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

Plexus Corp. (NASDAQ:PLXS)’s stock price 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.

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

Wall Street Analyst Weigh In

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

Insider Activity

In other Plexus news, insider Michael J. Running sold 539 shares of Plexus stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $155.87, for a total value of $84,013.93. Following the transaction, the insider now directly owns 1,030 shares of the company’s stock, valued at $160,546.10. The trade was a 34.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Todd P. Kelsey sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $156.39, for a total value of $234,585.00. Following the transaction, the chief executive officer now owns 74,271 shares of the company’s stock, valued at approximately $11,615,241.69. This trade represents a 1.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,091 shares of company stock valued at $5,377,960 over the last 90 days. 1.76% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Plexus

Several large investors have recently bought and sold shares of the stock. Pacer Advisors Inc. bought a new position in shares of Plexus during the 4th quarter worth about $107,489,000. Disciplined Growth Investors Inc. MN increased its stake in Plexus by 2.8% during the third quarter. Disciplined Growth Investors Inc. MN now owns 2,168,512 shares of the technology company’s stock valued at $296,457,000 after acquiring an additional 59,465 shares during the period. Assenagon Asset Management S.A. increased its stake in Plexus by 158.0% during the third quarter. Assenagon Asset Management S.A. now owns 82,575 shares of the technology company’s stock valued at $11,289,000 after acquiring an additional 50,564 shares during the period. Algert Global LLC raised its holdings in Plexus by 1,546.5% in the 3rd quarter. Algert Global LLC now owns 45,790 shares of the technology company’s stock valued at $6,260,000 after acquiring an additional 43,009 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Plexus by 139.4% in the 3rd quarter. Barclays PLC now owns 48,786 shares of the technology company’s stock worth $6,669,000 after acquiring an additional 28,406 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Plexus Price Performance

The company has a fifty day moving average price of $162.28 and a two-hundred day moving average price of $141.67. The company has a current ratio of 1.51, a quick ratio of 0.71 and a debt-to-equity ratio of 0.07. The company has a market cap of $4.13 billion, a price-to-earnings ratio of 35.38 and a beta of 0.91.

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.