Insider Selling: Flex Ltd. (NASDAQ:FLEX) Director Sells 13,157 Shares of Stock

Flex Ltd. (NASDAQ:FLEX) Director Charles K. Stevens III sold 13,157 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total transaction of $509,044.33. Following the sale, the director now directly owns 55,713 shares of the company’s stock, valued at approximately $2,155,535.97. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Flex Stock Up 0.2 %

FLEX traded up $0.09 during trading hours on Friday, hitting $40.09. 2,836,037 shares of the company’s stock were exchanged, compared to its average volume of 4,138,812. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64. The stock’s 50-day moving average is $33.39 and its two-hundred day moving average is $31.55. Flex Ltd. has a 1-year low of $21.84 and a 1-year high of $40.29. The stock has a market cap of $15.55 billion, a price-to-earnings ratio of 17.74, a PEG ratio of 2.08 and a beta of 1.08.

Institutional Trading of Flex

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Boston Partners raised its position in shares of Flex by 113.8% in the first quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock valued at $548,519,000 after purchasing an additional 10,201,162 shares during the period. Merewether Investment Management LP acquired a new stake in Flex during the 2nd quarter worth approximately $72,808,000. Westfield Capital Management Co. LP acquired a new stake in Flex during the 1st quarter worth approximately $51,543,000. Point72 Asset Management L.P. raised its holdings in Flex by 1,242.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock worth $21,495,000 after purchasing an additional 792,700 shares during the last quarter. Finally, TCW Group Inc. raised its holdings in Flex by 48.1% during the 2nd quarter. TCW Group Inc. now owns 1,711,749 shares of the technology company’s stock worth $50,479,000 after purchasing an additional 556,286 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Barclays raised their price target on shares of Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Craig Hallum lifted their target price on shares of 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 shares of Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price on the stock. Finally, StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research report on Tuesday, October 29th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Flex currently has a consensus rating of “Buy” and an average target price of $40.83.

Flex Company Profile

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.