Flex (NASDAQ:FLEX) CEO Revathi Advaithi Sells 197,879 Shares

Flex Ltd. (NASDAQ:FLEX) CEO Revathi Advaithi sold 197,879 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the completion of the transaction, the chief executive officer owned 623,466 shares of the company’s stock, valued at approximately $89,978,613.12. The trade was a 24.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 Thursday, June 18th, Revathi Advaithi sold 39,188 shares of Flex stock. The shares were sold at an average price of $145.18, for a total transaction of $5,689,313.84.
• 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 shares were sold at an average price of $132.87, for a total value 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 value of $16,242,993.30.

Flex Stock Up 5.6%

Shares of NASDAQ FLEX traded up $8.20 during mid-day trading on Monday, reaching $155.81. The company had a trading volume of 7,414,337 shares, compared to its average volume of 8,906,334. The stock has a fifty day moving average of $125.25 and a two-hundred day moving average of $85.91. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The company has a market capitalization of $57.09 billion, a price-to-earnings ratio of 66.87, a PEG ratio of 0.78 and a beta of 1.63. Flex Ltd. has a 12-month low of $45.31 and a 12-month high of $166.86.

Flex (NASDAQ:FLEX) last posted its quarterly 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 during the quarter. As a group, equities research analysts expect that Flex Ltd. will post 4.15 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on FLEX. Stifel Nicolaus raised their price target on Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Barclays raised their price target on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. JPMorgan Chase & Co. boosted their price target on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. The Goldman Sachs Group upped their target price on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Flex currently has an average rating of “Moderate Buy” and a consensus target price of $115.70.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Flex by 196.1% during the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after purchasing an additional 25,662,586 shares during the last quarter. State Street Corp raised its holdings in Flex by 17.8% in the 4th quarter. State Street Corp now owns 14,055,533 shares of the technology company’s stock valued at $849,235,000 after acquiring an additional 2,126,440 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Flex by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company’s stock worth $459,829,000 after acquiring an additional 181,266 shares during the period. Norges Bank acquired a new position in shares of Flex in the fourth quarter valued at $319,756,000. Finally, Polar Capital Holdings Plc raised its stake in shares of Flex by 141.8% in the fourth quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock valued at $223,140,000 after purchasing an additional 2,165,780 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

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.