Flex (NASDAQ:FLEX) EVP David Scott Offer Sells 18,750 Shares

Key Points

• Flex EVP David Scott Offer sold 18,750 shares on June 16 at an average price of $147.91, totaling about $2.77 million. The sale was part of a pre-arranged Rule 10b5-1 plan and was tied to tax withholding obligations from equity award vesting.
• Offer has also been actively selling shares recently, including transactions on June 15, June 5, and May 11. After the latest sale, he still held 54,721 shares, though his position fell by about 25.5%.
• Flex shares were down in midday trading to $143.13, while the company remains large with a market cap of $52.44 billion. Analysts currently rate the stock a Moderate Buy, with a consensus price target of $115.70.

Flex Ltd. (NASDAQ:FLEX - Get Free Report) EVP David Scott Offer sold 18,750 shares of Flex stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $147.91, for a total value of $2,773,312.50. Following the completion of the transaction, the executive vice president owned 54,721 shares in the company, valued at approximately $8,093,783.11. This represents a 25.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.

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

• On Monday, June 15th, David Scott Offer sold 7,223 shares of Flex stock. The shares were sold at an average price of $148.01, for a total value of $1,069,076.23.
• On Friday, June 5th, David Scott Offer sold 33,000 shares of Flex stock. The shares were sold at an average price of $153.91, for a total value of $5,079,030.00.
• On Monday, May 11th, David Scott Offer sold 22,212 shares of Flex stock. The shares were sold at an average price of $142.40, for a total value of $3,162,988.80.

Flex Price Performance

Flex stock traded down $3.80 during midday trading on Wednesday, reaching $143.13. The company's stock had a trading volume of 7,319,362 shares, compared to its average volume of 5,230,561. Flex Ltd. has a 52 week low of $45.31 and a 52 week high of $166.86. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The business has a 50-day moving average price of $120.56 and a 200-day moving average price of $83.95. 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.

Flex (NASDAQ:FLEX - Get Free Report) last released its earnings results 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. On average, sell-side analysts predict that Flex Ltd. will post 4.15 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FLEX. JPMorgan Chase & Co. boosted their price target on Flex from $75.00 to $84.00 and gave the company an "overweight" rating in a research note on Thursday, April 16th. The Goldman Sachs Group boosted their price objective on Flex from $84.00 to $177.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Stifel Nicolaus boosted their price objective on Flex from $75.00 to $95.00 and gave the company a "buy" rating in a report on Monday, April 20th. Wall Street Zen downgraded Flex from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 8th. Finally, Zacks Research upgraded Flex from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $115.70.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. JSF Financial LLC lifted its holdings in Flex by 0.6% during the 1st quarter. JSF Financial LLC now owns 20,504 shares of the technology company's stock worth $1,342,000 after purchasing an additional 115 shares in the last quarter. Glenview Trust Co raised its holdings in shares of Flex by 3.4% during the 1st quarter. Glenview Trust Co now owns 3,775 shares of the technology company's stock valued at $247,000 after buying an additional 125 shares in the last quarter. Resonant Capital Advisors LLC raised its holdings in shares of Flex by 2.1% during the 1st quarter. Resonant Capital Advisors LLC now owns 7,967 shares of the technology company's stock valued at $522,000 after buying an additional 163 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of Flex by 57.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company's stock valued at $28,000 after buying an additional 166 shares in the last quarter. Finally, Bessemer Group Inc. raised its holdings in shares of Flex by 7.9% during the 1st quarter. Bessemer Group Inc. now owns 2,418 shares of the technology company's stock valued at $159,000 after buying an additional 178 shares in the last quarter. Institutional investors own 94.30% of the company's stock.

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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