Insider Selling: Flex Ltd. (NASDAQ:FLEX) Insider Sells 6,887 Shares of Stock

Flex Ltd. (NASDAQ:FLEX - Get Free Report) insider Michael P. Hartung sold 6,887 shares of the business's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total value of $309,983.87. Following the completion of the sale, the insider now owns 303,718 shares in the company, valued at approximately $13,670,347.18. This trade represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Flex Trading Down 0.3%

NASDAQ:FLEX traded down $0.15 during trading hours on Friday, hitting $46.03. 6,065,247 shares of the company were exchanged, compared to its average volume of 3,895,884. The stock has a market capitalization of $17.18 billion, a price-to-earnings ratio of 21.71, a price-to-earnings-growth ratio of 1.71 and a beta of 1.04. The company has a fifty day simple moving average of $39.44 and a 200 day simple moving average of $38.53. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50. Flex Ltd. has a one year low of $25.11 and a one year high of $46.90.

Flex (NASDAQ:FLEX - Get Free Report) last announced its earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.69 by $0.04. Flex had a return on equity of 19.01% and a net margin of 3.25%. The business had revenue of $6.40 billion for the quarter, compared to analysts' expectations of $6.22 billion. During the same period in the prior year, the business posted $0.57 earnings per share. The firm's revenue was up 3.7% on a year-over-year basis. Sell-side analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Flex

Several large investors have recently modified their holdings of FLEX. Evergreen Capital Management LLC boosted its position in Flex by 1.0% during the fourth quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company's stock valued at $925,000 after acquiring an additional 246 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of Flex by 2.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company's stock valued at $488,000 after purchasing an additional 266 shares during the period. Dynasty Wealth Management LLC boosted its position in shares of Flex by 0.7% during the 1st quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company's stock valued at $1,232,000 after purchasing an additional 276 shares in the last quarter. WealthTrust Axiom LLC grew its stake in Flex by 1.8% during the first quarter. WealthTrust Axiom LLC now owns 17,120 shares of the technology company's stock worth $566,000 after purchasing an additional 300 shares during the period. Finally, SBI Securities Co. Ltd. increased its holdings in Flex by 30.8% in the first quarter. SBI Securities Co. Ltd. now owns 1,299 shares of the technology company's stock worth $43,000 after purchasing an additional 306 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. KeyCorp reiterated an "overweight" rating on shares of Flex in a research note on Tuesday, June 3rd. JPMorgan Chase & Co. cut their price target on shares of Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Wall Street Zen raised Flex from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 28th. Barclays raised their price target on Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Finally, Bank of America increased their price objective on Flex from $48.00 to $50.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $46.00.

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.

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