Plexus (NASDAQ:PLXS) Updates Q3 2024 Earnings Guidance

Plexus (NASDAQ:PLXS) issued an update on its third quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 1.220-1.370 for the period, compared to the consensus earnings per share estimate of 1.090. The company issued revenue guidance of $960.0 million-$1.0 billion, compared to the consensus revenue estimate of $1.0 billion. Plexus also updated its Q3 guidance to $1.22-1.37 EPS.

Plexus Price Performance

PLXS traded up $3.62 on Thursday, reaching $99.29. The company had a trading volume of 108,647 shares, compared to its average volume of 117,071. The company has a fifty day moving average of $94.34 and a 200-day moving average of $98.37. The company has a market capitalization of $2.74 billion, a P/E ratio of 22.04 and a beta of 1.02. The company has a current ratio of 1.52, a quick ratio of 0.62 and a debt-to-equity ratio of 0.15. Plexus has a one year low of $83.84 and a one year high of $114.06.

Plexus (NASDAQ:PLXS) last released its earnings results on Wednesday, April 24th. The technology company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.87 by $0.07. The business had revenue of $966.90 million during the quarter, compared to analyst estimates of $950.75 million. Plexus had a net margin of 3.08% and a return on equity of 12.16%. The business’s quarterly revenue was down 9.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.45 earnings per share. As a group, equities research analysts anticipate that Plexus will post 4.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Plexus news, insider Michael J. Running sold 542 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $95.60, for a total value of $51,815.20. Following the completion of the sale, the insider now owns 1,569 shares in the company, valued at approximately $149,996.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Michael J. Running sold 542 shares of the firm’s stock in a transaction on 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 owns 1,569 shares in the company, valued at approximately $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 4,399 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $99.86, for a total transaction of $439,284.14. Following the completion of the transaction, the chief financial officer now owns 45,504 shares in the company, valued at $4,544,029.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,453 shares of company stock valued at $3,112,875. Company insiders own 2.39% of the company’s stock.

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.