Flex (NASDAQ:FLEX) EVP David Scott Offer Sells 18,750 Shares

Flex Ltd. (NASDAQ:FLEX) EVP David Scott Offer sold 18,750 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $147.91, for a total value of $2,773,312.50. Following the transaction, the executive vice president owned 54,721 shares of the company’s stock, valued at approximately $8,093,783.11. The trade was a 25.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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.

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

• On Monday, June 15th, David Scott Offer sold 7,223 shares of Flex stock. The shares were sold at an average price of $148.01, for a total transaction of $1,069,076.23.
• 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 transaction 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 Stock Down 2.6%

Shares of NASDAQ FLEX opened at $143.13 on Thursday. 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 company has a market cap of $52.44 billion, a P/E ratio of 61.43, a PEG ratio of 0.77 and a beta of 1.64. Flex Ltd. has a 1 year low of $45.31 and a 1 year high of $166.86. The firm has a 50-day simple moving average of $120.56 and a two-hundred day simple moving average of $83.95.

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

Flex News Summary

Here are the key news stories impacting Flex this week:

• Neutral Sentiment: CEO Revathi Advaithi sold 39,239 shares, a 6.48% reduction in her holdings, in a transaction valued at about $5.8 million; the filing says the sale was to cover tax withholding obligations. SEC filing
• Neutral Sentiment: CFO Kevin Krumm sold 3,378 shares, and COO Kwang Hooi Tan sold 10,540 shares, both describing the trades as tax-related equity award withholding rather than a change in business outlook. SEC filing
• Neutral Sentiment: EVP David Scott Offer sold shares in two transactions, including one under a Rule 10b5-1 plan, which may reduce concern about timing but still adds to the overall insider-selling narrative. SEC filing
• Neutral Sentiment: Other insider sales came from COO Kwang Hooi Tan, insider Michael P. Hartung, and CAO Daniel Wendler, all similarly framed as equity-compensation-related selling. SEC filing

Hedge Funds Weigh In On Flex

Institutional investors and hedge funds have recently bought and sold shares of the company. USA Financial Formulas purchased a new position in Flex in the fourth quarter worth $28,000. Frazier Financial Advisors LLC purchased a new position in Flex in the fourth quarter worth $28,000. Parkside Financial Bank & Trust grew its holdings in Flex by 57.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after purchasing an additional 166 shares during the last quarter. CENTRAL TRUST Co grew its holdings in Flex by 238.3% in the third quarter. CENTRAL TRUST Co now owns 504 shares of the technology company’s stock worth $29,000 after purchasing an additional 355 shares during the last quarter. Finally, Gables Capital Management Inc. purchased a new position in Flex in the fourth quarter worth $42,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FLEX has been the topic of a number of research reports. KeyCorp raised their target price on shares of Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. raised their target price on shares of 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 raised their target price on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Stifel Nicolaus lifted their price objective on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. Finally, Zacks Research raised shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $115.70.

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.