Flex Ltd. (NASDAQ:FLEX) Director Lay Koon Tan Sells 50,000 Shares

Flex Ltd. (NASDAQ:FLEX) Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the completion of the transaction, the director now directly owns 202,850 shares of the company’s stock, valued at approximately $8,773,262.50. This trade represents a 19.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Flex Price Performance

Shares of Flex stock traded up $0.23 on Wednesday, hitting $43.01. The company’s stock had a trading volume of 1,938,084 shares, compared to its average volume of 3,653,389. Flex Ltd. has a 1 year low of $25.27 and a 1 year high of $45.10. The firm has a fifty day moving average price of $40.50 and a 200-day moving average price of $36.14. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.41. The company has a market capitalization of $16.48 billion, a price-to-earnings ratio of 17.34, a price-to-earnings-growth ratio of 2.58 and a beta of 1.10.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. As a group, sell-side analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FLEX. Norges Bank purchased a new position in Flex in the fourth quarter valued at $229,484,000. Geode Capital Management LLC raised its stake in Flex by 619.3% in the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after buying an additional 3,844,935 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Flex by 462.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock valued at $88,247,000 after buying an additional 2,170,262 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Flex by 210.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock valued at $75,148,000 after buying an additional 1,327,298 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in Flex in the fourth quarter valued at $33,363,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. KeyCorp assumed coverage on Flex in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price objective for the company. StockNews.com cut Flex from a “buy” rating to a “hold” rating in a report on Saturday, February 1st. Barclays lifted their price target on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Stifel Nicolaus initiated coverage on Flex in a research note on Tuesday. They issued a “buy” rating and a $52.00 price target for the company. Finally, Craig Hallum lifted their price target on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $44.33.

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.