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

Flex Stock Performance

NASDAQ:FLEX opened at $42.39 on Friday. The company has a market capitalization of $16.24 billion, a PE ratio of 17.09, a P/E/G ratio of 2.58 and a beta of 1.10. The company has a 50 day simple moving average of $40.50 and a two-hundred day simple moving average of $36.14. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.41. Flex Ltd. has a fifty-two week low of $25.27 and a fifty-two week high of $45.10.

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

Institutional Trading of Flex

Large investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. acquired a new stake in shares of Flex during the 3rd quarter worth approximately $29,000. 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 worth $34,000 after buying an additional 479 shares during the period. R Squared Ltd acquired a new stake in shares of Flex during the 4th quarter worth approximately $35,000. SBI Securities Co. Ltd. acquired a new stake in shares of Flex during the 4th quarter worth approximately $38,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Flex by 112.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock valued at $38,000 after purchasing an additional 509 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analyst Ratings Changes

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