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

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 owns 202,850 shares in the company, valued at $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 can be accessed through the SEC website.

Flex Stock Up 0.5 %

Flex stock traded up $0.23 during trading on Wednesday, reaching $43.01. 1,938,084 shares of the company’s stock were exchanged, compared to its average volume of 3,653,389. 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’s 50-day moving average is $40.50 and its two-hundred day moving average is $36.14. The firm has a market cap of $16.48 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 2.58 and a beta of 1.10. Flex Ltd. has a 52-week low of $25.27 and a 52-week high of $45.10.

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

Hedge Funds Weigh In On Flex

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Creative Planning lifted its position in shares of Flex by 0.6% during the third quarter. Creative Planning now owns 141,371 shares of the technology company’s stock worth $4,726,000 after purchasing an additional 839 shares during the last quarter. One Wealth Advisors LLC bought a new position in shares of Flex during the fourth quarter worth about $368,000. JPMorgan Chase & Co. lifted its position in shares of Flex by 5.2% during the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock worth $202,152,000 after purchasing an additional 296,505 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position in shares of Flex by 113.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 486,348 shares of the technology company’s stock worth $16,259,000 after purchasing an additional 257,975 shares during the last quarter. Finally, KBC Group NV lifted its position in shares of Flex by 872.7% during the fourth quarter. KBC Group NV now owns 104,132 shares of the technology company’s stock worth $3,998,000 after purchasing an additional 93,426 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FLEX has been the topic of several recent research reports. The Goldman Sachs Group set a $39.00 price target on Flex in a research report on Thursday, October 17th. Stifel Nicolaus initiated coverage on Flex in a research report on Tuesday. They issued a “buy” rating and a $52.00 price target on the stock. Craig Hallum boosted their price target on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. KeyCorp began coverage on Flex in a research report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price target on the stock. Finally, StockNews.com lowered Flex from a “buy” rating to a “hold” rating in a report on Saturday, February 1st. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target 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.