Publish date:

Flextronics' CFO Sells Off More Shares

The executive cashed in the last of his ordinary shares during the past week.

Flextronics' (FLEX) - Get Report CFO Robert Dykes no longer owns any ordinary shares of his company, although he still holds 1.68 million options, according to information filed with the Securities and Exchange Commission.

Dykes sold the last 155,000 shares he owned via a limited partnership on Aug. 27 for $2.015 million, or $13 a share. That transaction followed a much larger sale on Aug. 22, when Dykes disposed of 515,000 shares owned by the partnership for a gross profit of $6.78 million, or $13.16 a share.

In June, Dykes sold the last 100,000 shares he owned directly, according to the SEC.

Dykes isn't the only Flextronics executive who's been

TheStreet Recommends

selling noticeable amounts of the stock recently. CEO Michael Marks, for one, sold 500,000 shares at $13.12 -- just 3 cents shy of the stock's 52-week closing high -- on Aug. 21, grossing $6.56 million. The sale reduced his holding in the company by about 14%.

The sales are all the more noticeable because they closely followed a positive midquarter update by the company at a time when the stock is trading close to its 52-week high.

Flextronics declined to comment on the insider sales or to make Dykes available for an interview.

According to the company's latest proxy statement, Dykes holds 1.68 million options, of which 1.04 million are vested. His vested, in-the-money options were worth $1.3 million as of March 31.

Flextronics closed at $13.25 a share on Thursday, an increase of 5 cents.