Insider Selling: Flex (NASDAQ:FLEX) EVP Sells 6,657 Shares of Stock

Key Points

• Flex EVP David Scott Offer sold 6,657 shares on June 18 at an average price of $145.23, totaling about $966,796. The filing says the sale was to cover tax withholding obligations tied to vesting equity awards.
• Offer has been actively trimming his Flex holdings in recent days, including several larger sales earlier in June and May. After the latest sale, he still owned 91,122 shares valued at roughly $13.2 million.
• Flex shares rose 5.6% to $155.81, near their 52-week high of $166.86. The stock also has strong analyst support, with a consensus rating of Moderate Buy and multiple firms recently raising price targets.

Flex Ltd. (NASDAQ:FLEX - Get Free Report) EVP David Scott Offer sold 6,657 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $145.23, for a total transaction of $966,796.11. Following the transaction, the executive vice president owned 91,122 shares of the company's stock, valued at $13,233,648.06. This trade represents a 6.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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 Wednesday, June 17th, David Scott Offer sold 20,812 shares of Flex stock. The shares were sold at an average price of $144.47, for a total transaction of $3,006,709.64.
• 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 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 Trading Up 5.6%

Shares of Flex stock traded up $8.20 on Monday, reaching $155.81. The company had a trading volume of 7,414,337 shares, compared to its average volume of 8,906,334. The firm has a market cap of $57.09 billion, a price-to-earnings ratio of 66.87, a P/E/G ratio of 0.78 and a beta of 1.63. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. The firm's 50-day moving average price is $125.25 and its two-hundred day moving average price is $85.91. Flex Ltd. has a 1 year low of $45.31 and a 1 year high of $166.86.

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FLEX. Zacks Research raised shares of Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 13th. The Goldman Sachs Group raised their price objective on shares of Flex from $84.00 to $177.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Barclays increased their price target on Flex from $174.00 to $203.00 and gave the stock an "overweight" rating in a report on Thursday, June 4th. JPMorgan Chase & Co. boosted their price objective on Flex from $75.00 to $84.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. Finally, KeyCorp upped their price objective on Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Flex presently has an average rating of "Moderate Buy" and a consensus price target of $115.70.

Institutional Investors Weigh In On Flex

Several large investors have recently added to or reduced their stakes in FLEX. Vanguard Group Inc. grew its stake in Flex by 196.1% in the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company's stock worth $2,341,053,000 after acquiring an additional 25,662,586 shares in the last quarter. Norges Bank bought a new stake in shares of Flex during the fourth quarter valued at approximately $319,756,000. State Street Corp boosted its holdings in shares of Flex by 38.0% in the second quarter. State Street Corp now owns 12,259,554 shares of the technology company's stock valued at $611,997,000 after purchasing an additional 3,377,669 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Flex by 694,916.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,641,062 shares of the technology company's stock worth $159,573,000 after purchasing an additional 2,640,682 shares in the last quarter. Finally, Polar Capital Holdings Plc increased its holdings in Flex by 141.8% during the 4th quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company's stock worth $223,140,000 after purchasing an additional 2,165,780 shares during the period. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Company Profile

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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