Flex Ltd. (NASDAQ:FLEX) CEO Sells $1,686,299.65 in Stock

Flex Ltd. (NASDAQ:FLEX) CEO Revathi Advaithi sold 37,465 shares of the firm’s stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $1,686,299.65. Following the completion of the transaction, the chief executive officer now directly owns 1,363,312 shares in the company, valued at $61,362,673.12. The trade was a 2.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Revathi Advaithi also recently made the following trade(s):

• On Friday, June 13th, Revathi Advaithi sold 25,593 shares of Flex stock. The stock was sold at an average price of $43.48, for a total transaction of $1,112,783.64.
• On Thursday, June 12th, Revathi Advaithi sold 132,000 shares of Flex stock. The shares were sold at an average price of $43.70, for a total transaction of $5,768,400.00.
• On Thursday, June 5th, Revathi Advaithi sold 181,028 shares of Flex stock. The shares were sold at an average price of $42.91, for a total transaction of $7,767,911.48.
• On Tuesday, June 3rd, Revathi Advaithi sold 59,150 shares of Flex stock. The stock was sold at an average price of $42.90, for a total transaction of $2,537,535.00.
• On Tuesday, May 13th, Revathi Advaithi sold 164,700 shares of Flex stock. The stock was sold at an average price of $41.99, for a total value of $6,915,753.00.
• On Wednesday, May 7th, Revathi Advaithi sold 120,280 shares of Flex stock. The shares were sold at an average price of $38.09, for a total value of $4,581,465.20.

Flex Trading Down 0.3%

Shares of FLEX opened at $46.03 on Friday. The firm has a market cap of $17.18 billion, a P/E ratio of 21.71, a price-to-earnings-growth ratio of 1.71 and a beta of 1.04. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.79. Flex Ltd. has a 1 year low of $25.11 and a 1 year high of $46.90. The company has a 50 day simple moving average of $39.44 and a two-hundred day simple moving average of $38.52.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Voya Investment Management LLC lifted its position in shares of Flex by 16.7% in the first quarter. Voya Investment Management LLC now owns 4,813,888 shares of the technology company’s stock worth $159,243,000 after buying an additional 690,611 shares in the last quarter. Invst LLC bought a new stake in Flex in the 1st quarter worth approximately $615,000. Advisors Capital Management LLC raised its holdings in shares of Flex by 8.4% during the 1st quarter. Advisors Capital Management LLC now owns 7,610 shares of the technology company’s stock worth $252,000 after acquiring an additional 589 shares in the last quarter. Flaharty Asset Management LLC bought a new position in shares of Flex during the 1st quarter valued at approximately $66,000. Finally, Bayforest Capital Ltd grew its holdings in shares of Flex by 369.9% in the first quarter. Bayforest Capital Ltd now owns 14,521 shares of the technology company’s stock valued at $480,000 after purchasing an additional 11,431 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. KeyCorp restated an “overweight” rating on shares of Flex in a research report on Tuesday, June 3rd. JPMorgan Chase & Co. decreased their target price on shares of Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. The Goldman Sachs Group dropped their price target on shares of Flex from $53.00 to $41.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. Bank of America raised their price objective on shares of Flex from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Finally, Barclays upped their target price on shares of Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Flex presently has an average 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.