Flex (NASDAQ:FLEX) Insider Michael Hartung Sells 22,627 Shares

Flex Ltd. (NASDAQ:FLEX – Get Free Report) insider Michael Hartung sold 22,627 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total value of $3,269,148.96. Following the completion of the sale, the insider owned 253,199 shares of the company’s stock, valued at approximately $36,582,191.52. This represents a 8.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Flex Stock Performance

Shares of FLEX stock traded up $8.20 during trading hours on Monday, hitting $155.81. The stock had a trading volume of 7,414,337 shares, compared to its average volume of 8,906,334. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. The firm has a market capitalization of $57.09 billion, a PE ratio of 66.87, a PEG ratio of 0.78 and a beta of 1.63. The stock’s 50 day moving average is $125.25 and its 200 day moving average is $85.91. Flex Ltd. has a twelve month low of $45.31 and a twelve month high of $166.86.

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

Institutional Trading of Flex

Several large investors have recently modified their holdings of the business. USA Financial Formulas acquired a new position in shares of Flex during the 4th quarter worth approximately $28,000. Frazier Financial Advisors LLC acquired a new stake in Flex during the 4th quarter valued at $28,000. Parkside Financial Bank & Trust grew its holdings in Flex by 57.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after buying an additional 166 shares during the last quarter. Gables Capital Management Inc. purchased a new position in Flex in the 4th quarter valued at about $42,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in Flex by 6,318.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock worth $43,000 after acquiring an additional 695 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FLEX has been the topic of a number of analyst reports. KeyCorp lifted their price objective on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Stifel Nicolaus boosted their target price on shares of Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. The Goldman Sachs Group upped their price target on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Robert W. Baird set a $165.00 price target on shares of Flex in a report on Thursday, May 7th. Finally, Barclays boosted their price objective on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Flex currently has an average rating of “Moderate Buy” and a consensus price target of $115.70.

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Flex Company Profile

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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.

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