Flex (NASDAQ:FLEX) EVP David Scott Offer Sells 7,223 Shares of Stock

Flex Ltd. (NASDAQ:FLEX) EVP David Scott Offer sold 7,223 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 $1,069,076.23. Following the sale, the executive vice president owned 74,867 shares in the company, valued at approximately $11,081,064.67. This represents a 8.80% 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 transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

David Scott Offer also recently made the following trade(s):

• On Tuesday, June 16th, David Scott Offer sold 18,750 shares of Flex stock. The shares were sold at an average price of $147.91, for a total transaction of $2,773,312.50.
• On Friday, June 5th, David Scott Offer sold 33,000 shares of Flex stock. The stock was sold at an average price of $153.91, for a total transaction of $5,079,030.00.
• On Monday, May 11th, David Scott Offer sold 22,212 shares of Flex stock. The shares were sold at an average price of $142.40, for a total transaction of $3,162,988.80.

Flex Stock Performance

NASDAQ FLEX opened at $143.13 on Thursday. Flex Ltd. has a twelve month low of $45.31 and a twelve month high of $166.86. 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 stock has a market cap of $52.44 billion, a P/E ratio of 61.43, a PEG ratio of 0.77 and a beta of 1.64. The company’s 50-day simple moving average is $120.56 and its 200 day simple moving average is $83.95.

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

Flex News Summary

Here are the key news stories impacting Flex this week:

• Positive Sentiment: Analyst coverage remains constructive, with several firms raising price targets in recent weeks and the stock still carrying a “Moderate Buy” consensus, which supports the longer-term outlook. Flex stock page
• Neutral Sentiment: Insiders, including CEO Revathi Advaithi, CFO Kevin Krumm, COO Kwang Hooi Tan, and EVP David Scott Offer, sold shares in recent days, but the filings say the sales were made to cover tax withholding obligations tied to equity awards and, in one case, under a pre-arranged 10b5-1 plan. SEC filing
• Neutral Sentiment: Flex continues to show solid operating fundamentals, with its most recent quarter delivering $0.93 EPS on $7.48 billion in revenue, which helps offset some of the sentiment impact from insider selling. Flex stock page
• Negative Sentiment: The biggest drag on sentiment is the cluster of insider sales across senior leadership, which can signal caution to traders even when the transactions are explained as non-discretionary. SEC filing

Hedge Funds Weigh In On Flex

Several institutional investors have recently bought and sold shares of FLEX. Vanguard Group Inc. raised its stake in shares of Flex by 196.1% in the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after acquiring an additional 25,662,586 shares during the last quarter. Norges Bank bought a new stake in shares of Flex during the fourth quarter valued at approximately $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in shares of Flex in the fourth quarter valued at approximately $2,497,000. Sequoia Financial Advisors LLC increased its holdings in shares of Flex by 12.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company’s stock valued at $10,469,000 after purchasing an additional 19,270 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its holdings in shares of Flex by 62.3% in the fourth quarter. Teacher Retirement System of Texas now owns 340,389 shares of the technology company’s stock valued at $20,566,000 after purchasing an additional 130,641 shares in the last quarter. Institutional investors own 94.30% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on FLEX shares. The Goldman Sachs Group upped their price target on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Barclays boosted their target price on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research note on Thursday, June 4th. JPMorgan Chase & Co. upped their target price on shares of Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Stifel Nicolaus lifted their price target on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. Finally, Robert W. Baird set a $165.00 price target on shares of Flex in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $115.70.

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.