Kevin Krumm Sells 3,378 Shares of Flex (NASDAQ:FLEX) Stock

Flex Ltd. (NASDAQ:FLEX) CFO Kevin Krumm sold 3,378 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $148.01, for a total value of $499,977.78. Following the completion of the transaction, the chief financial officer owned 151,280 shares of the company’s stock, valued at $22,390,952.80. This represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Flex Stock Down 2.6%

Shares of FLEX traded down $3.80 on Wednesday, hitting $143.13. The company’s stock had a trading volume of 7,319,362 shares, compared to its average volume of 5,230,561. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The firm’s fifty day moving average price is $120.56 and its 200-day moving average price is $83.95. Flex Ltd. has a fifty-two week low of $45.31 and a fifty-two week high of $166.86. The firm has a market capitalization of $52.44 billion, a price-to-earnings ratio of 61.43, a P/E/G ratio of 0.77 and a beta of 1.64.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share 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 during the quarter. On average, equities research analysts expect that Flex Ltd. will post 4.15 EPS for the current year.

Analyst Upgrades and Downgrades

FLEX has been the topic of a number of analyst reports. JPMorgan Chase & Co. upped their price objective on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. The Goldman Sachs Group upped their price objective on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. KeyCorp upped their price objective on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Finally, Barclays upped their price objective on Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research note on Thursday, June 4th. One 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 MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $115.70.

Institutional Investors Weigh In On Flex

A number of large investors have recently added to or reduced their stakes in FLEX. Brighton Jones LLC bought a new stake in Flex in the 4th quarter valued at $260,000. Goldman Sachs Group Inc. increased its position in Flex by 19.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock worth $42,314,000 after buying an additional 211,046 shares during the period. Empowered Funds LLC bought a new position in Flex during the 1st quarter worth $397,000. EverSource Wealth Advisors LLC grew its holdings in shares of Flex by 63.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock worth $132,000 after purchasing an additional 1,031 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Flex by 92.4% during the 2nd quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock worth $3,099,000 after purchasing an additional 29,821 shares in the last quarter. Institutional investors own 94.30% of the company’s stock.

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.