Michael Hartung Sells 2,755 Shares of Flex (NASDAQ:FLEX) Stock

Key Points

• Flex insider Michael Hartung sold 2,755 shares at an average price of $120.64, generating $332,363.20. The sale covered tax-withholding obligations tied to vested equity awards, leaving him with 243,175 shares.
• Flex shares fell 2.4% to $110.32, while the company reported quarterly earnings of $1.00 per share on $7.93 billion in revenue. Analysts expect approximately $4.27 in full-year EPS.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $114.20 target price; institutional investors own 94.3% of Flex’s outstanding shares.

Flex Ltd. (NASDAQ:FLEX - Get Free Report) insider Michael Hartung sold 2,755 shares of the firm's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total value of $332,363.20. Following the sale, the insider directly owned 243,175 shares of the company's stock, valued at approximately $29,336,632. This represents a 1.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Flex Trading Down 2.4%

Shares of Flex stock traded down $2.71 on Thursday, reaching $110.32. 3,083,565 shares of the company were exchanged, compared to its average volume of 4,636,004. Flex Ltd. has a fifty-two week low of $48.98 and a fifty-two week high of $166.86. The firm has a market capitalization of $40.75 billion, a price-to-earnings ratio of 42.59, a price-to-earnings-growth ratio of 0.57 and a beta of 1.67. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95. The stock has a fifty day moving average price of $131.78 and a 200-day moving average price of $105.57.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings results on Friday, June 26th. The technology company reported $1.00 earnings per share for the quarter. The business had revenue of $7.93 billion during the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. On average, analysts expect that Flex Ltd. will post 4.27 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Barclays reduced their price target on shares of Flex from $203.00 to $144.00 and set an "overweight" rating for the company in a research report on Thursday, July 30th. The Goldman Sachs Group lowered their price objective on shares of Flex from $177.00 to $154.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th. Raymond James Financial set a $170.00 target price on Flex and gave the company an "outperform" rating in a report on Wednesday, July 29th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Flex in a research report on Friday, July 17th. Finally, KeyCorp lifted their price target on Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $114.20.

Institutional Investors Weigh In On Flex

A number of hedge funds and other institutional investors have recently made changes to their positions in FLEX. Vanguard Group Inc. grew its position in Flex by 196.1% in the fourth 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 position in shares of Flex during the 4th quarter valued at $319,756,000. Rithm Capital Corp. acquired a new stake in shares of Flex in the 1st quarter valued at $1,407,000. Sumitomo Mitsui DS Asset Management Company Ltd bought a new stake in Flex in the fourth quarter worth $2,497,000. Finally, Sequoia Financial Advisors LLC boosted its holdings in Flex by 12.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company's stock worth $10,469,000 after purchasing an additional 19,270 shares in the last quarter. 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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