Flex Ltd (NASDAQ:FLEX) Director William D. Watkins sold 30,000 shares of the stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $15.11, for a total transaction of $453,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Shares of Flex Ltd (NASDAQ:FLEX) traded up 2.55% on Friday, hitting $16.51. 7,466,472 shares of the stock traded hands. The company’s 50 day moving average is $16.01 and its 200 day moving average is $15.44. The stock has a market cap of $8.75 billion, a price-to-earnings ratio of 27.98 and a beta of 0.75. Flex Ltd has a one year low of $11.51 and a one year high of $16.99.
Flex (NASDAQ:FLEX) last released its earnings results on Thursday, April 27th. The technology company reported $0.29 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.29. Flex had a return on equity of 21.30% and a net margin of 1.24%. The company had revenue of $5.86 billion for the quarter, compared to analysts’ expectations of $5.68 billion. During the same quarter in the previous year, the business posted $0.29 EPS. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. On average, equities analysts forecast that Flex Ltd will post $1.22 EPS for the current year.
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Several research firms have issued reports on FLEX. Citigroup Inc set a $18.00 price target on shares of Flex and gave the stock a “buy” rating in a research note on Monday, March 20th. Bank of America Corp reaffirmed a “buy” rating and set a $19.50 price target (up from $17.50) on shares of Flex in a research note on Wednesday. Zacks Investment Research raised shares of Flex from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research note on Tuesday, March 28th. Royal Bank of Canada reaffirmed a “buy” rating and set a $22.00 price target on shares of Flex in a research note on Tuesday, March 28th. Finally, Craig Hallum raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, May 12th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $17.21.
Institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. boosted its position in Flex by 12.6% in the first quarter. Point72 Asset Management L.P. now owns 726,500 shares of the technology company’s stock valued at $12,205,000 after buying an additional 81,100 shares during the period. FNY Partners Fund LP acquired a new position in Flex during the first quarter valued at $214,000. Janus Capital Management LLC boosted its position in Flex by 1.3% in the first quarter. Janus Capital Management LLC now owns 28,581,585 shares of the technology company’s stock valued at $480,167,000 after buying an additional 359,493 shares during the period. Harbour Capital Advisors LLC purchased a new stake in shares of Flex during the first quarter valued at about $863,000. Finally, Paloma Partners Management Co purchased a new stake in shares of Flex during the first quarter valued at about $706,000. 92.18% of the stock is currently owned by institutional investors.
Flex Company Profile
Flex Ltd, formerly Flextronics International Ltd. provides design, engineering, manufacturing, and supply chain services and solutions. The Company designs, builds, ships and services packaged consumer electronics and industrial products for original equipment manufacturers (OEMs). Its segments include High Reliability Solutions (HRS), Consumer Technologies Group (CTG), Industrial and Emerging Industries (IEI) and Communications & Enterprise Compute (CEC).
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