Insider Selling: Flex Ltd. (NASDAQ:FLEX) Insider Sells 64,807 Shares of Stock

Flex Ltd. (NASDAQ:FLEX) insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the transaction, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. The trade was a 21.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Flex Stock Down 2.5 %

Shares of Flex stock opened at $43.16 on Friday. The business has a 50-day moving average price of $40.18 and a 200 day moving average price of $35.76. Flex Ltd. has a fifty-two week low of $24.57 and a fifty-two week high of $45.10. The firm has a market cap of $16.53 billion, a P/E ratio of 17.40, a P/E/G ratio of 2.43 and a beta of 1.10. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a return on equity of 17.83% and a net margin of 3.95%. On average, sell-side analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. StockNews.com downgraded Flex from a “buy” rating to a “hold” rating in a research report on Saturday, February 1st. Stifel Nicolaus increased their price objective on shares of Flex from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Barclays upped their target price on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. The Goldman Sachs Group set a $39.00 target price on Flex in a research note on Thursday, October 17th. Finally, KeyCorp began coverage on Flex in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Flex currently has a consensus rating of “Buy” and a consensus price target of $43.67.

Institutional Investors Weigh In On Flex

Several institutional investors and hedge funds have recently bought and sold shares of FLEX. Sequoia Financial Advisors LLC grew its holdings in shares of Flex by 5.6% during the fourth quarter. Sequoia Financial Advisors LLC now owns 100,076 shares of the technology company’s stock valued at $3,842,000 after purchasing an additional 5,348 shares during the last quarter. HighTower Advisors LLC increased its position in Flex by 23.5% in the fourth quarter. HighTower Advisors LLC now owns 149,462 shares of the technology company’s stock worth $5,738,000 after buying an additional 28,425 shares during the period. Tower Wealth Partners Inc. bought a new stake in Flex in the fourth quarter valued at $213,000. Moran Wealth Management LLC bought a new position in shares of Flex during the fourth quarter worth about $3,610,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Flex by 15.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,280 shares of the technology company’s stock worth $4,541,000 after acquiring an additional 16,157 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

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.