Flex Ltd (NASDAQ:FLEX) CAO Sells $240,540.00 in Stock

Flex Ltd (NASDAQ:FLEX) CAO David P. Bennett sold 19,000 shares of the business’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $12.66, for a total value of $240,540.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Shares of Flex stock opened at $13.41 on Thursday. Flex Ltd has a 52-week low of $7.79 and a 52-week high of $13.43. The stock’s 50-day simple moving average is $12.31 and its 200 day simple moving average is $10.96. The stock has a market capitalization of $6.80 billion, a P/E ratio of 74.50, a P/E/G ratio of 2.49 and a beta of 1.84. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.76 and a current ratio of 1.26.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Thursday, October 24th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.39. Flex had a negative return on equity of 6.13% and a negative net margin of 0.71%. The business had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $6.29 billion. During the same period in the previous year, the business posted $0.29 EPS. The firm’s quarterly revenue was down 8.6% compared to the same quarter last year. Equities research analysts forecast that Flex Ltd will post 0.35 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. increased its position in shares of Flex by 7.0% during the second quarter. Victory Capital Management Inc. now owns 21,925,054 shares of the technology company’s stock valued at $209,822,000 after buying an additional 1,441,216 shares during the period. Lyrical Asset Management LP increased its position in shares of Flex by 1.4% during the second quarter. Lyrical Asset Management LP now owns 17,753,976 shares of the technology company’s stock valued at $169,906,000 after buying an additional 240,106 shares during the period. D. E. Shaw & Co. Inc. increased its position in shares of Flex by 7.6% during the second quarter. D. E. Shaw & Co. Inc. now owns 17,331,085 shares of the technology company’s stock valued at $165,859,000 after buying an additional 1,223,008 shares during the period. Boston Partners increased its position in shares of Flex by 0.6% during the third quarter. Boston Partners now owns 14,034,252 shares of the technology company’s stock valued at $146,970,000 after buying an additional 83,667 shares during the period. Finally, Sachem Head Capital Management LP bought a new stake in shares of Flex during the third quarter valued at about $114,069,000. Hedge funds and other institutional investors own 93.66% of the company’s stock.

A number of brokerages recently issued reports on FLEX. BidaskClub upgraded Flex from a “hold” rating to a “buy” rating in a research note on Friday, December 20th. Zacks Investment Research upgraded Flex from a “strong sell” rating to a “hold” rating and set a $8.75 price objective on the stock in a research note on Wednesday, September 25th. JPMorgan Chase & Co. cut Flex from an “overweight” rating to a “neutral” rating in a research note on Thursday, January 2nd. Goldman Sachs Group boosted their price objective on Flex from $13.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, January 3rd. Finally, ValuEngine cut Flex from a “buy” rating to a “hold” rating in a research note on Tuesday, October 29th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Flex presently has a consensus rating of “Hold” and an average price target of $11.58.

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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