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

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

Analysts Set New Price Targets

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

Flex Price Performance

Shares of NASDAQ FLEX opened at $31.62 on Thursday. Flex has a fifty-two week low of $21.84 and a fifty-two week high of $34.12. The company has a 50 day simple moving average of $30.19 and a two-hundred day simple moving average of $28.12. The company has a market capitalization of $12.70 billion, a price-to-earnings ratio of 13.75, a P/E/G ratio of 2.11 and a beta of 1.13. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 1.52.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, May 1st. The technology company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.03. The company had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.10 billion. Flex had a net margin of 3.58% and a return on equity of 16.46%. Analysts expect that Flex will post 2.06 EPS for the current fiscal year.

Insider Transactions at Flex

In other news, CEO Revathi Advaithi sold 37,170 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $31.30, for a total transaction of $1,163,421.00. Following the completion of the sale, the chief executive officer now directly owns 2,057,473 shares in the company, valued at $64,398,904.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Paul Lundstrom sold 200,000 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $32.46, for a total transaction of $6,492,000.00. Following the completion of the sale, the chief financial officer now directly owns 294,027 shares in the company, valued at $9,544,116.42. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Revathi Advaithi sold 37,170 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $31.30, for a total transaction of $1,163,421.00. Following the completion of the sale, the chief executive officer now owns 2,057,473 shares of the company’s stock, valued at $64,398,904.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 804,542 shares of company stock worth $25,147,972. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Flex

Institutional investors and hedge funds have recently made changes to their positions in the company. Richardson Financial Services Inc. bought a new stake in shares of Flex during the fourth quarter valued at approximately $34,000. CWM LLC boosted its holdings in Flex by 92.5% in the fourth quarter. CWM LLC now owns 1,609 shares of the technology company’s stock worth $49,000 after purchasing an additional 773 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Flex by 276.6% in the fourth quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock worth $60,000 after purchasing an additional 1,455 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new stake in Flex in the fourth quarter worth approximately $75,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in Flex in the fourth quarter worth approximately $77,000. Institutional investors own 94.30% of the company’s stock.

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.