2.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock valued at $488,000 after purchasing an additional 266 shares during the period. Dynasty Wealth Management LLC increased its holdings in Flex by 0.7% during the 1st quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company’s stock worth $1,232,000 after acquiring an additional 276 shares during the period. WealthTrust Axiom LLC increased its holdings in Flex by 1.8% during the 1st quarter. WealthTrust Axiom LLC now owns 17,120 shares of the technology company’s stock worth $566,000 after acquiring an additional 300 shares during the period. Finally, SBI Securities Co. Ltd. increased its holdings in Flex by 30.8% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,299 shares of the technology company’s stock worth $43,000 after acquiring an additional 306 shares during the period. 94.30% of the stock is owned by institutional investors.

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.