Michael Hartung Sells 8,203 Shares of Flex (NASDAQ:FLEX) Stock

Flex Ltd. (NASDAQ:FLEX) insider Michael Hartung sold 8,203 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $148.01, for a total transaction of $1,214,126.03. Following the completion of the transaction, the insider owned 232,102 shares of the company’s stock, valued at approximately $34,353,417.02. The trade was a 3.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Flex Stock Down 2.6%

NASDAQ FLEX traded down $3.80 during mid-day trading on Wednesday, reaching $143.13. The stock had a trading volume of 7,319,362 shares, compared to its average volume of 5,230,561. Flex Ltd. has a 1 year low of $45.31 and a 1 year high of $166.86. The stock has a market cap of $52.44 billion, a PE ratio of 61.43, a price-to-earnings-growth ratio of 0.77 and a beta of 1.64. The company has a fifty day moving average price of $120.56 and a 200 day moving average price of $83.95. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87.

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on FLEX shares. Barclays boosted their target price on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research note on Thursday, June 4th. Zacks Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. KeyCorp boosted their target price on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. The Goldman Sachs Group increased their price objective on shares of Flex from $84.00 to $177.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $115.70.

Hedge Funds Weigh In On Flex

A number of hedge funds have recently added to or reduced their stakes in the stock. USA Financial Formulas bought a new position in shares of Flex during the fourth quarter valued at approximately $28,000. Frazier Financial Advisors LLC bought a new position in shares of Flex during the fourth quarter valued at approximately $28,000. Parkside Financial Bank & Trust boosted its stake in shares of Flex by 57.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after purchasing an additional 166 shares in the last quarter. CENTRAL TRUST Co boosted its stake in shares of Flex by 238.3% during the third quarter. CENTRAL TRUST Co now owns 504 shares of the technology company’s stock valued at $29,000 after purchasing an additional 355 shares in the last quarter. Finally, Gables Capital Management Inc. acquired a new stake in Flex in the fourth quarter valued at approximately $42,000. 94.30% of the stock is currently owned by institutional investors.

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.