Insider Selling: Flex (NASDAQ:FLEX) Director Sells 10,000 Shares of Stock

Key Points

• Flex director Michael Hurlston sold 10,000 shares on Nov. 26 at an average price of $58, totaling $580,000 and reducing his stake by 14.59% to 58,561 shares (worth about $3.40M).
• Flex shares traded up about 1.8% to $58.40 that day; the company has a market cap of roughly $21.6B, a P/E of 25.8, and a 52-week range of $25.11–$67.00.
• Analyst sentiment is broadly positive with a consensus "Moderate Buy" and a $65.75 target, highlighted by price-target raises from Goldman Sachs ($73) and JPMorgan ($75), though a few hold ratings remain.

Flex Ltd. (NASDAQ:FLEX - Get Free Report) Director Michael Hurlston sold 10,000 shares of the business's stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $58.00, for a total value of $580,000.00. Following the completion of the sale, the director directly owned 58,561 shares of the company's stock, valued at $3,396,538. The trade was a 14.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Flex Stock Up 1.8%

Flex stock traded up $1.05 during mid-day trading on Wednesday, reaching $58.40. The stock had a trading volume of 3,331,818 shares, compared to its average volume of 5,298,328. The firm has a market capitalization of $21.60 billion, a PE ratio of 25.84, a price-to-earnings-growth ratio of 1.52 and a beta of 1.24. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $67.00. The stock's 50-day simple moving average is $60.19 and its 200-day simple moving average is $52.96. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.83 and a current ratio of 1.33.

Wall Street Analyst Weigh In

FLEX has been the topic of several research reports. Zacks Research upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a report on Tuesday, November 4th. The Goldman Sachs Group raised their price target on shares of Flex from $66.00 to $73.00 and gave the company a "buy" rating in a research report on Thursday, October 30th. Jefferies Financial Group reiterated a "hold" rating and set a $23.00 price target on shares of Flex in a research note on Wednesday, November 12th. JPMorgan Chase & Co. raised their target price on Flex from $60.00 to $75.00 and gave the company an "overweight" rating in a report on Thursday, October 30th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Flex in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $65.75.

Institutional Trading of Flex

A number of large investors have recently added to or reduced their stakes in FLEX. CENTRAL TRUST Co raised its holdings in shares of Flex by 238.3% in the 3rd quarter. CENTRAL TRUST Co now owns 504 shares of the technology company's stock worth $29,000 after purchasing an additional 355 shares during the period. MTM Investment Management LLC bought a new position in shares of Flex during the 2nd quarter worth $26,000. Concord Wealth Partners purchased a new stake in Flex in the 2nd quarter worth about $28,000. CNB Bank bought a new stake in Flex in the 2nd quarter valued at about $30,000. Finally, Harbour Investments Inc. lifted its holdings in Flex by 74.7% during the second quarter. Harbour Investments Inc. now owns 704 shares of the technology company's stock valued at $35,000 after purchasing an additional 301 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

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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