Insider Selling: Flex Ltd. (NASDAQ:FLEX) CEO Sells $7,767,911.48 in Stock

Flex Ltd. (NASDAQ:FLEX) CEO Revathi Advaithi sold 181,028 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $42.91, for a total value of $7,767,911.48. Following the transaction, the chief executive officer now owns 1,463,695 shares of the company’s stock, valued at $62,807,152.45. This represents a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Tuesday, June 3rd, Revathi Advaithi sold 59,150 shares of Flex stock. The stock was sold at an average price of $42.90, for a total value of $2,537,535.00.
• On Tuesday, May 13th, Revathi Advaithi sold 164,700 shares of Flex stock. The shares were sold at an average price of $41.99, for a total value of $6,915,753.00.
• On Wednesday, May 7th, Revathi Advaithi sold 120,280 shares of Flex stock. The shares were sold at an average price of $38.09, for a total value of $4,581,465.20.

Flex Stock Up 1.2%

FLEX stock opened at $43.07 on Monday. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $16.08 billion, a PE ratio of 17.37, a PEG ratio of 2.43 and a beta of 1.04. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $45.10. The business’s 50 day simple moving average is $36.44 and its 200 day simple moving average is $38.17.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. Flex had a return on equity of 17.93% and a net margin of 3.95%. The firm had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.22 billion. During the same period in the prior year, the firm posted $0.57 EPS. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. As a group, research analysts anticipate that Flex Ltd. will post 2.33 EPS for the current year.

Institutional Trading of Flex

Several large investors have recently modified their holdings of FLEX. Rise Advisors LLC acquired a new stake in shares of Flex during the 1st quarter worth $25,000. Olde Wealth Management LLC bought a new position in shares of Flex during the first quarter worth about $26,000. Cullen Frost Bankers Inc. bought a new position in shares of Flex during the first quarter worth about $26,000. CX Institutional bought a new position in shares of Flex during the first quarter worth about $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Flex during the fourth quarter worth approximately $35,000. 94.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FLEX. Barclays raised their price target on Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, May 8th. The Goldman Sachs Group cut their price target on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Stifel Nicolaus assumed coverage on Flex in a research report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price on the stock. Wall Street Zen raised Flex from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 28th. Finally, JPMorgan Chase & Co. dropped their price objective on Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $45.33.

About Flex

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.