Plexus (NASDAQ:PLXS) Issues Quarterly Earnings Results

Plexus (NASDAQ:PLXS) issued its earnings results on Wednesday. The technology company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.07, Briefing.com reports. Plexus had a return on equity of 12.16% and a net margin of 3.08%. The business had revenue of $966.90 million during the quarter, compared to the consensus estimate of $950.75 million. During the same period in the prior year, the business posted $1.45 EPS. The company’s revenue for the quarter was down 9.7% on a year-over-year basis. Plexus updated its Q3 guidance to $1.22-1.37 EPS and its Q3 2024 guidance to 1.220-1.370 EPS.

Plexus Price Performance

Shares of NASDAQ:PLXS traded up $3.61 on Thursday, hitting $99.28. The company had a trading volume of 20,150 shares, compared to its average volume of 115,888. The company has a market cap of $2.74 billion, a PE ratio of 22.11 and a beta of 1.02. The business has a 50 day moving average of $94.34 and a 200 day moving average of $98.37. Plexus has a 52-week low of $83.84 and a 52-week high of $114.06. The company has a current ratio of 1.52, a quick ratio of 0.62 and a debt-to-equity ratio of 0.15.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Needham & Company LLC lowered their price target on shares of Plexus from $110.00 to $107.00 and set a “buy” rating on the stock in a research note on Thursday, January 25th. Sidoti downgraded Plexus from a “buy” rating to a “neutral” rating and set a $112.00 price objective for the company. in a research note on Tuesday, January 9th. TheStreet downgraded Plexus from a “b” rating to a “c+” rating in a research report on Tuesday, February 13th. Finally, Benchmark reaffirmed a “buy” rating and set a $110.00 price target on shares of Plexus in a research note on Wednesday, January 17th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $109.67.

Insider Activity at Plexus

In related news, CFO Patrick John Jermain sold 2,532 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $92.51, for a total value of $234,235.32. Following the sale, the chief financial officer now directly owns 54,651 shares of the company’s stock, valued at $5,055,764.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Angelo Michael Ninivaggi, Jr. sold 3,694 shares of Plexus stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $97.18, for a total transaction of $358,982.92. Following the sale, the chief accounting officer now directly owns 40,875 shares of the company’s stock, valued at $3,972,232.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Patrick John Jermain sold 2,532 shares of the business’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $92.51, for a total value of $234,235.32. Following the completion of the transaction, the chief financial officer now owns 54,651 shares in the company, valued at approximately $5,055,764.01. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,453 shares of company stock valued at $3,112,875. 2.39% of the stock is owned by insiders.

About Plexus

Plexus Corp. provides electronic manufacturing services in the United States and internationally. It offers design, develop, supply chain, new product introduction, and manufacturing solutions, as well as sustaining services to companies in the healthcare/life sciences, industrial/commercial, aerospace/defense, and communications market sectors.