Phocas Financial Corp. Lowers Stock Holdings in Plexus Corp. (NASDAQ:PLXS)

Phocas Financial Corp. lessened its position in shares of Plexus Corp. (NASDAQ:PLXS - Free Report) by 85.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,440 shares of the technology company's stock after selling 36,365 shares during the quarter. Phocas Financial Corp.'s holdings in Plexus were worth $1,008,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PLXS. Quarry LP grew its stake in shares of 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 purchasing an additional 195 shares during the last quarter. R Squared Ltd purchased a new position in shares of Plexus in the 4th quarter valued at approximately $45,000. Point72 DIFC Ltd purchased a new position in shares of Plexus in the 3rd quarter valued at approximately $51,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Plexus in the 3rd quarter valued at approximately $55,000. Finally, USA Financial Formulas purchased a new position in shares of Plexus in the 4th quarter valued at approximately $56,000. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Todd P. Kelsey sold 1,500 shares of Plexus stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $156.39, for a total transaction of $234,585.00. Following the completion of the transaction, the chief executive officer now directly owns 74,271 shares of the company's stock, valued at approximately $11,615,241.69. The trade was a 1.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Angelo Michael Ninivaggi, Jr. sold 3,423 shares of Plexus stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $145.14, for a total value of $496,814.22. Following the transaction, the chief accounting officer now directly owns 29,501 shares of the company's stock, valued at approximately $4,281,775.14. This represents a 10.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,458 shares of company stock valued at $2,786,515. 1.76% of the stock is owned by insiders.

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Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PLXS. Needham & Company LLC lifted their target price on Plexus from $162.00 to $172.00 and gave the company a "buy" rating in a research note on Friday, January 24th. Benchmark reiterated a "buy" rating and issued a $165.00 target price on shares of Plexus in a research note on Wednesday, January 22nd. StockNews.com raised Plexus from a "hold" rating to a "buy" rating in a report on Monday, November 18th. Finally, Stifel Nicolaus initiated coverage on Plexus in a report on Tuesday, February 4th. They issued a "hold" rating and a $152.00 price target for the company. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $163.00.

Plexus Price Performance

Shares of PLXS traded up $1.08 during mid-day trading on Friday, hitting $132.92. The company's stock had a trading volume of 193,908 shares, compared to its average volume of 146,102. The company has a current ratio of 1.53, a quick ratio of 0.70 and a debt-to-equity ratio of 0.07. The firm has a 50-day simple moving average of $150.37 and a 200 day simple moving average of $145.42. The firm has a market capitalization of $3.59 billion, a P/E ratio of 30.84 and a beta of 0.89. Plexus Corp. has a 1-year low of $90.18 and a 1-year high of $172.89.

Plexus (NASDAQ:PLXS - Get Free Report) last posted its quarterly earnings results on Wednesday, January 22nd. The technology company reported $1.49 EPS for the quarter, missing the consensus estimate of $1.59 by ($0.10). Plexus had a net margin of 3.03% and a return on equity of 10.36%. Analysts predict that Plexus Corp. will post 5.9 EPS for the current fiscal year.

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.