Flex Ltd. (NASDAQ:FLEX) Insider Sells $1,517,297.91 in Stock

Flex Ltd. (NASDAQ:FLEX - Get Free Report) insider Michael P. Hartung sold 35,393 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total transaction of $1,517,297.91. Following the completion of the transaction, the insider now directly owns 293,195 shares in the company, valued at approximately $12,569,269.65. The trade was a 10.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Flex Stock Down 1.0%

NASDAQ FLEX traded down $0.45 during trading hours on Wednesday, hitting $42.77. 2,612,486 shares of the company traded hands, compared to its average volume of 3,883,336. The stock has a market capitalization of $15.97 billion, a price-to-earnings ratio of 17.25, a P/E/G ratio of 2.43 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $45.10. The business's 50-day moving average is $36.06 and its 200-day moving average is $38.12.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.04. The firm had revenue of $6.40 billion during the quarter, compared to analysts' expectations of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. The company's revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.57 earnings per share. Sell-side analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current year.

Wall Street Analyst Weigh In

FLEX has been the topic of a number of recent research reports. Stifel Nicolaus initiated coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a "buy" rating and a $52.00 price objective on the stock. Wall Street Zen raised Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 28th. JPMorgan Chase & Co. decreased their target price on Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Barclays boosted their target price on Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Finally, 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. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $45.33.

Institutional Investors Weigh In On Flex

Several hedge funds have recently bought and sold shares of the company. Evergreen Capital Management LLC lifted its position in shares of Flex by 1.0% in the fourth quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company's stock valued at $925,000 after buying an additional 246 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in Flex by 2.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company's stock valued at $488,000 after purchasing an additional 266 shares during the last quarter. Dynasty Wealth Management LLC lifted its stake in shares of Flex by 0.7% during the 1st quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company's stock worth $1,232,000 after buying an additional 276 shares during the last quarter. WealthTrust Axiom LLC lifted its stake in shares of Flex by 1.8% during the 1st quarter. WealthTrust Axiom LLC now owns 17,120 shares of the technology company's stock worth $566,000 after buying an additional 300 shares during the last quarter. Finally, SBI Securities Co. Ltd. lifted its stake in shares of Flex by 30.8% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,299 shares of the technology company's stock worth $43,000 after buying an additional 306 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

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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