Flex Ltd. (NASDAQ:FLEX - Get Free Report) insider Michael P. Hartung sold 64,807 shares of the company's stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the transaction, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. This represents a 21.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Flex Trading Down 0.7 %
FLEX stock traded down $0.32 during midday trading on Tuesday, reaching $42.71. The stock had a trading volume of 2,093,769 shares, compared to its average volume of 3,689,896. The business has a fifty day simple moving average of $40.27 and a two-hundred day simple moving average of $35.93. The company has a quick ratio of 0.85, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The firm has a market cap of $16.36 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 2.58 and a beta of 1.10. Flex Ltd. has a twelve month low of $25.27 and a twelve month high of $45.10.
Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, topping 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, research analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.
Hedge Funds Weigh In On Flex
Several institutional investors have recently modified their holdings of the business. Janus Henderson Group PLC lifted its holdings in shares of Flex by 1.3% during the 3rd quarter. Janus Henderson Group PLC now owns 26,874,144 shares of the technology company's stock valued at $898,389,000 after purchasing an additional 344,773 shares in the last quarter. Boston Partners raised its position in Flex by 2.2% in the 4th quarter. Boston Partners now owns 26,114,574 shares of the technology company's stock valued at $1,006,436,000 after buying an additional 569,916 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in Flex by 0.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,095,907 shares of the technology company's stock valued at $237,216,000 after buying an additional 31,214 shares during the last quarter. JPMorgan Chase & Co. raised its position in Flex by 5.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company's stock valued at $202,152,000 after buying an additional 296,505 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Flex by 619.3% in the 3rd 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 during the last quarter. Institutional investors own 94.30% of the company's stock.
Analyst Ratings Changes
A number of equities research analysts have issued reports on FLEX shares. Craig Hallum upped their target price on Flex from $39.00 to $45.00 and gave the stock a "buy" rating in a research report on Thursday, October 31st. StockNews.com cut Flex from a "buy" rating to a "hold" rating in a research report on Saturday, February 1st. Stifel Nicolaus initiated coverage on Flex in a research report on Tuesday. They issued a "buy" rating and a $52.00 target price for the company. KeyCorp began coverage on Flex in a research note on Tuesday, October 22nd. They set an "overweight" rating and a $41.00 price objective for the company. Finally, Barclays raised their target price on Flex from $43.00 to $49.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Flex presently has an average rating of "Buy" and a consensus price target of $44.33.
Read Our Latest Research Report on Flex
Flex Company Profile
(
Get Free Report)
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.
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