Insider Selling: Flex (NASDAQ:FLEX) CAO Sells $190,357.20 in Stock

Flex Ltd. (NASDAQ:FLEX) CAO Daniel Wendler sold 1,311 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $145.20, for a total value of $190,357.20. Following the transaction, the chief accounting officer directly owned 37,932 shares in the company, valued at $5,507,726.40. The trade was a 3.34% decrease in their ownership of the stock. The transaction 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.

Daniel Wendler also recently made the following trade(s):

• On Wednesday, June 17th, Daniel Wendler sold 3,890 shares of Flex stock. The stock was sold at an average price of $144.47, for a total transaction of $561,988.30.
• On Monday, June 15th, Daniel Wendler sold 1,579 shares of Flex stock. The stock was sold at an average price of $147.64, for a total value of $233,123.56.
• On Monday, May 11th, Daniel Wendler sold 3,819 shares of Flex stock. The shares were sold at an average price of $142.39, for a total value of $543,787.41.

Flex Trading Down 0.8%

NASDAQ:FLEX opened at $150.60 on Thursday. The company’s 50 day moving average is $128.20 and its 200-day moving average is $87.19. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. Flex Ltd. has a 12 month low of $47.83 and a 12 month high of $166.86. The firm has a market cap of $55.18 billion, a price-to-earnings ratio of 64.64, a P/E/G ratio of 0.80 and a beta of 1.64.

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

Institutional Investors Weigh In On Flex

A number of hedge funds and other institutional investors have recently bought and sold shares of FLEX. USA Financial Formulas acquired a new position in Flex in the fourth quarter worth $28,000. Frazier Financial Advisors LLC acquired a new stake in shares of Flex in the fourth quarter valued at $28,000. Parkside Financial Bank & Trust raised its holdings in shares of Flex by 57.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after buying an additional 166 shares during the last quarter. Gables Capital Management Inc. bought a new position in shares of Flex in the fourth quarter valued at about $42,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in Flex by 6,318.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock worth $43,000 after buying an additional 695 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Flex

Here are the key news stories impacting Flex this week:

• Positive Sentiment: Flex was set to join the S&P 500 Index, a change that can boost demand for shares through index fund buying and improve the company’s visibility with institutional investors. Flex Ltd. (FLEX) to Join S&P 500 Index on June 22
• Neutral Sentiment: A Kotaku article about a Bose SoundLink Flex speaker being at an all-time low appears unrelated to Flex Ltd. and is unlikely to affect the stock. Bose SoundLink Flex 2 article
• Negative Sentiment: Multiple insiders, including CEO Revathi Advaithi, COO Kwang Hooi Tan, EVP David Scott Offer, CAO Daniel Wendler, and insider Michael P. Hartung, sold shares recently. Although the filings say the sales were mostly tied to Rule 10b5-1 plans and tax withholding from vested awards, the concentration of selling can still weigh on sentiment. Flex insider selling alert

Analyst Ratings Changes

Several equities research analysts have recently weighed in on FLEX shares. KeyCorp upped their price objective on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. upped their price target on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Barclays lifted their price objective on Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. Zacks Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. Finally, The Goldman Sachs Group increased their target price 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. One investment 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.70.

Flex Company Profile

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.