Insider Selling: Flex Ltd. (NASDAQ:FLEX) COO Sells 12,500 Shares of Stock

Key Points

• Kwang Hooi Tan, COO of Flex Ltd., sold 12,500 shares of the company stock at an average price of $50.25, totaling approximately $628,125, which decreased his ownership share by 4.53%.
• Flex Ltd. reported an EPS of $0.72 for the last quarter, surpassing analysts' expectations, while revenues increased by 4.1% year-over-year to $6.58 billion.
• Analyst ratings for Flex have been positive, with Barclays and JPMorgan raising their price targets to $60.00, with an average rating of "Buy" across seven analysts.

Flex Ltd. (NASDAQ:FLEX - Get Free Report) COO Kwang Hooi Tan sold 12,500 shares of Flex stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $50.25, for a total transaction of $628,125.00. Following the completion of the sale, the chief operating officer owned 263,636 shares in the company, valued at $13,247,709. This trade represents a 4.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Tuesday, June 17th, Kwang Hooi Tan sold 8,509 shares of Flex stock. The shares were sold at an average price of $45.01, for a total value of $382,990.09.
• On Friday, June 13th, Kwang Hooi Tan sold 6,470 shares of Flex stock. The shares were sold at an average price of $43.49, for a total value of $281,380.30.
• On Wednesday, June 4th, Kwang Hooi Tan sold 37,533 shares of Flex stock. The stock was sold at an average price of $42.87, for a total value of $1,609,039.71.
• On Tuesday, June 3rd, Kwang Hooi Tan sold 12,259 shares of Flex stock. The shares were sold at an average price of $42.90, for a total value of $525,911.10.
• On Monday, June 2nd, Kwang Hooi Tan sold 12,500 shares of Flex stock. The shares were sold at an average price of $42.07, for a total value of $525,875.00.
• On Tuesday, May 13th, Kwang Hooi Tan sold 34,335 shares of Flex stock. The shares were sold at an average price of $41.99, for a total value of $1,441,726.65.

Flex Stock Down 0.7%

Shares of Flex stock traded down $0.35 during trading hours on Friday, reaching $49.52. The company's stock had a trading volume of 3,793,913 shares, compared to its average volume of 4,164,322. The stock's fifty day simple moving average is $47.62 and its two-hundred day simple moving average is $40.85. The company has a market capitalization of $18.59 billion, a P/E ratio of 21.72, a P/E/G ratio of 1.74 and a beta of 1.07. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 1.36. Flex Ltd. has a one year low of $25.11 and a one year high of $53.97.

Flex (NASDAQ:FLEX - Get Free Report) last issued its earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.09. The firm had revenue of $6.58 billion during the quarter, compared to analyst estimates of $6.27 billion. Flex had a net margin of 3.42% and a return on equity of 20.25%. The company's quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the business earned $0.51 earnings per share. On average, research analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current year.

Hedge Funds Weigh In On Flex

Several hedge funds and other institutional investors have recently bought and sold shares of FLEX. Convergence Investment Partners LLC purchased a new position in Flex during the second quarter worth $2,676,000. Bessemer Group Inc. grew its stake in Flex by 90.9% in the second quarter. Bessemer Group Inc. now owns 2,245 shares of the technology company's stock valued at $112,000 after purchasing an additional 1,069 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in Flex by 404.3% in the second quarter. Nisa Investment Advisors LLC now owns 706 shares of the technology company's stock valued at $35,000 after purchasing an additional 566 shares during the last quarter. Brighton Jones LLC grew its stake in shares of Flex by 5.0% during the second quarter. Brighton Jones LLC now owns 7,271 shares of the technology company's stock worth $363,000 after acquiring an additional 345 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC acquired a new stake in shares of Flex during the second quarter worth about $285,000. Institutional investors own 94.30% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on FLEX. KGI Securities cut Flex from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Barclays upped their price objective on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Wall Street Zen raised Flex from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Flex in a research report on Friday, July 11th. Finally, Bank of America increased their target price on Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Flex presently has an average rating of "Buy" and a consensus price target of $53.71.

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.