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

Plexus (NASDAQ:PLXS) released its quarterly earnings results on Wednesday. The technology company reported $0.94 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $966.90 million for the quarter, compared to analysts’ expectations of $950.75 million. During the same quarter in the previous year, the business posted $1.45 earnings per share. The firm’s revenue for the quarter was down 9.7% compared to the same quarter last year. Plexus updated its Q3 guidance to $1.22-1.37 EPS and its Q3 2024 guidance to 1.220-1.370 EPS.

Plexus Stock Up 2.5 %

NASDAQ PLXS traded up $2.35 during trading on Thursday, hitting $98.02. The company’s stock had a trading volume of 41,051 shares, compared to its average volume of 116,127. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.52 and a quick ratio of 0.62. The company has a market cap of $2.71 billion, a PE ratio of 21.83 and a beta of 1.02. The business’s 50 day simple moving average is $94.34 and its 200-day simple moving average is $98.37. Plexus has a fifty-two week low of $83.84 and a fifty-two week high of $114.06.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Plexus news, CAO Angelo Michael Ninivaggi, Jr. sold 3,694 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $97.18, for a total value of $358,982.92. Following the completion of the sale, the chief accounting officer now 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 is available through this hyperlink. In related news, CAO Angelo Michael Ninivaggi, Jr. sold 3,694 shares of Plexus stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $97.18, for a total transaction of $358,982.92. Following the completion of the transaction, the chief accounting officer now directly owns 40,875 shares in the company, valued at $3,972,232.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Todd P. Kelsey sold 2,000 shares of Plexus stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $94.30, for a total value of $188,600.00. Following the transaction, the chief executive officer now owns 121,859 shares of the company’s stock, valued at $11,491,303.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,453 shares of company stock valued at $3,112,875. 2.39% of the stock is currently owned by corporate insiders.

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.