Kwang Hooi Tan Sells 6,470 Shares of Flex Ltd. (NASDAQ:FLEX) Stock

Flex Ltd. (NASDAQ:FLEX) COO Kwang Hooi Tan sold 6,470 shares of the company’s stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $43.49, for a total transaction of $281,380.30. Following the completion of the sale, the chief operating officer now directly owns 284,645 shares of the company’s stock, valued at $12,379,211.05. The trade was a 2.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

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

• On Wednesday, June 4th, Kwang Hooi Tan sold 37,533 shares of Flex stock. The shares were sold at an average price of $42.87, for a total transaction of $1,609,039.71.
• On Tuesday, June 3rd, Kwang Hooi Tan sold 12,259 shares of Flex stock. The shares were sold at an average price of $42.90, for a total transaction of $525,911.10.
• On Monday, June 2nd, Kwang Hooi Tan sold 12,500 shares of Flex stock. The shares were sold at an average price of $42.07, for a total transaction of $525,875.00.
• On Tuesday, May 13th, Kwang Hooi Tan sold 34,335 shares of Flex stock. The shares were sold at an average price of $41.99, for a total transaction of $1,441,726.65.

Flex Stock Down 1.0%

FLEX stock opened at $43.13 on Friday. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $45.10. The business’s 50 day moving average price is $37.88 and its two-hundred day moving average price is $38.30. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The company has a market capitalization of $16.10 billion, a price-to-earnings ratio of 17.39, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.04. The company had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. Flex had a return on equity of 17.93% and a net margin of 3.95%. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.57 EPS. As a group, analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Institutional Trading of Flex

Several institutional investors have recently added to or reduced their stakes in the business. Evergreen Capital Management LLC lifted its holdings in shares of Flex by 1.0% during the 4th quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company’s stock valued at $925,000 after buying an additional 246 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in shares of Flex by 2.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock valued at $488,000 after buying an additional 266 shares during the period. Dynasty Wealth Management LLC lifted its holdings in shares of Flex by 0.7% during the 1st quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company’s stock valued at $1,232,000 after buying an additional 276 shares during the period. WealthTrust Axiom LLC lifted its holdings in shares of Flex by 1.8% during the 1st quarter. WealthTrust Axiom LLC now owns 17,120 shares of the technology company’s stock valued at $566,000 after buying an additional 300 shares during the period. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of Flex by 30.8% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,299 shares of the technology company’s stock valued at $43,000 after buying an additional 306 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

About Flex

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.