Flex (NASDAQ:FLEX) COO Sells $1,560,130.80 in Stock

Flex Ltd. (NASDAQ:FLEX) COO Kwang Hooi Tan sold 10,540 shares of Flex stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $148.02, for a total value of $1,560,130.80. Following the completion of the transaction, the chief operating officer owned 235,602 shares of the company’s stock, valued at approximately $34,873,808.04. This represents a 4.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Tuesday, May 26th, Kwang Hooi Tan sold 17,500 shares of Flex stock. The stock was sold at an average price of $135.93, for a total value of $2,378,775.00.
• On Monday, May 11th, Kwang Hooi Tan sold 26,175 shares of Flex stock. The shares were sold at an average price of $142.37, for a total value of $3,726,534.75.

Flex Price Performance

Flex stock opened at $147.61 on Friday. 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 stock has a market capitalization of $54.08 billion, a PE ratio of 63.35, a price-to-earnings-growth ratio of 0.78 and a beta of 1.64. The business has a 50 day simple moving average of $123.64 and a 200-day simple moving average of $85.02. Flex Ltd. has a 12 month low of $45.31 and a 12 month high of $166.86.

Flex (NASDAQ:FLEX) last announced its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The firm had revenue of $7.48 billion for the quarter. On average, analysts anticipate that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on FLEX shares. The Goldman Sachs Group increased their price objective on shares of Flex from $84.00 to $177.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Zacks Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. KeyCorp boosted their price objective on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Finally, Robert W. Baird set a $165.00 target price on Flex in a report on Thursday, May 7th. One research 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 MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $115.70.

Institutional Trading of Flex

A number of hedge funds have recently bought and sold shares of FLEX. Vanguard Group Inc. boosted its holdings in shares of Flex by 196.1% during the 4th 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 last quarter. State Street Corp increased its holdings in shares of Flex by 17.8% in the fourth quarter. State Street Corp now owns 14,055,533 shares of the technology company’s stock valued at $849,235,000 after purchasing an additional 2,126,440 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Flex by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company’s stock valued at $459,829,000 after purchasing an additional 181,266 shares during the last quarter. Norges Bank purchased a new position in Flex during the fourth quarter worth approximately $319,756,000. Finally, Polar Capital Holdings Plc lifted its position in 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 buying an additional 2,165,780 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

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.