Flex (NASDAQ:FLEX) EVP David Scott Offer Sells 20,812 Shares of Stock

Flex Ltd. (NASDAQ:FLEX) EVP David Scott Offer sold 20,812 shares of Flex stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $144.47, for a total value of $3,006,709.64. Following the completion of the sale, the executive vice president directly owned 97,779 shares of the company’s stock, valued at $14,126,132.13. This trade represents a 17.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 Thursday, June 18th, David Scott Offer sold 6,657 shares of Flex stock. The shares were sold at an average price of $145.23, for a total transaction of $966,796.11.
• On Tuesday, June 16th, David Scott Offer sold 18,750 shares of Flex stock. The stock was sold at an average price of $147.91, for a total transaction of $2,773,312.50.
• On Monday, June 15th, David Scott Offer sold 7,223 shares of Flex stock. The stock was sold at an average price of $148.01, for a total transaction of $1,069,076.23.
• On Friday, June 5th, David Scott Offer sold 33,000 shares of Flex stock. The shares were 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 stock was sold at an average price of $142.40, for a total value of $3,162,988.80.

Flex Trading Up 5.6%

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

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share (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 during the quarter. As a group, sell-side analysts expect that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Barclays upped their price objective on Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research note on Thursday, June 4th. Zacks Research raised Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. The Goldman Sachs Group boosted their target price on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, KeyCorp increased their price target on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Flex currently has an average rating of “Moderate Buy” and an average target price of $115.70.

Institutional Trading of Flex

Several hedge funds have recently added to or reduced their stakes in the company. USA Financial Formulas acquired a new position in Flex in the 4th quarter valued at $28,000. Parkside Financial Bank & Trust raised its stake in 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 in the last quarter. Frazier Financial Advisors LLC bought a new stake in shares of Flex in the fourth quarter valued at approximately $28,000. Gables Capital Management Inc. acquired a new stake in Flex during the fourth quarter worth approximately $42,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of 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 valued at $43,000 after acquiring an additional 695 shares during the period. 94.30% of the stock is owned by institutional investors and hedge funds.

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.