Flex Ltd. (NASDAQ:FLEX) Director Erin Mcsweeney Sells 10,000 Shares

Flex Ltd. (NASDAQ:FLEX – Get Rating) Director Erin Mcsweeney sold 10,000 shares of the firm’s stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $20.60, for a total value of $206,000.00. Following the sale, the director now directly owns 29,309 shares of the company’s stock, valued at $603,765.40. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Flex Stock Down 1.7 %

Shares of NASDAQ FLEX traded down $0.35 during mid-day trading on Friday, reaching $20.73. 6,171,649 shares of the company traded hands, compared to its average volume of 5,398,862. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.68 and a current ratio of 1.36. The stock has a market cap of $9.35 billion, a PE ratio of 11.78, a price-to-earnings-growth ratio of 0.78 and a beta of 1.49. The company’s fifty day moving average is $23.35 and its two-hundred day moving average is $20.82. Flex Ltd. has a fifty-two week low of $13.63 and a fifty-two week high of $25.12.

Flex (NASDAQ:FLEX – Get Rating) last issued its quarterly earnings data on Wednesday, January 25th. The technology company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The business had revenue of $7.76 billion for the quarter, compared to analyst estimates of $7.51 billion. Flex had a return on equity of 19.38% and a net margin of 2.76%. The firm’s revenue for the quarter was up 17.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.48 EPS. On average, analysts expect that Flex Ltd. will post 2.07 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on FLEX shares. StockNews.com started coverage on Flex in a research note on Thursday. They set a “hold” rating for the company. Citigroup raised their price target on Flex from $23.00 to $28.00 and gave the stock a “buy” rating in a research note on Friday, January 27th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.75.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Invesco Ltd. grew its holdings in Flex by 119.3% in the 1st quarter. Invesco Ltd. now owns 10,551,440 shares of the technology company’s stock valued at $195,729,000 after buying an additional 5,741,044 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Flex in the 2nd quarter valued at approximately $82,769,000. Norges Bank acquired a new stake in Flex in the 4th quarter valued at approximately $103,178,000. Voya Investment Management LLC grew its holdings in Flex by 101.8% in the 4th quarter. Voya Investment Management LLC now owns 6,122,084 shares of the technology company’s stock valued at $131,380,000 after buying an additional 3,088,635 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in Flex by 156.8% in the 4th quarter. Millennium Management LLC now owns 5,047,486 shares of the technology company’s stock valued at $108,319,000 after buying an additional 3,081,799 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

About Flex

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Flex Ltd. operates as a manufacturing services company. It delivers technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. The firm operates through the following segments: Flex Agility Solutions (FAS) and Flex Reliability Solutions (FRS). The Flex Agility Solutions segment comprised of Communications, Enterprise and Cloud (CEC) includes data infrastructure, edge infrastructure and communications infrastructure, Lifestyle includes appliances, consumer packaging, floorcare, micro mobility and audio and, Consumer Devices include mobile and high velocity consumer devices.