Insider Selling: Flex (NASDAQ:FLEX) EVP Sells $1,069,076.23 in Stock

Flex Ltd. (NASDAQ:FLEX) EVP David Scott Offer sold 7,223 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $148.01, for a total value of $1,069,076.23. Following the transaction, the executive vice president owned 74,867 shares in the company, valued at $11,081,064.67. This trade represents a 8.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.

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

• On Tuesday, June 16th, David Scott Offer sold 18,750 shares of Flex stock. The shares were sold at an average price of $147.91, for a total value of $2,773,312.50.
• On Friday, June 5th, David Scott Offer sold 33,000 shares of Flex stock. The stock was sold at an average price of $153.91, for a total value of $5,079,030.00.
• On Monday, May 11th, David Scott Offer sold 22,212 shares of Flex stock. The stock was sold at an average price of $142.40, for a total transaction of $3,162,988.80.

Flex Price Performance

Flex stock opened at $147.61 on Friday. The firm has a market capitalization of $54.08 billion, a P/E ratio of 63.35, a P/E/G ratio of 0.78 and a beta of 1.64. The stock’s fifty day simple moving average is $123.64 and its 200-day simple moving average is $85.02. Flex Ltd. has a twelve month low of $45.31 and a twelve month high of $166.86. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73.

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

Institutional Trading of Flex

Hedge funds and other institutional investors have recently made changes to their positions in the company. USA Financial Formulas acquired a new stake in shares of Flex in the 4th quarter valued at about $28,000. Frazier Financial Advisors LLC acquired a new position in Flex during the fourth quarter worth approximately $28,000. Parkside Financial Bank & Trust lifted its stake in Flex by 57.0% in the fourth 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. CENTRAL TRUST Co boosted its holdings in shares of Flex by 238.3% in the third quarter. CENTRAL TRUST Co now owns 504 shares of the technology company’s stock valued at $29,000 after acquiring an additional 355 shares during the period. Finally, Gables Capital Management Inc. purchased a new position in shares of Flex during the fourth quarter worth approximately $42,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FLEX. KeyCorp boosted their target price on shares of Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. raised their price target on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Finally, Barclays boosted their target price on Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research note on Thursday, June 4th. One equities research 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, Flex currently has a consensus rating of “Moderate Buy” and an average target price of $115.70.

About Flex

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.