Investors Buy Large Volume of Put Options on Flex (NASDAQ:FLEX)

Flex Ltd. (NASDAQ:FLEX) was the target of unusually large options trading activity on Tuesday. Traders purchased 5,000 put options on the company. This is an increase of 83% compared to the average daily volume of 2,728 put options.

Insider Transactions at Flex

In related news, CEO Revathi Advaithi sold 161,052 shares of the firm’s stock in a transaction that occurred on 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 legal filing with the SEC, which is available through this hyperlink. In related news, CFO Paul Lundstrom sold 35,733 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $28.65, for a total transaction of $1,023,750.45. Following the transaction, the chief financial officer now owns 507,752 shares of the company’s stock, valued at $14,547,094.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Revathi Advaithi sold 161,052 shares of the business’s stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 1,903,404 shares in the company, valued at approximately $54,532,524.60. The disclosure for this sale can be found here. Insiders sold 804,542 shares of company stock valued at $25,147,972 over the last three months. 0.56% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Flex

A number of institutional investors have recently added to or reduced their stakes in FLEX. HighTower Advisors LLC lifted its stake in shares of Flex by 27.3% in the 3rd quarter. HighTower Advisors LLC now owns 132,889 shares of the technology company’s stock valued at $3,585,000 after purchasing an additional 28,489 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Flex by 17.4% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 25,074 shares of the technology company’s stock worth $676,000 after purchasing an additional 3,712 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Flex in the 3rd quarter worth $1,592,000. Envestnet Asset Management Inc. increased its holdings in shares of Flex by 57.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,106,983 shares of the technology company’s stock worth $29,866,000 after purchasing an additional 401,851 shares in the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC bought a new stake in shares of Flex in the 3rd quarter worth $2,382,000. 94.30% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Flex Trading Up 0.1 %

NASDAQ FLEX opened at $31.62 on Wednesday. The company has a market cap of $12.70 billion, a price-to-earnings ratio of 13.75, a P/E/G ratio of 2.09 and a beta of 1.13. Flex has a 52 week low of $21.84 and a 52 week high of $34.12. The business has a 50 day moving average price of $30.13 and a 200-day moving average price of $28.09. The company has a quick ratio of 0.79, a current ratio of 1.52 and a debt-to-equity ratio of 0.61.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results 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 business had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.10 billion. As a group, equities analysts expect that Flex will post 2.06 earnings per share for the current fiscal year.

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.