Plexus (NASDAQ:PLXS) Posts Earnings Results, Beats Expectations By $0.07 EPS

Plexus (NASDAQ:PLXS) announced its quarterly earnings results on Wednesday. The technology company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.07, Briefing.com reports. Plexus had a net margin of 3.08% and a return on equity of 12.16%. The firm had revenue of $966.90 million during the quarter, compared to analyst estimates of $950.75 million. During the same period in the previous year, the business posted $1.45 earnings per share. The business’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 PLXS stock traded up $3.63 during mid-day trading on Thursday, hitting $99.30. The company had a trading volume of 32,115 shares, compared to its average volume of 116,109. The stock’s 50 day moving average price is $94.34 and its 200-day moving average price is $98.37. Plexus has a 52-week low of $83.84 and a 52-week high of $114.06. The company has a market capitalization of $2.74 billion, a P/E ratio of 22.11 and a beta of 1.02. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.52 and a quick ratio of 0.62.

Insider Buying and Selling

In related news, CAO Angelo Michael Ninivaggi, Jr. sold 3,694 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $97.18, for a total value of $358,982.92. Following the sale, the chief accounting officer now owns 40,875 shares in the company, valued at $3,972,232.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Angelo Michael Ninivaggi, Jr. sold 3,694 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $97.18, for a total value of $358,982.92. Following the sale, the chief accounting officer now owns 40,875 shares in the company, valued at $3,972,232.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Todd P. Kelsey sold 2,000 shares of the business’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $94.30, for a total transaction of $188,600.00. Following the completion of the sale, the chief executive officer now owns 121,859 shares in the company, valued at approximately $11,491,303.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,453 shares of company stock worth $3,112,875. Insiders own 2.39% of the company’s stock.

Analysts Set New Price Targets

PLXS has been the subject of a number of research analyst reports. TheStreet lowered shares of Plexus from a “b” rating to a “c+” rating in a research note on Tuesday, February 13th. Needham & Company LLC dropped their price objective on shares of Plexus from $110.00 to $107.00 and set a “buy” rating on the stock in a report on Thursday, January 25th. Benchmark reissued a “buy” rating and issued a $110.00 price objective on shares of Plexus in a report on Wednesday, January 17th. Finally, Sidoti downgraded shares of Plexus from a “buy” rating to a “neutral” rating and set a $112.00 price objective on the stock. in a report on Tuesday, January 9th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $109.67.

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.