Insider Buying: Flex Ltd (FLEX) Director Buys 11,500 Shares of Stock

Flex Ltd (NASDAQ:FLEX) Director Marc A. Onetto purchased 11,500 shares of the stock in a transaction on Tuesday, December 4th. The stock was acquired at an average cost of $8.49 per share, for a total transaction of $97,635.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

NASDAQ:FLEX opened at $8.42 on Thursday. Flex Ltd has a one year low of $6.74 and a one year high of $19.71. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.69 and a current ratio of 1.23. The firm has a market capitalization of $4.43 billion, a price-to-earnings ratio of 10.53, a price-to-earnings-growth ratio of 0.98 and a beta of 1.58.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Thursday, October 25th. The technology company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $6.71 billion during the quarter, compared to the consensus estimate of $6.81 billion. Flex had a net margin of 1.15% and a return on equity of 9.83%. Sell-side analysts anticipate that Flex Ltd will post 0.82 earnings per share for the current year.

Flex declared that its Board of Directors has authorized a share repurchase program on Tuesday, August 21st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to buy up to 6.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Several equities research analysts have commented on the stock. BidaskClub raised shares of Flex from a “strong sell” rating to a “sell” rating in a report on Thursday, August 23rd. ValuEngine lowered shares of Flex from a “hold” rating to a “sell” rating in a report on Saturday, October 6th. Needham & Company LLC lowered shares of Flex from a “buy” rating to a “hold” rating in a report on Friday, October 26th. Macquarie set a $9.00 price target on shares of Flex and gave the company a “hold” rating in a report on Monday, October 29th. Finally, Goldman Sachs Group lowered shares of Flex from a “buy” rating to a “neutral” rating in a report on Friday, October 26th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $17.94.

Several institutional investors have recently modified their holdings of FLEX. Bank of Montreal Can raised its position in shares of Flex by 116.5% in the third quarter. Bank of Montreal Can now owns 12,696 shares of the technology company’s stock worth $167,000 after acquiring an additional 6,831 shares during the period. Bank of Hawaii acquired a new position in shares of Flex in the third quarter worth about $170,000. HRT Financial LLC acquired a new position in shares of Flex in the third quarter worth about $184,000. Engineers Gate Manager LP acquired a new position in shares of Flex in the third quarter worth about $203,000. Finally, Signition LP acquired a new position in shares of Flex in the third quarter worth about $219,000. Institutional investors and hedge funds own 92.78% of the company’s stock.

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About Flex

Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.

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