Plexus (NASDAQ:PLXS) Shares Gap Down on Disappointing Earnings

Plexus logo with Computer and Technology background

Shares of Plexus Corp. (NASDAQ:PLXS - Get Free Report) gapped down before the market opened on Thursday following a weaker than expected 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 changing hands.

The technology company reported $1.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.59 by ($0.10). Plexus had a return on equity of 10.43% and a net margin of 3.03%.

Wall Street Analysts Forecast Growth

PLXS has been the topic of a number of recent analyst reports. Needham & Company LLC boosted their price target on shares of Plexus from $162.00 to $172.00 and gave the stock a "buy" rating in a research report on Friday. Stifel Nicolaus boosted their target price on shares of Plexus from $136.00 to $150.00 and gave the company a "hold" rating in a research report on Tuesday, December 10th. KeyCorp initiated coverage on shares of Plexus in a research note on Tuesday, October 22nd. They set a "sector weight" rating for the company. Benchmark restated a "buy" rating and set a $165.00 price target on shares of Plexus in a research note on Wednesday. Finally, StockNews.com upgraded shares of Plexus from a "hold" rating to a "buy" rating in a research note on Monday, November 18th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $162.33.

Check Out Our Latest Stock Report on Plexus

Insider Activity at Plexus

In other Plexus news, CEO Todd P. Kelsey sold 1,500 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $156.39, for a total transaction of $234,585.00. Following the sale, the chief executive officer now directly owns 74,271 shares of the company's stock, valued at $11,615,241.69. This represents a 1.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Angelo Michael Ninivaggi, Jr. sold 3,113 shares of the company's stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $144.19, for a total transaction of $448,863.47. Following the sale, the chief accounting officer now directly owns 35,323 shares in the company, valued at approximately $5,093,223.37. This trade represents a 8.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,091 shares of company stock worth $5,377,960. 1.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On Plexus

Several institutional investors have recently added to or reduced their stakes in the business. R Squared Ltd purchased a new stake in shares of Plexus in the fourth quarter worth about $45,000. Pacer Advisors Inc. purchased a new stake in shares of Plexus in the fourth quarter worth about $107,489,000. KBC Group NV lifted its holdings in shares of Plexus by 59.9% in the fourth quarter. KBC Group NV now owns 1,180 shares of the technology company's stock worth $185,000 after buying an additional 442 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Plexus by 12.1% in the fourth quarter. Blue Trust Inc. now owns 776 shares of the technology company's stock worth $121,000 after buying an additional 84 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Plexus by 59.0% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 3,445 shares of the technology company's stock worth $539,000 after buying an additional 1,278 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Plexus Stock Performance

The stock has a market capitalization of $4.13 billion, a PE ratio of 35.38 and a beta of 0.91. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.51 and a quick ratio of 0.71. The business's fifty day moving average price is $162.30 and its 200-day moving average price is $141.25.

About Plexus

(Get Free Report)

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.

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