Insider Selling: Flex (NASDAQ:FLEX) EVP Sells $2,773,312.50 in Stock

Flex Ltd. (NASDAQ:FLEX) EVP David Scott Offer sold 18,750 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $147.91, for a total value of $2,773,312.50. Following the completion of the sale, the executive vice president owned 54,721 shares of the company’s stock, valued at $8,093,783.11. This trade represents a 25.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

David Scott Offer also recently made the following trade(s):

• On Monday, June 15th, David Scott Offer sold 7,223 shares of Flex stock. The shares were sold at an average price of $148.01, for a total value of $1,069,076.23.
• On Friday, June 5th, David Scott Offer sold 33,000 shares of Flex stock. The stock was sold at an average price of $153.91, for a total value of $5,079,030.00.
• On Monday, May 11th, David Scott Offer sold 22,212 shares of Flex stock. The shares were sold at an average price of $142.40, for a total value of $3,162,988.80.

Flex Stock Performance

Shares of FLEX stock opened at $147.61 on Friday. The stock has a 50-day simple moving average of $123.64 and a 200 day simple moving average of $85.02. Flex Ltd. has a fifty-two week low of $45.31 and a fifty-two week high of $166.86. The stock has a market capitalization of $54.08 billion, a P/E ratio of 63.35, a P/E/G ratio of 0.78 and a beta of 1.64. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73.

Flex (NASDAQ:FLEX) last released 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, sell-side analysts expect that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Institutional Trading of Flex

A number of hedge funds have recently modified their holdings of FLEX. JSF Financial LLC increased its position in Flex by 0.6% during the first quarter. JSF Financial LLC now owns 20,504 shares of the technology company’s stock worth $1,342,000 after acquiring an additional 115 shares during the period. Glenview Trust Co boosted its holdings in Flex by 3.4% in the 1st quarter. Glenview Trust Co now owns 3,775 shares of the technology company’s stock valued at $247,000 after purchasing an additional 125 shares during the period. Resonant Capital Advisors LLC boosted its holdings in Flex by 2.1% in the 1st quarter. Resonant Capital Advisors LLC now owns 7,967 shares of the technology company’s stock valued at $522,000 after purchasing an additional 163 shares during the period. Parkside Financial Bank & Trust grew its position in Flex by 57.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after purchasing an additional 166 shares during the last quarter. Finally, Bessemer Group Inc. increased its holdings in shares of Flex by 7.9% during the 1st quarter. Bessemer Group Inc. now owns 2,418 shares of the technology company’s stock worth $159,000 after purchasing an additional 178 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on FLEX shares. Robert W. Baird set a $165.00 target price on shares of Flex in a research note on Thursday, May 7th. Wall Street Zen lowered shares of Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Stifel Nicolaus upped their price target on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. The Goldman Sachs Group increased their price objective on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $115.70.

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.