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 stock in a transaction on Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the sale, the director now directly owns 202,850 shares of the company’s stock, valued at $8,773,262.50. The trade was a 19.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Flex Stock Performance

Shares of FLEX opened at $43.01 on Thursday. Flex Ltd. has a 52-week low of $25.27 and a 52-week high of $45.10. 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 $16.48 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 2.58 and a beta of 1.10. The business’s 50 day moving average is $40.50 and its two-hundred day moving average is $36.14.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 EPS 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%. Analysts forecast that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on FLEX shares. The Goldman Sachs Group set a $39.00 price objective on Flex in a research report on Thursday, October 17th. Craig Hallum raised their target price on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. KeyCorp assumed coverage on Flex in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price target for the company. Stifel Nicolaus initiated coverage on shares of Flex in a research note on Tuesday. They set a “buy” rating and a $52.00 price objective on the stock. Finally, StockNews.com downgraded shares of Flex from a “buy” rating to a “hold” rating in a research note on Saturday, February 1st. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $44.33.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Harbor Capital Advisors Inc. acquired a new stake in shares of Flex during the 3rd quarter valued at approximately $29,000. R Squared Ltd bought a new stake in Flex during the fourth quarter valued at $35,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Flex by 112.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock worth $38,000 after buying an additional 509 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Flex in the 4th quarter valued at about $38,000. Finally, Huntington National Bank grew its position in shares of Flex by 87.9% during the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after buying an additional 479 shares during the last quarter. Institutional investors own 94.30% of the company’s stock.

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.