Flex Target of Unusually Large Options Trading (NASDAQ:FLEX)

Flex Ltd. (NASDAQ:FLEXGet Free Report) was the target of unusually large options trading on Tuesday. Investors purchased 5,000 put options on the company. This is an increase of 83% compared to the typical daily volume of 2,728 put options.

Insider Transactions at Flex

In related news, insider Kwang Hooi Tan sold 8,027 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $29.29, for a total value of $235,110.83. Following the completion of the transaction, the insider now owns 151,691 shares of the company’s stock, valued at $4,443,029.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Revathi Advaithi sold 161,052 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $28.65, for a total transaction of $4,614,139.80. Following the transaction, the chief executive officer now owns 1,903,404 shares of the company’s stock, valued at $54,532,524.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kwang Hooi Tan sold 8,027 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $29.29, for a total value of $235,110.83. Following the completion of the sale, the insider now directly owns 151,691 shares of the company’s stock, valued at $4,443,029.39. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 737,714 shares of company stock valued at $23,056,255. 0.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Flex

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ardsley Advisory Partners LP boosted its position in shares of Flex by 11.5% in the third quarter. Ardsley Advisory Partners LP now owns 393,500 shares of the technology company’s stock worth $10,617,000 after buying an additional 40,500 shares during the period. FNY Investment Advisers LLC acquired a new position in shares of Flex in the 4th quarter valued at about $2,909,000. abrdn plc lifted its position in shares of Flex by 106.0% in the fourth quarter. abrdn plc now owns 146,524 shares of the technology company’s stock worth $4,463,000 after purchasing an additional 75,387 shares in the last quarter. Vontobel Holding Ltd. boosted its holdings in shares of Flex by 21.8% during the fourth quarter. Vontobel Holding Ltd. now owns 201,902 shares of the technology company’s stock worth $6,150,000 after purchasing an additional 36,082 shares during the period. Finally, Legal & General Group Plc grew its position in Flex by 9.3% during the third quarter. Legal & General Group Plc now owns 2,291,905 shares of the technology company’s stock valued at $61,836,000 after purchasing an additional 195,447 shares in the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Flex Price Performance

Shares of NASDAQ FLEX traded up $0.53 during mid-day trading on Tuesday, reaching $32.11. The company had a trading volume of 1,194,908 shares, compared to its average volume of 4,748,295. Flex has a 1-year low of $21.84 and a 1-year high of $34.12. The stock has a market cap of $12.90 billion, a PE ratio of 13.73, a P/E/G ratio of 2.09 and a beta of 1.13. The company has a current ratio of 1.52, a quick ratio of 0.79 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average price of $30.07 and a two-hundred day moving average price of $28.05.

Flex (NASDAQ:FLEXGet Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The technology company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.03. Flex had a return on equity of 16.46% and a net margin of 3.58%. The firm had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.10 billion. On average, equities analysts anticipate that Flex will post 2.06 earnings per share for the current year.

Analyst Ratings Changes

FLEX has been the subject of a number of recent research reports. Craig Hallum downgraded shares of Flex from a “buy” rating to a “hold” rating and lowered their price objective for the company from $28.00 to $27.00 in a research report on Thursday, May 2nd. Barclays increased their price target on Flex from $30.00 to $34.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. The Goldman Sachs Group upped their price objective on Flex from $29.00 to $37.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. JPMorgan Chase & Co. raised their target price on Flex from $32.00 to $34.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research report on Monday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.83.

Check Out Our Latest Stock Analysis on FLEX

About Flex

(Get Free Report)

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.

Featured Stories

Receive News & Ratings for Flex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flex and related companies with MarketBeat.com's FREE daily email newsletter.