Assenagon Asset Management S.A. Reduces Position in Plexus Corp. $PLXS

Key Points

• Assenagon Asset Management cut its Plexus position by 36.6% in the first quarter, selling 8,747 shares and leaving it with 15,141 shares valued at about $3.07 million.
• Wall Street sentiment remains mostly positive: several analysts reiterated or raised buy ratings, and the stock currently carries a consensus Moderate Buy rating with an average target price of $246.67.
• Plexus reported strong quarterly results, beating EPS and revenue estimates, while insiders also sold shares recently; the stock was trading near its 52-week high at $300.67.

Assenagon Asset Management S.A. lessened its position in shares of Plexus Corp. (NASDAQ:PLXS - Free Report) by 36.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,141 shares of the technology company's stock after selling 8,747 shares during the quarter. Assenagon Asset Management S.A. owned 0.06% of Plexus worth $3,067,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in Plexus by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,373,457 shares of the technology company's stock valued at $201,903,000 after acquiring an additional 7,051 shares during the period. State Street Corp lifted its holdings in shares of Plexus by 2.3% in the 2nd quarter. State Street Corp now owns 1,059,501 shares of the technology company's stock valued at $143,361,000 after buying an additional 24,115 shares during the period. Geode Capital Management LLC boosted its stake in shares of Plexus by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 672,614 shares of the technology company's stock worth $98,890,000 after buying an additional 4,054 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its stake in shares of Plexus by 5.8% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 446,705 shares of the technology company's stock worth $65,666,000 after buying an additional 24,441 shares during the last quarter. Finally, Nuveen LLC grew its holdings in Plexus by 12.2% during the fourth quarter. Nuveen LLC now owns 390,998 shares of the technology company's stock worth $57,477,000 after acquiring an additional 42,501 shares during the period. 94.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PLXS. Needham & Company LLC boosted their price target on Plexus from $285.00 to $310.00 and gave the company a "buy" rating in a report on Monday, June 1st. Benchmark reaffirmed a "buy" rating and set a $220.00 target price on shares of Plexus in a research note on Monday, March 16th. Zacks Research cut Plexus from a "hold" rating to a "strong sell" rating in a report on Wednesday, May 20th. Raymond James Financial reaffirmed an "outperform" rating and set a $275.00 target price on shares of Plexus in a report on Thursday, April 30th. Finally, Stifel Nicolaus raised their target price on shares of Plexus from $280.00 to $330.00 and gave the stock a "buy" rating in a research note on Monday, June 22nd. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $246.67.

Insiders Place Their Bets

In related news, insider Victor (Pang Hau) Tan sold 3,000 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $271.23, for a total value of $813,690.00. Following the transaction, the insider owned 10,457 shares of the company's stock, valued at $2,836,252.11. This represents a 22.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Angelo Michael Ninivaggi, Jr. sold 3,270 shares of the firm's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $264.75, for a total value of $865,732.50. Following the sale, the executive vice president directly owned 16,266 shares in the company, valued at $4,306,423.50. This trade represents a 16.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 21,981 shares of company stock worth $5,855,318 in the last 90 days. Corporate insiders own 1.78% of the company's stock.

Plexus Stock Up 4.5%

Shares of NASDAQ PLXS opened at $300.67 on Wednesday. The company has a market capitalization of $8.05 billion, a P/E ratio of 43.96 and a beta of 0.89. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.54 and a quick ratio of 0.74. The company has a 50 day simple moving average of $271.59 and a 200-day simple moving average of $217.26. Plexus Corp. has a 1 year low of $115.35 and a 1 year high of $307.06.

Plexus (NASDAQ:PLXS - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The technology company reported $2.05 EPS for the quarter, beating analysts' consensus estimates of $1.87 by $0.18. Plexus had a return on equity of 12.84% and a net margin of 4.35%.The firm had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.13 billion. During the same period in the prior year, the firm posted $1.66 earnings per share. The firm's quarterly revenue was up 18.7% on a year-over-year basis. Plexus has set its Q3 2026 guidance at 2.020-2.180 EPS. On average, equities research analysts predict that Plexus Corp. will post 5.98 earnings per share for the current year.

Plexus Profile

Plexus Corp. NASDAQ: PLXS is a global provider of electronics manufacturing services (EMS) and precision engineered electronics solutions. Headquartered in Neenah, Wisconsin, the company partners with original equipment manufacturers across industries such as medical, industrial, aerospace and defense, computing, and communications. Plexus offers a full suite of services that span new product introduction, product lifecycle management, supply chain management, printed circuit board assembly, system integration, and aftermarket support.

Founded in 1979, Plexus has grown from a regional electronics assembler into a multinational organization with manufacturing and engineering centers across North America, Europe, and Asia.

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