Flex (NASDAQ:FLEX) Trading Up 8.2% – Here’s What Happened

Flex Ltd. (NASDAQ:FLEX) shares shot up 8.2% during trading on Thursday . The stock traded as high as $162.10 and last traded at $163.1040. Approximately 1,108,686 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 5,171,882 shares. The stock had previously closed at $150.72.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on FLEX shares. JPMorgan Chase & Co. boosted their price target on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Wall Street Zen lowered Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Robert W. Baird set a $165.00 price target on shares of Flex in a report on Thursday, May 7th. Barclays upped their price objective 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. 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 equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $115.70.

Flex Stock Up 9.0%

The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The business’s fifty day moving average price is $128.20 and its two-hundred day moving average price is $87.19. The firm has a market cap of $60.21 billion, a P/E ratio of 70.54, a P/E/G ratio of 0.80 and a beta of 1.64.

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

Insider Buying and Selling

In other Flex news, COO Kwang Hooi Tan sold 26,657 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total transaction of $3,851,403.36. Following the transaction, the chief operating officer owned 257,527 shares in the company, valued at $37,207,500.96. This trade represents a 9.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 33,000 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the completion of the sale, the executive vice president owned 73,471 shares of the company’s stock, valued at $11,307,921.61. The trade was a 30.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 769,195 shares of company stock worth $110,116,823. Insiders own 0.57% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of FLEX. Vanguard Group Inc. grew 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 Flex in the 4th quarter valued at $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in Flex in the 4th quarter worth $2,497,000. Sequoia Financial Advisors LLC grew its position in Flex by 12.5% in the 4th quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company’s stock worth $10,469,000 after purchasing an additional 19,270 shares during the last quarter. Finally, North Dakota State Investment Board acquired a new position in shares of Flex during the fourth quarter valued at about $794,000. Institutional investors own 94.30% of the company’s stock.

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.