Flex Ltd. (NASDAQ:FLEX – Get Free Report) CEO Revathi Advaithi sold 39,188 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $145.18, for a total value of $5,689,313.84. Following the completion of the sale, the chief executive officer directly owned 584,278 shares of the company’s stock, valued at approximately $84,825,480.04. This trade represents a 6.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Revathi Advaithi also recently made the following trade(s):
- On Wednesday, June 17th, Revathi Advaithi sold 197,879 shares of Flex stock. The stock was sold at an average price of $144.32, for a total transaction of $28,557,897.28.
- On Monday, June 15th, Revathi Advaithi sold 39,239 shares of Flex stock. The shares were sold at an average price of $147.96, for a total transaction of $5,805,802.44.
- On Friday, May 22nd, Revathi Advaithi sold 83,500 shares of Flex stock. The stock was sold at an average price of $132.87, for a total transaction of $11,094,645.00.
- On Monday, May 11th, Revathi Advaithi sold 114,090 shares of Flex stock. The shares were sold at an average price of $142.37, for a total transaction of $16,242,993.30.
Flex Price Performance
FLEX stock opened at $150.60 on Thursday. The company has a market cap of $55.18 billion, a price-to-earnings ratio of 64.64, a PEG ratio of 0.80 and a beta of 1.64. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The firm has a 50 day moving average of $128.20 and a 200-day moving average of $87.19. Flex Ltd. has a 12-month low of $47.83 and a 12-month high of $166.86.
Analyst Ratings Changes
A number of brokerages recently commented on FLEX. Stifel Nicolaus increased their price objective on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note 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 company a “buy” rating in a report on Thursday, May 7th. Barclays increased their price target on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research report on Thursday, June 4th. Wall Street Zen downgraded Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Finally, Zacks Research raised Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $115.70.
Check Out Our Latest Stock Report on FLEX
Hedge Funds Weigh In On Flex
Institutional investors and hedge funds have recently modified their holdings of the company. Pacer Advisors Inc. boosted its position in Flex by 9.3% during the first quarter. Pacer Advisors Inc. now owns 1,294,132 shares of the technology company’s stock worth $84,714,000 after acquiring an additional 109,992 shares during the last quarter. Lombard Odier Asset Management Europe Ltd purchased a new position in shares of Flex during the 1st quarter worth $4,949,000. Segall Bryant & Hamill LLC acquired a new stake in shares of Flex during the first quarter worth $446,000. Western Wealth Management LLC purchased a new stake in shares of Flex in the first quarter valued at $65,000. Finally, Intrinsic Edge Capital Management LLC purchased a new stake in shares of Flex in the first quarter valued at $5,891,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.
Key Headlines Impacting Flex
Here are the key news stories impacting Flex this week:
- Positive Sentiment: Flex was set to join the S&P 500 Index, a change that can boost demand for shares through index fund buying and improve the company’s visibility with institutional investors. Flex Ltd. (FLEX) to Join S&P 500 Index on June 22
- Neutral Sentiment: A Kotaku article about a Bose SoundLink Flex speaker being at an all-time low appears unrelated to Flex Ltd. and is unlikely to affect the stock. Bose SoundLink Flex 2 article
- Negative Sentiment: Multiple insiders, including CEO Revathi Advaithi, COO Kwang Hooi Tan, EVP David Scott Offer, CAO Daniel Wendler, and insider Michael P. Hartung, sold shares recently. Although the filings say the sales were mostly tied to Rule 10b5-1 plans and tax withholding from vested awards, the concentration of selling can still weigh on sentiment. Flex insider selling alert
Flex Company Profile
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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