Flex Ltd. (NASDAQ:FLEX) EVP Sells $1,517,340.78 in Stock

Flex Ltd. (NASDAQ:FLEX - Get Free Report) EVP David Scott Offer sold 35,394 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total transaction of $1,517,340.78. Following the sale, the executive vice president now owns 140,013 shares of the company's stock, valued at approximately $6,002,357.31. This represents a 20.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• On Tuesday, June 3rd, David Scott Offer sold 11,025 shares of Flex stock. The stock was sold at an average price of $42.90, for a total transaction of $472,972.50.
• On Tuesday, May 13th, David Scott Offer sold 32,172 shares of Flex stock. The stock was sold at an average price of $41.99, for a total value of $1,350,902.28.
• On Friday, May 2nd, David Scott Offer sold 87,093 shares of Flex stock. The shares were sold at an average price of $36.43, for a total value of $3,172,797.99.

Flex Stock Performance

Shares of NASDAQ:FLEX traded down $0.45 during midday trading on Wednesday, hitting $42.77. The company had a trading volume of 2,612,486 shares, compared to its average volume of 3,883,336. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. The company has a market cap of $15.97 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 2.43 and a beta of 1.04. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $45.10. The company has a fifty day moving average of $36.06 and a two-hundred day moving average of $38.12.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. The business had revenue of $6.40 billion during the quarter, compared to analysts' expectations of $6.22 billion. Flex had a return on equity of 17.93% and a net margin of 3.95%. The business's quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.57 earnings per share. On average, equities research analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Flex

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Flex in the fourth quarter worth $229,484,000. Invesco Ltd. grew its position in shares of Flex by 55.0% during the first quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company's stock worth $276,652,000 after purchasing an additional 2,968,285 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Flex by 3,794.6% during the first quarter. Pacer Advisors Inc. now owns 2,900,133 shares of the technology company's stock worth $95,936,000 after purchasing an additional 2,825,667 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Flex by 210.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company's stock worth $75,148,000 after purchasing an additional 1,327,298 shares in the last quarter. Finally, Neuberger Berman Group LLC grew its position in shares of Flex by 13,790.0% during the fourth quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company's stock worth $47,528,000 after purchasing an additional 1,229,106 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on FLEX shares. Stifel Nicolaus initiated coverage on shares of Flex in a research report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price target for the company. KeyCorp boosted their price objective on shares of Flex from $35.00 to $44.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Wall Street Zen raised shares of Flex from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 28th. JPMorgan Chase & Co. decreased their price objective on shares of Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, The Goldman Sachs Group decreased their target price on shares of Flex from $53.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $45.33.

About Flex

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.

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