Flex (NASDAQ:FLEX) CEO Sells $28,557,897.28 in Stock

Key Points

• Flex CEO Revathi Advaithi sold 197,879 shares on June 17 at an average price of $144.32, totaling about $28.6 million. The sale was made under a pre-arranged Rule 10b5-1 plan to cover tax withholding tied to equity award vesting.
• Advaithi has also made several other recent stock sales, including transactions on June 18, June 15, May 22, and May 11. These trades further reduced her ownership stake in the company.
• Flex shares were up sharply, trading at $155.81 in the latest session, near the stock’s 52-week high of $166.86. The company also reported strong quarterly results earlier this year, with EPS of $0.93 on revenue of $7.48 billion.

Flex Ltd. (NASDAQ:FLEX - Get Free Report) CEO Revathi Advaithi sold 197,879 shares of the firm's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $144.32, for a total value of $28,557,897.28. Following the sale, the chief executive officer owned 623,466 shares of the company's stock, valued at $89,978,613.12. This represents a 24.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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.

Revathi Advaithi also recently made the following trade(s):

• On Thursday, June 18th, Revathi Advaithi sold 39,188 shares of Flex stock. The stock was sold at an average price of $145.18, for a total value of $5,689,313.84.
• On Monday, June 15th, Revathi Advaithi sold 39,239 shares of Flex stock. The stock was sold at an average price of $147.96, for a total transaction of $5,805,802.44.
• On Friday, May 22nd, Revathi Advaithi sold 83,500 shares of Flex stock. The shares were sold at an average price of $132.87, for a total transaction of $11,094,645.00.
• On Monday, May 11th, Revathi Advaithi sold 114,090 shares of Flex stock. The shares were sold at an average price of $142.37, for a total transaction of $16,242,993.30.

Flex Stock Up 5.6%

Shares of FLEX stock traded up $8.20 during trading hours on Monday, hitting $155.81. 7,414,337 shares of the company were exchanged, compared to its average volume of 8,906,334. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The stock has a market capitalization of $57.09 billion, a price-to-earnings ratio of 66.87, a P/E/G ratio of 0.78 and a beta of 1.63. Flex Ltd. has a one year low of $45.31 and a one year high of $166.86. The business's 50-day simple moving average is $125.25 and its two-hundred day simple moving average is $85.91.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The firm had revenue of $7.48 billion for the quarter. Sell-side analysts predict that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Institutional Trading of Flex

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Flex by 196.1% in the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company's stock worth $2,341,053,000 after acquiring an additional 25,662,586 shares in the last quarter. Norges Bank acquired a new stake in Flex during the fourth quarter valued at approximately $319,756,000. State Street Corp boosted its stake in shares of Flex by 38.0% during the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company's stock worth $611,997,000 after acquiring an additional 3,377,669 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Flex by 694,916.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,641,062 shares of the technology company's stock worth $159,573,000 after purchasing an additional 2,640,682 shares during the period. Finally, Polar Capital Holdings Plc lifted its holdings in shares of Flex by 141.8% during the fourth quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company's stock valued at $223,140,000 after purchasing an additional 2,165,780 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on FLEX. Zacks Research upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 13th. Barclays increased their target price on Flex from $174.00 to $203.00 and gave the stock an "overweight" rating in a research report on Thursday, June 4th. Robert W. Baird set a $165.00 target price on shares of Flex in a research note on Thursday, May 7th. KeyCorp increased their price objective on Flex from $75.00 to $180.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Finally, Wall Street Zen lowered Flex from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 8th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, Flex 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.

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