Michael Hartung Sells 22,627 Shares of Flex (NASDAQ:FLEX) Stock

Flex Ltd. (NASDAQ:FLEX) insider Michael Hartung sold 22,627 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total value of $3,269,148.96. Following the sale, the insider owned 253,199 shares in the company, valued at $36,582,191.52. This trade represents a 8.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Flex Trading Up 5.6%

Flex stock traded up $8.20 during trading on Monday, hitting $155.81. The company’s stock had a trading volume of 7,414,337 shares, compared to its average volume of 8,906,334. Flex Ltd. has a 1-year low of $45.31 and a 1-year high of $166.86. The stock’s fifty day moving average is $125.25 and its 200 day moving average is $85.91. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The stock has a market capitalization of $57.09 billion, a price-to-earnings ratio of 66.87, a P/E/G ratio of 0.78 and a beta of 1.63.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The business had revenue of $7.48 billion for the quarter. As a group, equities research analysts predict that Flex Ltd. will post 4.15 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. KeyCorp increased their target price on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. The Goldman Sachs Group increased their price objective on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Stifel Nicolaus lifted their price objective on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Finally, Robert W. Baird set a $165.00 price objective on shares of Flex in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Flex currently has an average rating of “Moderate Buy” and an average target price of $115.70.

Institutional Trading of Flex

Several hedge funds and other institutional investors have recently bought and sold shares of the company. JSF Financial LLC raised its holdings in shares of 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 purchasing an additional 115 shares during the period. Glenview Trust Co raised its position in shares of Flex by 3.4% during the 1st quarter. Glenview Trust Co now owns 3,775 shares of the technology company’s stock worth $247,000 after purchasing an additional 125 shares during the period. Resonant Capital Advisors LLC raised its position in shares of Flex by 2.1% during the 1st quarter. Resonant Capital Advisors LLC now owns 7,967 shares of the technology company’s stock worth $522,000 after purchasing an additional 163 shares during the period. Parkside Financial Bank & Trust lifted its holdings in shares of 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. boosted its position in Flex by 7.9% during the 1st quarter. Bessemer Group Inc. now owns 2,418 shares of the technology company’s stock valued at $159,000 after purchasing an additional 178 shares during the period. 94.30% of the stock is owned by institutional investors.

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.