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Plexus (NASDAQ:PLXS) Shares Gap Down After Analyst Downgrade

Plexus logo with Computer and Technology background

Plexus Corp. (NASDAQ:PLXS - Get Free Report) shares gapped down before the market opened on Thursday after Needham & Company LLC lowered their price target on the stock from $162.00 to $158.00. The stock had previously closed at $133.83, but opened at $125.10. Needham & Company LLC currently has a buy rating on the stock. Plexus shares last traded at $117.94, with a volume of 99,123 shares changing hands.

Several other brokerages have also recently commented on PLXS. Stifel Nicolaus set a $145.00 price target on shares of Plexus in a research report on Thursday, April 24th. Wall Street Zen raised shares of Plexus from a "buy" rating to a "strong-buy" rating in a research note on Monday, June 30th. Finally, Benchmark reaffirmed a "buy" rating and issued a $160.00 target price on shares of Plexus in a research note on Wednesday, June 4th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Plexus has a consensus rating of "Moderate Buy" and a consensus price target of $152.00.

View Our Latest Report on Plexus

Insiders Place Their Bets

In other Plexus news, insider Michael J. Running sold 646 shares of the firm's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $130.05, for a total value of $84,012.30. Following the completion of the sale, the insider directly owned 630 shares in the company, valued at $81,931.50. This trade represents a 50.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Todd P. Kelsey sold 1,500 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $129.87, for a total value of $194,805.00. Following the completion of the transaction, the chief executive officer owned 75,214 shares of the company's stock, valued at approximately $9,768,042.18. The trade was a 1.96% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,032 shares of company stock worth $1,582,222. Insiders own 1.76% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PLXS. Aquatic Capital Management LLC lifted its holdings in shares of Plexus by 134.0% during the fourth quarter. Aquatic Capital Management LLC now owns 234 shares of the technology company's stock valued at $37,000 after purchasing an additional 134 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in shares of Plexus by 45.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 320 shares of the technology company's stock worth $50,000 after purchasing an additional 100 shares during the last quarter. Versant Capital Management Inc raised its position in shares of Plexus by 1,000.0% in the 1st quarter. Versant Capital Management Inc now owns 473 shares of the technology company's stock worth $61,000 after purchasing an additional 430 shares during the last quarter. TD Private Client Wealth LLC raised its position in shares of Plexus by 185.6% in the 1st quarter. TD Private Client Wealth LLC now owns 514 shares of the technology company's stock worth $66,000 after purchasing an additional 334 shares during the last quarter. Finally, Banque Transatlantique SA purchased a new position in shares of Plexus in the 1st quarter worth about $71,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Plexus Price Performance

The company has a quick ratio of 0.74, a current ratio of 1.58 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $3.38 billion, a PE ratio of 21.24 and a beta of 0.80. The firm's fifty day simple moving average is $133.24 and its 200-day simple moving average is $133.36.

Plexus (NASDAQ:PLXS - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The technology company reported $1.90 EPS for the quarter, beating the consensus estimate of $1.71 by $0.19. Plexus had a net margin of 4.04% and a return on equity of 12.33%. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the prior year, the firm earned $1.45 EPS. The business's revenue for the quarter was up 6.0% compared to the same quarter last year. On average, research analysts forecast that Plexus Corp. will post 5.9 earnings per share for the current fiscal year.

About Plexus

(Get Free Report)

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.

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