Flex Ltd. (NASDAQ:FLEX) CFO Sells $1,376,457.24 in Stock

Flex Ltd. (NASDAQ:FLEX) CFO Paul Lundstrom sold 53,517 shares of the company’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $25.72, for a total value of $1,376,457.24. Following the completion of the sale, the chief financial officer now directly owns 431,350 shares in the company, valued at approximately $11,094,322. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Flex Trading Down 0.2 %

NASDAQ FLEX traded down $0.06 during trading hours on Monday, hitting $25.63. 1,997,830 shares of the company’s stock were exchanged, compared to its average volume of 4,250,765. The business’s 50 day moving average is $27.03 and its 200-day moving average is $24.75. Flex Ltd. has a 12-month low of $16.11 and a 12-month high of $28.90. The firm has a market capitalization of $11.37 billion, a P/E ratio of 14.90, a price-to-earnings-growth ratio of 1.09 and a beta of 1.45. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.75 and a current ratio of 1.46.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, July 26th. The technology company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.09. Flex had a return on equity of 17.98% and a net margin of 2.60%. The firm had revenue of $7.34 billion for the quarter, compared to the consensus estimate of $7.24 billion. As a group, analysts anticipate that Flex Ltd. will post 2.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FLEX. Credit Suisse Group restated an “outperform” rating and issued a $34.00 price objective on shares of Flex in a research report on Monday, July 24th. StockNews.com began coverage on Flex in a research report on Thursday, August 17th. They issued a “hold” rating on the stock. Bank of America upped their price objective on Flex from $28.00 to $31.00 in a research report on Sunday, July 9th. Finally, Barclays began coverage on Flex in a research report on Thursday, September 7th. They issued an “overweight” rating and a $35.00 price objective on the stock.

Hedge Funds Weigh In On Flex

Several large investors have recently added to or reduced their stakes in FLEX. FMR LLC raised its holdings in shares of Flex by 49.2% in the 1st quarter. FMR LLC now owns 32,727,697 shares of the technology company’s stock worth $753,064,000 after purchasing an additional 10,793,420 shares during the period. Invesco Ltd. raised its holdings in shares of Flex by 119.3% in the 1st quarter. Invesco Ltd. now owns 10,551,440 shares of the technology company’s stock worth $195,729,000 after purchasing an additional 5,741,044 shares during the period. Norges Bank purchased a new position in shares of Flex in the 4th quarter worth about $103,178,000. LSV Asset Management raised its holdings in shares of Flex by 281.7% in the 1st quarter. LSV Asset Management now owns 4,334,130 shares of the technology company’s stock worth $99,728,000 after purchasing an additional 3,198,600 shares during the period. Finally, Voya Investment Management LLC raised its holdings in shares of Flex by 101.8% in the 4th quarter. Voya Investment Management LLC now owns 6,122,084 shares of the technology company’s stock worth $131,380,000 after purchasing an additional 3,088,635 shares during the period. 95.26% of the stock is currently owned by hedge funds and other institutional investors.

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.