Plexus (NASDAQ:PLXS) Shares Gap Up on Earnings Beat

Plexus Corp. (NASDAQ:PLXS)’s stock price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $116.15, but opened at $122.06. Plexus shares last traded at $122.19, with a volume of 8,223 shares changing hands.

The technology company reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.17. Plexus had a net margin of 2.54% and a return on equity of 10.77%. The company had revenue of $960.70 million during the quarter, compared to analysts’ expectations of $981.32 million. During the same period in the previous year, the company earned $1.32 EPS. The firm’s quarterly revenue was down 6.0% on a year-over-year basis.

Analyst Ratings Changes

Several research firms recently commented on PLXS. Benchmark boosted their price objective on shares of Plexus from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. Needham & Company LLC upped their price target on shares of Plexus from $107.00 to $114.00 and gave the company a “buy” rating in a research note on Friday, April 26th. Finally, Stifel Nicolaus upped their price target on shares of Plexus from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Friday, April 26th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Plexus has an average rating of “Hold” and a consensus price target of $110.25.

Insiders Place Their Bets

In other news, CEO Todd P. Kelsey sold 1,000 shares of Plexus stock in a transaction on Monday, April 29th. The stock was sold at an average price of $102.10, for a total transaction of $102,100.00. Following the transaction, the chief executive officer now owns 113,810 shares in the company, valued at approximately $11,620,001. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Todd P. Kelsey sold 1,000 shares of Plexus stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $102.10, for a total value of $102,100.00. Following the completion of the sale, the chief executive officer now owns 113,810 shares in the company, valued at approximately $11,620,001. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Patrick John Jermain sold 4,750 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $100.43, for a total transaction of $477,042.50. Following the sale, the chief financial officer now owns 42,932 shares in the company, valued at $4,311,660.76. The disclosure for this sale can be found here. Insiders have sold a total of 35,386 shares of company stock valued at $3,749,884 in the last 90 days. 2.39% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its position in shares of Plexus by 72.3% in the 4th quarter. Parallel Advisors LLC now owns 348 shares of the technology company’s stock valued at $38,000 after purchasing an additional 146 shares during the last quarter. GAMMA Investing LLC purchased a new position in Plexus in the fourth quarter valued at $44,000. Cetera Trust Company N.A acquired a new stake in Plexus in the fourth quarter valued at $54,000. McGlone Suttner Wealth Management Inc. purchased a new stake in Plexus during the 4th quarter worth about $66,000. Finally, EntryPoint Capital LLC lifted its holdings in Plexus by 56.2% during the 1st quarter. EntryPoint Capital LLC now owns 976 shares of the technology company’s stock worth $93,000 after buying an additional 351 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Plexus Trading Up 10.6 %

The firm has a market capitalization of $3.52 billion, a price-to-earnings ratio of 34.98 and a beta of 0.90. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.64 and a current ratio of 1.51. The company has a 50-day moving average price of $107.91 and a 200-day moving average price of $100.90.

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.