insiders have been cashing in on the stock's recent surge.
CEO Michael Marks 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, according to a filing with the
Securities and Exchange Commission
. The sale reduced his holding in the company by about 14%.
Michael McNamara, the contract manufacturer's president of operations for the Americas, exercised 265,000 options priced at $6 on Aug. 22, selling them for $13.32 a share, a gross profit of about $1.9 million. The options would have expired on Oct. 28. McNamara still owns 4.5 million shares, according to the SEC filing.
On Aug. 20, Ronny Nilsson, president of Flextronics Network Services, sold 50,000 shares, or 18% of his holdings, at $12.86 a share.
And on June 9, CFO Robert Dykes sold 200,000 shares at $10.45, but information on how many shares of Flextronics he still owns was not available.
Flextronics traded between $7.35 and about $9.60 until late May, when it broke the $10 barrier for the first time this year. In a
midquarter update the day before much of the insider trading began, Flextronics said it has seen demand increase in several sectors and that business was better than expected in July and has been strong in August.
On Tuesday, Flextronics gained 10 cents, or less than 1%, to close at $12.70.