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

Flex Ltd (NASDAQ:FLEX) was the target of unusually large options trading activity on Tuesday. Traders acquired 14,489 call options on the stock. This is an increase of approximately 978% compared to the typical daily volume of 1,344 call options.

A number of analysts recently weighed in on FLEX shares. BidaskClub downgraded shares of Walgreens Boots Alliance from a “sell” rating to a “strong sell” rating in a research report on Monday, June 24th. Zacks Investment Research cut GENEL ENERGY PL/ADR from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Goldman Sachs Group raised Exelon from a “neutral” rating to a “buy” rating and increased their target price for the stock from $48.00 to $52.00 in a research note on Thursday, June 6th. ValuEngine cut shares of Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. cut shares of Sampo Oyj from an “overweight” rating to a “neutral” rating in a research note on Wednesday, May 29th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Flex presently has an average rating of “Hold” and a consensus price target of $10.67.

Shares of FLEX traded up $0.11 during midday trading on Thursday, reaching $9.85. 4,603,075 shares of the stock were exchanged, compared to its average volume of 6,538,189. The stock has a market capitalization of $4.96 billion, a P/E ratio of 54.72, a P/E/G ratio of 0.60 and a beta of 1.80. The firm has a 50 day moving average of $9.49. Flex has a twelve month low of $6.74 and a twelve month high of $15.38. The company has a current ratio of 1.20, a quick ratio of 0.71 and a debt-to-equity ratio of 0.81.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Tuesday, April 30th. The technology company reported $0.27 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.27. The business had revenue of $6.20 billion during the quarter, compared to the consensus estimate of $6.41 billion. Flex had a return on equity of 3.03% and a net margin of 0.36%. Flex’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.28 earnings per share. Research analysts expect that Flex will post 0.98 EPS for the current year.

In other Flex news, EVP David Scott Offer sold 6,751 shares of the stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $9.63, for a total transaction of $65,012.13. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider David P. Bennett sold 2,825 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $9.60, for a total transaction of $27,120.00. Following the sale, the insider now directly owns 822,592 shares in the company, valued at approximately $7,896,883.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 157,902 shares of company stock worth $1,487,783. 0.42% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of the stock. Primecap Management Co. CA lifted its stake in shares of Flex by 0.3% in the first quarter. Primecap Management Co. CA now owns 77,418,159 shares of the technology company’s stock worth $774,182,000 after acquiring an additional 221,900 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Flex by 1.5% in the first quarter. Victory Capital Management Inc. now owns 20,483,838 shares of the technology company’s stock worth $204,838,000 after acquiring an additional 307,781 shares during the period. FMR LLC lifted its stake in shares of Flex by 71.7% in the first quarter. FMR LLC now owns 17,803,429 shares of the technology company’s stock worth $178,034,000 after acquiring an additional 7,437,416 shares during the period. Iridian Asset Management LLC CT acquired a new position in shares of Flex in the first quarter worth approximately $111,243,000. Finally, Deutsche Bank AG lifted its stake in Flex by 242.6% in the fourth quarter. Deutsche Bank AG now owns 10,302,561 shares of the technology company’s stock valued at $78,401,000 after buying an additional 7,295,561 shares during the period. 94.48% of the stock is currently owned by institutional investors.

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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