Flex Ltd. (NASDAQ:FLEX) Insider Sells $418,261.35 in Stock

Flex Ltd. (NASDAQ:FLEX) insider Kwang Hooi Tan sold 14,599 shares of Flex stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $28.65, for a total value of $418,261.35. Following the completion of the sale, the insider now directly owns 163,656 shares of the company’s stock, valued at approximately $4,688,744.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Kwang Hooi Tan also recently made the following trade(s):

• On Tuesday, May 7th, Kwang Hooi Tan sold 8,027 shares of Flex stock. The shares were sold at an average price of $29.29, for a total value of $235,110.83.
• On Wednesday, March 13th, Kwang Hooi Tan sold 8,027 shares of Flex stock. The stock was sold at an average price of $28.81, for a total transaction of $231,257.87.

Flex Stock Up 0.5 %

Shares of FLEX traded up $0.15 during midday trading on Thursday, reaching $28.71. 2,721,140 shares of the company were exchanged, compared to its average volume of 5,025,926. The company has a current ratio of 1.59, a quick ratio of 0.86 and a debt-to-equity ratio of 0.53. Flex Ltd. has a 1-year low of $20.83 and a 1-year high of $30.93. The company has a market cap of $12.09 billion, a price-to-earnings ratio of 12.48, a P/E/G ratio of 1.74 and a beta of 1.18. The stock has a 50-day moving average price of $28.54 and a 200-day moving average price of $26.94.

Hedge Funds Weigh In On Flex

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC lifted its position in shares of Flex by 58.0% during the third quarter. Commonwealth Equity Services LLC now owns 33,370 shares of the technology company’s stock worth $900,000 after purchasing an additional 12,248 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of Flex by 145.5% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 58,739 shares of the technology company’s stock valued at $1,585,000 after acquiring an additional 34,810 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Flex by 3.2% during the third quarter. Bank of New York Mellon Corp now owns 463,264 shares of the technology company’s stock worth $12,499,000 after acquiring an additional 14,205 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Flex by 11.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,613 shares of the technology company’s stock worth $2,256,000 after acquiring an additional 8,688 shares in the last quarter. Finally, Park Avenue Securities LLC grew its stake in Flex by 1.5% during the 3rd quarter. Park Avenue Securities LLC now owns 40,768 shares of the technology company’s stock valued at $1,100,000 after purchasing an additional 589 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FLEX has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price target on shares of Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Barclays lifted their target price on Flex from $30.00 to $34.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. StockNews.com began coverage on Flex in a research note on Wednesday, March 6th. They set a “hold” rating for the company. The Goldman Sachs Group lifted their price objective on Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Finally, Craig Hallum downgraded shares of Flex from a “buy” rating to a “hold” rating and dropped their target price for the stock from $28.00 to $27.00 in a research report on Thursday, May 2nd. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Flex currently has a consensus rating of “Moderate Buy” and an average price target of $32.83.

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.