Plexus (NASDAQ:PLXS) Shares Gap Down Following Weak Earnings

Plexus Corp. (NASDAQ:PLXS)’s share price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $170.49, but opened at $150.50. Plexus shares last traded at $159.00, with a volume of 31,678 shares traded.

The technology company reported $1.49 EPS for the quarter, missing the consensus estimate of $1.59 by ($0.10). Plexus had a return on equity of 9.51% and a net margin of 2.82%.

Analysts Set New Price Targets

Several research analysts have commented on PLXS shares. Benchmark reaffirmed a “buy” rating and issued a $165.00 price target on shares of Plexus in a research report on Wednesday. StockNews.com upgraded shares of Plexus from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. KeyCorp assumed coverage on shares of Plexus in a research note on Tuesday, October 22nd. They issued a “sector weight” rating for the company. Stifel Nicolaus upped their target price on Plexus from $136.00 to $150.00 and gave the company a “hold” rating in a research note on Tuesday, December 10th. Finally, Needham & Company LLC lifted their price target on shares of Plexus from $144.00 to $162.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $159.00.

Insider Buying and Selling at Plexus

In other news, CAO Angelo Michael Ninivaggi, Jr. sold 3,113 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $144.19, for a total transaction of $448,863.47. Following the completion of the sale, the chief accounting officer now owns 35,323 shares of the company’s stock, valued at approximately $5,093,223.37. This trade represents a 8.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Victor (Pang Hau) Tan sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $165.90, for a total value of $497,700.00. Following the completion of the transaction, the insider now directly owns 5,605 shares in the company, valued at $929,869.50. The trade was a 34.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,091 shares of company stock valued at $5,377,960. 1.76% of the stock is currently owned by company insiders.

Institutional Trading of Plexus

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Quarry LP increased its position in Plexus by 573.5% in the 3rd quarter. Quarry LP now owns 229 shares of the technology company’s stock valued at $31,000 after acquiring an additional 195 shares in the last quarter. R Squared Ltd bought a new stake in shares of Plexus during the fourth quarter valued at approximately $45,000. Point72 DIFC Ltd bought a new stake in shares of Plexus during the third quarter valued at approximately $51,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Plexus in the third quarter valued at approximately $55,000. Finally, USA Financial Formulas bought a new position in Plexus in the 4th quarter worth approximately $56,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Plexus Stock Performance

The firm has a fifty day simple moving average of $162.30 and a 200-day simple moving average of $141.25. The stock has a market cap of $4.28 billion, a price-to-earnings ratio of 39.35 and a beta of 0.91. The company has a current ratio of 1.51, a quick ratio of 0.71 and a debt-to-equity ratio of 0.07.

Plexus Company Profile

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.