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SAN JOSE, Calif.—Flex Ltd. (NASDAQ:FLEX) Chief Accounting Officer Daniel Wendler recently sold 1,812 shares of the company’s ordinary stock, according to a regulatory filing with the Securities and Exchange Commission. The shares were sold at a weighted average price of $33.7409, with individual sale prices ranging from $33.32 to $34.19, totaling $61,138. The $13.2 billion market cap company has shown strong financial performance, with InvestingPro data indicating robust shareholder returns and management’s commitment through aggressive share buybacks.
The transaction, which took place on March 11, was conducted to cover tax withholding obligations related to the vesting of restricted share units (RSUs). Following the sale, Wendler holds 30,698 shares, including various unvested RSUs that are set to vest in upcoming years. Trading at a P/E ratio of 13.8 and generating $25.6 billion in revenue, Flex appears undervalued according to InvestingPro Fair Value analysis.
Flex Ltd., headquartered in Singapore, operates in the manufacturing sector with a focus on printed circuit boards. The company continues to be a significant player in the electronics manufacturing services industry, maintaining a "GOOD" financial health rating according to comprehensive analysis available in the InvestingPro Research Report.
In other recent news, Flex has expanded its U.S. manufacturing operations by opening a new 400,000-square-foot facility in Dallas. This facility aims to enhance production capabilities for power infrastructure solutions, which is a response to the rising demand for reliable power infrastructure driven by artificial intelligence adoption. In a strategic move, Stifel analysts have initiated coverage on Flex with a Buy rating and a price target of $52, citing the company’s expansion into growth areas like power and cooling. Flex’s recent acquisitions, such as JetCool and Crown Technical Systems, are seen as diversifying its portfolio into attractive growth sectors. The company reported a 45% year-over-year growth in its data center business in the most recent quarter, highlighting strong execution in a competitive sector.
Meanwhile, Flexsteel Industries reported better-than-expected second quarter results, posting adjusted earnings per share of $0.95, surpassing analyst estimates of $0.63. The company’s revenue reached $108.5 million, an 8.4% increase year-over-year, exceeding the consensus forecast. Flexsteel raised its fiscal 2025 revenue guidance to a range of $435-445 million, up from its previous outlook. However, the company noted potential tariff risks related to its operations in Mexico, which could impact its outlook. Flexsteel ended the quarter with $11.8 million in cash and no outstanding borrowings on its credit line.
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