Flex (NASDAQ:FLEX) EVP Sells 20,812 Shares

Key Points

• Flex EVP David Scott Offer sold 20,812 shares on June 17 at an average price of $144.47, worth about $3.0 million. The sale reduced his direct stake by 17.55% and was made to cover tax withholding tied to vesting equity awards.
• Offer has been actively selling Flex shares recently, including multiple transactions in mid-June and earlier in June and May. The recent sales total a significant amount of insider activity over a short period.
• Flex stock rose 5.6% to $155.81, near its 1-year high of $166.86. The company also reported strong analyst support, with several firms raising price targets and the stock carrying a “Moderate Buy” consensus rating.

Flex Ltd. (NASDAQ:FLEX - Get Free Report) EVP David Scott Offer sold 20,812 shares of Flex stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $144.47, for a total value of $3,006,709.64. Following the transaction, the executive vice president directly owned 97,779 shares in the company, valued at approximately $14,126,132.13. This trade represents a 17.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 Thursday, June 18th, David Scott Offer sold 6,657 shares of Flex stock. The stock was sold at an average price of $145.23, for a total transaction of $966,796.11.
• On Tuesday, June 16th, David Scott Offer sold 18,750 shares of Flex stock. The shares were sold at an average price of $147.91, for a total transaction of $2,773,312.50.
• On Monday, June 15th, David Scott Offer sold 7,223 shares of Flex stock. The stock was sold at an average price of $148.01, for a total transaction of $1,069,076.23.
• On Friday, June 5th, David Scott Offer sold 33,000 shares of Flex stock. The stock was 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 stock was sold at an average price of $142.40, for a total value of $3,162,988.80.

Flex Stock Up 5.6%

NASDAQ FLEX traded up $8.20 during trading on Monday, reaching $155.81. The company's stock had a trading volume of 7,414,337 shares, compared to its average volume of 8,906,334. 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 stock has a market capitalization of $57.09 billion, a PE ratio of 66.87, a PEG ratio of 0.78 and a beta of 1.63. Flex Ltd. has a 1-year low of $45.31 and a 1-year high of $166.86. The business has a 50-day moving average price of $125.25 and a 200-day moving average price of $85.91.

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

Institutional Trading of Flex

Hedge funds have recently modified their holdings of the company. Brighton Jones LLC acquired a new position in shares of Flex in the 4th quarter worth approximately $260,000. Goldman Sachs Group Inc. increased its holdings in Flex by 19.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company's stock valued at $42,314,000 after purchasing an additional 211,046 shares in the last quarter. Empowered Funds LLC bought a new position in Flex in the 1st quarter valued at $397,000. EverSource Wealth Advisors LLC raised its holdings in shares of Flex by 63.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company's stock valued at $132,000 after buying an additional 1,031 shares during the last quarter. Finally, First Trust Advisors LP increased its position in Flex by 92.4% in the 2nd quarter. First Trust Advisors LP now owns 62,078 shares of the technology company's stock valued at $3,099,000 after acquiring an additional 29,821 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FLEX. The Goldman Sachs Group lifted their target price on shares of Flex from $84.00 to $177.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. KeyCorp upped their price objective on shares of Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Robert W. Baird set a $165.00 price target on Flex in a report on Thursday, May 7th. Wall Street Zen downgraded Flex from a "strong-buy" rating to a "buy" rating in a research report on Sunday, March 8th. Finally, Zacks Research raised shares of Flex from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Flex presently has an average rating of "Moderate Buy" and an average target price 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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