Insider Selling: Flex (NASDAQ:FLEX) EVP Sells 7,223 Shares of Stock

Key Points

• Flex EVP David Scott Offer sold 7,223 shares on June 15 at an average price of $148.01, totaling about $1.07 million. The sale was made under a pre-arranged Rule 10b5-1 plan to cover tax withholding tied to vested equity awards.
• Offer has also made several other recent sales of Flex stock, including 18,750 shares on June 16 and 33,000 shares on June 5. After the June 15 transaction, he still owned 74,867 shares valued at about $11.08 million.
• Flex shares fell 2.6% to $143.13 in mid-day trading, though the stock remains well above its 52-week low of $45.31. The company also recently reported quarterly EPS of $0.93, and analysts currently rate it a Moderate Buy on average.

Flex Ltd. (NASDAQ:FLEX - Get Free Report) EVP David Scott Offer sold 7,223 shares of the firm's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $148.01, for a total transaction of $1,069,076.23. Following the transaction, the executive vice president owned 74,867 shares of the company's stock, valued at $11,081,064.67. This trade represents a 8.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 Tuesday, June 16th, David Scott Offer sold 18,750 shares of Flex stock. The stock was sold at an average price of $147.91, for a total transaction of $2,773,312.50.
• 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 transaction 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 transaction of $3,162,988.80.

Flex Trading Down 2.6%

Shares of Flex stock traded down $3.80 during mid-day trading on Wednesday, hitting $143.13. 7,319,362 shares of the stock were exchanged, compared to its average volume of 5,230,561. Flex Ltd. has a twelve month low of $45.31 and a twelve month high of $166.86. The stock has a market capitalization of $52.44 billion, a price-to-earnings ratio of 61.43, a price-to-earnings-growth ratio of 0.77 and a beta of 1.64. The company has a 50-day simple moving average of $120.56 and a 200 day simple moving average of $83.95. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73.

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FLEX. Stifel Nicolaus lifted their price target on shares of Flex from $75.00 to $95.00 and gave the company a "buy" rating in a research report on Monday, April 20th. JPMorgan Chase & Co. lifted their price target on shares of Flex from $75.00 to $84.00 and gave the company an "overweight" rating in a research report on Thursday, April 16th. Wall Street Zen lowered Flex from a "strong-buy" rating to a "buy" rating in a research report on Sunday, March 8th. Zacks Research upgraded Flex from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 13th. Finally, Robert W. Baird set a $165.00 target price on shares of Flex in a research report on Thursday, May 7th. One 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. According to MarketBeat, Flex currently has a consensus rating of "Moderate Buy" and a consensus price target of $115.70.

Institutional Trading of Flex

Several institutional investors have recently added to or reduced their stakes in FLEX. Vanguard Group Inc. raised its holdings in shares of Flex by 196.1% during the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company's stock worth $2,341,053,000 after purchasing an additional 25,662,586 shares during the period. Norges Bank acquired a new stake in shares of Flex during the fourth quarter worth $319,756,000. State Street Corp raised its holdings in shares of Flex by 38.0% during the second quarter. State Street Corp now owns 12,259,554 shares of the technology company's stock worth $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 position in shares of Flex by 694,916.3% during 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 acquiring an additional 2,640,682 shares during the last quarter. Finally, Polar Capital Holdings Plc grew its position in shares of Flex by 141.8% during the fourth quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company's stock worth $223,140,000 after acquiring an additional 2,165,780 shares during the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

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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