Insider Selling: Flex Ltd. (NASDAQ:FLEX) Insider Sells $309,983.87 in Stock

Flex Ltd. (NASDAQ:FLEX) insider Michael P. Hartung sold 6,887 shares of Flex stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $309,983.87. Following the sale, the insider now directly owns 303,718 shares in the company, valued at approximately $13,670,347.18. The trade was a 2.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Flex Stock Down 0.3%

NASDAQ:FLEX opened at $46.03 on Monday. The firm has a market capitalization of $17.18 billion, a PE ratio of 21.71, a price-to-earnings-growth ratio of 1.71 and a beta of 1.04. The stock has a 50 day moving average of $39.44 and a 200-day moving average of $38.52. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $46.90. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50.

Flex (NASDAQ:FLEX) last posted its earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS 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 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 revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.57 earnings per share. Analysts predict that Flex Ltd. will post 2.33 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. decreased their price target on Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. KeyCorp reiterated an “overweight” rating on shares of Flex in a research note on Tuesday, June 3rd. Barclays lifted their price target on Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. The Goldman Sachs Group decreased their price target on Flex from $53.00 to $41.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Finally, Wall Street Zen upgraded Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 28th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Flex presently has an average rating of “Buy” and an average target price of $46.00.

Hedge Funds Weigh In On Flex

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Boston Partners boosted its position in shares of Flex by 2.2% during the fourth quarter. Boston Partners now owns 26,114,574 shares of the technology company’s stock worth $1,006,436,000 after buying an additional 569,916 shares during the period. Wellington Management Group LLP boosted its position in shares of Flex by 4.8% during the first quarter. Wellington Management Group LLP now owns 21,742,194 shares of the technology company’s stock worth $719,232,000 after buying an additional 996,276 shares during the period. Vanguard Group Inc. boosted its position in shares of Flex by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company’s stock worth $472,155,000 after buying an additional 817,215 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Flex by 12.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company’s stock worth $326,833,000 after buying an additional 916,085 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Flex by 55.0% during the first quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company’s stock worth $276,652,000 after buying an additional 2,968,285 shares during the period. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Company Profile

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.