Flex (NASDAQ:FLEX) CEO Revathi Advaithi Sells 39,239 Shares of Stock

Flex Ltd. (NASDAQ:FLEX) CEO Revathi Advaithi sold 39,239 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $147.96, for a total value of $5,805,802.44. Following the transaction, the chief executive officer owned 566,283 shares in the company, valued at $83,787,232.68. This trade represents a 6.48% decrease in their position. The sale was disclosed in a 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.

Revathi Advaithi also recently made the following trade(s):

• On Friday, May 22nd, Revathi Advaithi sold 83,500 shares of Flex stock. The shares were sold at an average price of $132.87, for a total value of $11,094,645.00.
• On Monday, May 11th, Revathi Advaithi sold 114,090 shares of Flex stock. The shares were sold at an average price of $142.37, for a total value of $16,242,993.30.

Flex Trading Down 2.6%

Shares of FLEX stock opened at $143.13 on Thursday. The stock’s fifty day moving average is $120.56 and its two-hundred day moving average is $83.95. 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 firm has a market capitalization of $52.44 billion, a P/E ratio of 61.43, a PEG ratio of 0.77 and a beta of 1.64. Flex Ltd. has a fifty-two week low of $45.31 and a fifty-two week high of $166.86.

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. The company had revenue of $7.48 billion for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. Research analysts expect that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Key Stories Impacting Flex

Here are the key news stories impacting Flex this week:

• Neutral Sentiment: CEO Revathi Advaithi sold 39,239 shares, a 6.48% reduction in her holdings, in a transaction valued at about $5.8 million; the filing says the sale was to cover tax withholding obligations. SEC filing
• Neutral Sentiment: CFO Kevin Krumm sold 3,378 shares, and COO Kwang Hooi Tan sold 10,540 shares, both describing the trades as tax-related equity award withholding rather than a change in business outlook. SEC filing
• Neutral Sentiment: EVP David Scott Offer sold shares in two transactions, including one under a Rule 10b5-1 plan, which may reduce concern about timing but still adds to the overall insider-selling narrative. SEC filing
• Neutral Sentiment: Other insider sales came from COO Kwang Hooi Tan, insider Michael P. Hartung, and CAO Daniel Wendler, all similarly framed as equity-compensation-related selling. SEC filing

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Wall Street Zen lowered Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. KeyCorp raised their price objective on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Stifel Nicolaus raised their price objective on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. Robert W. Baird set a $165.00 price target on Flex in a report on Thursday, May 7th. Finally, Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Flex has an average rating of “Moderate Buy” and a consensus target price of $115.70.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. USA Financial Formulas purchased a new position in shares of Flex during the 4th quarter worth $28,000. Frazier Financial Advisors LLC purchased a new position in shares of Flex during the 4th quarter worth $28,000. Parkside Financial Bank & Trust raised its holdings in shares of Flex by 57.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after acquiring an additional 166 shares during the period. CENTRAL TRUST Co raised its holdings in shares of Flex by 238.3% during the 3rd quarter. CENTRAL TRUST Co now owns 504 shares of the technology company’s stock worth $29,000 after acquiring an additional 355 shares during the period. Finally, Gables Capital Management Inc. acquired a new stake in shares of Flex during the 4th quarter worth about $42,000. Hedge funds and other 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.