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

Plexus (NASDAQ:PLXS) released its quarterly earnings results on Wednesday. The technology company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.07, Briefing.com reports. The firm had revenue of $966.90 million during the quarter, compared to the consensus estimate of $950.75 million. Plexus had a net margin of 3.08% and a return on equity of 12.16%. The company’s revenue for the quarter was down 9.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.45 earnings per share. Plexus updated its Q3 guidance to $1.22-1.37 EPS and its Q3 2024 guidance to 1.220-1.370 EPS.

Plexus Trading Up 2.5 %

Shares of PLXS traded up $2.35 during trading hours on Thursday, hitting $98.02. 41,051 shares of the stock were exchanged, compared to its average volume of 116,127. Plexus has a fifty-two week low of $83.84 and a fifty-two week high of $114.06. 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 business has a 50-day moving average of $94.34 and a 200-day moving average of $98.37. The firm has a market capitalization of $2.71 billion, a P/E ratio of 21.83 and a beta of 1.02.

Insider Transactions at Plexus

In other Plexus news, CFO Patrick John Jermain sold 4,748 shares of the firm’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $95.47, for a total value of $453,291.56. Following the completion of the sale, the chief financial officer now directly owns 49,903 shares in the company, valued at $4,764,239.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Michael J. Running sold 542 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $95.60, for a total transaction of $51,815.20. Following the transaction, the insider now directly owns 1,569 shares of the company’s stock, valued at $149,996.40. 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 4,748 shares of Plexus stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $95.47, for a total transaction of $453,291.56. Following the completion of the sale, the chief financial officer now directly owns 49,903 shares in the company, valued at approximately $4,764,239.41. The disclosure for this sale can be found here. Insiders sold a total of 32,453 shares of company stock worth $3,112,875 over the last three months. 2.39% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on PLXS. Benchmark reaffirmed a “buy” rating and set a $110.00 price target on shares of Plexus in a research note on Wednesday, January 17th. Sidoti downgraded shares of Plexus from a “buy” rating to a “neutral” rating and set a $112.00 price target for the company. in a research note on Tuesday, January 9th. TheStreet downgraded shares of Plexus from a “b” rating to a “c+” rating in a research note on Tuesday, February 13th. Finally, Needham & Company LLC decreased their price objective on shares of Plexus from $110.00 to $107.00 and set a “buy” rating for the company in a research report on Thursday, January 25th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Plexus has an average rating of “Moderate Buy” and a consensus target price of $109.67.

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.