Insider Selling: Flex (NASDAQ:FLEX) COO Sells $3,851,403.36 in Stock

Flex Ltd. (NASDAQ:FLEX) COO Kwang Hooi Tan sold 26,657 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,851,403.36. Following the completion of the transaction, the chief operating officer owned 257,527 shares of the company’s stock, valued at approximately $37,207,500.96. This represents a 9.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Kwang Hooi Tan also recently made the following trade(s):

• On Thursday, June 18th, Kwang Hooi Tan sold 8,981 shares of Flex stock. The stock was sold at an average price of $145.19, for a total transaction of $1,303,951.39.
• On Monday, June 15th, Kwang Hooi Tan sold 10,540 shares of Flex stock. The shares were sold at an average price of $148.02, for a total transaction of $1,560,130.80.
• On Tuesday, May 26th, Kwang Hooi Tan sold 17,500 shares of Flex stock. The stock was sold at an average price of $135.93, for a total transaction of $2,378,775.00.
• On Monday, May 11th, Kwang Hooi Tan sold 26,175 shares of Flex stock. The stock was sold at an average price of $142.37, for a total transaction of $3,726,534.75.

Flex Price Performance

NASDAQ:FLEX opened at $150.60 on Thursday. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. Flex Ltd. has a 52 week low of $47.83 and a 52 week high of $166.86. The stock’s 50-day moving average price is $128.20 and its 200-day moving average price is $87.19. The stock has a market capitalization of $55.18 billion, a PE ratio of 64.64, a price-to-earnings-growth ratio of 0.80 and a beta of 1.64.

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Stifel Nicolaus increased their target price on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. JPMorgan Chase & Co. increased their price objective on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. KeyCorp lifted their target price 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. Finally, Barclays boosted their target price on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.70.

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

Institutional Trading of Flex

A number of institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. increased its position in shares of 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 purchasing an additional 109,992 shares in the last quarter. Lombard Odier Asset Management Europe Ltd purchased a new position in Flex in the 1st quarter valued at $4,949,000. Segall Bryant & Hamill LLC acquired a new stake in Flex during the 1st quarter worth $446,000. Western Wealth Management LLC purchased a new stake in shares of Flex during the first quarter worth $65,000. Finally, Intrinsic Edge Capital Management LLC purchased a new stake in shares of Flex during the first quarter worth $5,891,000. 94.30% of the stock is owned by institutional investors and hedge funds.

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.