Flex Ltd. (NASDAQ:FLEX) Insider Michael P. Hartung Sells 64,807 Shares

Flex Ltd. (NASDAQ:FLEX) insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the sale, the insider now directly owns 233,526 shares in the company, valued at $10,249,456.14. The trade was a 21.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Flex Stock Down 2.5 %

FLEX stock traded down $1.09 during trading on Friday, hitting $43.16. 3,211,180 shares of the stock traded hands, compared to its average volume of 3,774,603. The stock has a market cap of $16.53 billion, a price-to-earnings ratio of 17.40, a price-to-earnings-growth ratio of 2.43 and a beta of 1.10. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85. Flex Ltd. has a 1 year low of $24.57 and a 1 year high of $45.10. The firm’s 50 day moving average is $40.18 and its two-hundred day moving average is $35.76.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.83%. On average, sell-side analysts anticipate that Flex Ltd. will post 2.33 EPS for the current year.

Wall Street Analyst Weigh In

FLEX has been the topic of a number of research analyst reports. StockNews.com downgraded Flex from a “buy” rating to a “hold” rating in a report on Saturday, February 1st. Barclays increased their price objective on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. KeyCorp started coverage on shares of Flex in a research report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 target price on the stock. Stifel Nicolaus lifted their price target on shares of Flex from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, Craig Hallum upped their price objective on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Flex has a consensus rating of “Buy” and an average price target of $43.67.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FLEX. Truist Financial Corp boosted its holdings in Flex by 10.3% in the second quarter. Truist Financial Corp now owns 77,648 shares of the technology company’s stock worth $2,290,000 after purchasing an additional 7,236 shares during the last quarter. Atomi Financial Group Inc. boosted its stake in shares of Flex by 22.5% in the 3rd quarter. Atomi Financial Group Inc. now owns 9,783 shares of the technology company’s stock worth $327,000 after buying an additional 1,799 shares during the last quarter. Gateway Investment Advisers LLC grew its holdings in shares of Flex by 153.6% in the third quarter. Gateway Investment Advisers LLC now owns 111,399 shares of the technology company’s stock worth $3,724,000 after acquiring an additional 67,468 shares during the period. Carnegie Investment Counsel increased its position in Flex by 1.8% during the third quarter. Carnegie Investment Counsel now owns 62,311 shares of the technology company’s stock valued at $2,083,000 after acquiring an additional 1,120 shares during the last quarter. Finally, Kathleen S. Wright Associates Inc. purchased a new position in Flex in the third quarter worth about $39,000. 94.30% of the stock is owned by institutional investors.

Flex Company Profile

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.