Kwang Hooi Tan Sells 8,509 Shares of Flex Ltd. (NASDAQ:FLEX) Stock

Flex Ltd. (NASDAQ:FLEX - Get Free Report) COO Kwang Hooi Tan sold 8,509 shares of the company's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $382,990.09. Following the transaction, the chief operating officer now owns 276,136 shares of the company's stock, valued at approximately $12,428,881.36. The trade was a 2.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

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

• 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 transaction of $281,380.30.
• On Wednesday, June 4th, Kwang Hooi Tan sold 37,533 shares of Flex stock. The shares were 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 transaction of $525,911.10.
• On Monday, June 2nd, Kwang Hooi Tan sold 12,500 shares of Flex stock. The stock was sold at an average price of $42.07, for a total transaction of $525,875.00.
• On Tuesday, May 13th, Kwang Hooi Tan sold 34,335 shares of Flex stock. The stock was sold at an average price of $41.99, for a total value of $1,441,726.65.

Flex Trading Down 0.3%

Shares of FLEX traded down $0.15 during mid-day trading on Friday, reaching $46.03. 6,065,247 shares of the company were exchanged, compared to its average volume of 3,895,884. The business has a 50 day simple moving average of $39.44 and a two-hundred day simple moving average of $38.53. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.79 and a current ratio of 1.30. The stock has a market capitalization of $17.18 billion, a PE ratio of 21.71, a PEG ratio of 1.71 and a beta of 1.04. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $46.90.

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

Hedge Funds Weigh In On Flex

Several institutional investors have recently modified their holdings of FLEX. Norges Bank bought a new position in Flex in the 4th quarter valued at $229,484,000. Invesco Ltd. boosted its stake in Flex by 55.0% in the first quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company's stock valued at $276,652,000 after acquiring an additional 2,968,285 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of Flex by 3,794.6% during the 1st quarter. Pacer Advisors Inc. now owns 2,900,133 shares of the technology company's stock worth $95,936,000 after purchasing an additional 2,825,667 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Flex by 210.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company's stock worth $75,148,000 after purchasing an additional 1,327,298 shares during the period. Finally, Neuberger Berman Group LLC lifted its stake in Flex by 13,790.0% in the fourth quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company's stock valued at $47,528,000 after purchasing an additional 1,229,106 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on FLEX shares. The Goldman Sachs Group reduced their price objective on Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Barclays upped their target price on shares of Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Bank of America upped their price objective on Flex from $48.00 to $50.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Wall Street Zen upgraded Flex from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 28th. Finally, KeyCorp reiterated an "overweight" rating on shares of Flex in a report on Tuesday, June 3rd. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price 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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