Flex (NASDAQ:FLEX) COO Kwang Hooi Tan Sells 26,657 Shares of Stock

Key Points

• Flex COO Kwang Hooi Tan sold 26,657 shares on June 17 at an average price of $144.48, generating about $3.85 million. The filing says the sale was mainly to cover tax withholding tied to vesting equity awards.
• Tan has also made several other recent sales, including transactions on June 18, June 15, May 26, and May 11, reducing his ownership by 9.38% after the June 17 sale.
• Flex shares have been strong, recently trading at $155.81, near their 52-week high of $166.86. The company also reported quarterly EPS of $0.93 on revenue of $7.48 billion, while analysts currently maintain a consensus Moderate Buy rating with a $115.70 price target.

Flex Ltd. (NASDAQ:FLEX - Get Free Report) COO Kwang Hooi Tan sold 26,657 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total value of $3,851,403.36. Following the completion of the sale, the chief operating officer owned 257,527 shares of the company's stock, valued at $37,207,500.96. This trade represents a 9.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Kwang Hooi Tan also recently made the following trade(s):

• On Thursday, June 18th, Kwang Hooi Tan sold 8,981 shares of Flex stock. The stock was sold at an average price of $145.19, for a total value of $1,303,951.39.
• On Monday, June 15th, Kwang Hooi Tan sold 10,540 shares of Flex stock. The shares were sold at an average price of $148.02, for a total transaction of $1,560,130.80.
• On Tuesday, May 26th, Kwang Hooi Tan sold 17,500 shares of Flex stock. The shares were sold at an average price of $135.93, for a total value of $2,378,775.00.
• On Monday, May 11th, Kwang Hooi Tan sold 26,175 shares of Flex stock. The stock was sold at an average price of $142.37, for a total value of $3,726,534.75.

Flex Stock Performance

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

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

Institutional Trading of Flex

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Flex by 196.1% during the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company's stock worth $2,341,053,000 after purchasing an additional 25,662,586 shares during the last quarter. Norges Bank bought a new position in Flex in the 4th quarter worth approximately $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new position in shares of Flex during the fourth quarter worth approximately $2,497,000. Sequoia Financial Advisors LLC boosted its position in shares of Flex by 12.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company's stock valued at $10,469,000 after acquiring an additional 19,270 shares during the period. Finally, Teacher Retirement System of Texas grew its stake in shares of Flex by 62.3% in the fourth quarter. Teacher Retirement System of Texas now owns 340,389 shares of the technology company's stock worth $20,566,000 after acquiring an additional 130,641 shares during the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on FLEX shares. Robert W. Baird set a $165.00 price target on shares of Flex in a research report on Thursday, May 7th. KeyCorp upped their target price on Flex from $75.00 to $180.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. The Goldman Sachs Group raised their target price on Flex from $84.00 to $177.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Barclays boosted their target price on shares of Flex from $174.00 to $203.00 and gave the stock an "overweight" rating in a report on Thursday, June 4th. Finally, JPMorgan Chase & Co. lifted their price target 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. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.70.

About Flex

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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