Michael Hartung Sells 2,755 Shares of Flex (NASDAQ:FLEX) Stock

Flex Ltd. (NASDAQ:FLEX) insider Michael Hartung sold 2,755 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $120.64, for a total transaction of $332,363.20. Following the transaction, the insider directly owned 243,175 shares of the company’s stock, valued at $29,336,632. This represents a 1.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Flex Trading Up 0.1%

Shares of FLEX stock opened at $110.45 on Friday. The company has a quick ratio of 0.89, a current ratio of 1.38 and a debt-to-equity ratio of 0.95. The firm has a market cap of $40.80 billion, a P/E ratio of 42.64, a PEG ratio of 0.56 and a beta of 1.67. The company has a 50 day moving average of $130.99 and a 200-day moving average of $105.60. Flex Ltd. has a 12-month low of $49.36 and a 12-month high of $166.86.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The business had revenue of $7.93 billion for the quarter. Sell-side analysts anticipate that Flex Ltd. will post 4.27 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently issued reports on FLEX. Zacks Research cut Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Freedom Capital upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. Barclays reduced their target price on shares of Flex from $203.00 to $144.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. KeyCorp upped 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. Finally, Robert W. Baird set a $142.00 price objective on shares of Flex in a report on Thursday, July 30th. 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.20.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in 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 in the last quarter. Norges Bank purchased a new stake in Flex during the fourth quarter valued at about $319,756,000. Rithm Capital Corp. bought a new stake in Flex during the first quarter worth about $1,407,000. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in shares of Flex in the 4th quarter worth about $2,497,000. Finally, Sequoia Financial Advisors LLC increased its position in shares of Flex by 12.5% during the 4th 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 during the last quarter. 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.