Plexus Corp. (NASDAQ:PLXS) Receives $107.00 Average Price Target from Brokerages

Posted by Stuart Ham on May 26th, 2023

Shares of Plexus Corp. (NASDAQ:PLXS – Get Rating) have received a consensus recommendation of “Hold” from the six ratings firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and three have given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $107.00.

Several equities analysts have issued reports on PLXS shares. JPMorgan Chase & Co. cut their price target on shares of Plexus from $90.00 to $86.00 and set an “underweight” rating on the stock in a report on Friday, January 27th. StockNews.com started coverage on shares of Plexus in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Sidoti raised shares of Plexus from a “neutral” rating to a “buy” rating and set a $116.00 price target on the stock in a report on Friday, January 27th. Finally, Needham & Company LLC cut their price target on shares of Plexus from $112.00 to $108.00 and set a “buy” rating on the stock in a report on Friday, January 27th.

Plexus Stock Performance

Shares of PLXS stock opened at $90.24 on Tuesday. The firm has a market cap of $2.49 billion, a price-to-earnings ratio of 14.92 and a beta of 1.11. The company’s 50 day moving average is $91.05 and its 200 day moving average is $99.14. The company has a quick ratio of 0.59, a current ratio of 1.45 and a debt-to-equity ratio of 0.16. Plexus has a 52-week low of $74.53 and a 52-week high of $115.36.

Plexus (NASDAQ:PLXS – Get Rating) last issued its quarterly earnings data on Wednesday, April 26th. The technology company reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.29. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.04 billion. Plexus had a net margin of 4.00% and a return on equity of 15.24%. Plexus’s revenue was up 20.5% compared to the same quarter last year. During the same period last year, the company posted $0.95 earnings per share. On average, sell-side analysts anticipate that Plexus will post 5.48 EPS for the current fiscal year.

Insider Activity

In other news, EVP Ronnie Darroch sold 4,424 shares of the business’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $89.12, for a total transaction of $394,266.88. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.05% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Congress Asset Management Co. MA lifted its position in Plexus by 0.7% during the fourth quarter. Congress Asset Management Co. MA now owns 14,319 shares of the technology company’s stock valued at $1,474,000 after purchasing an additional 95 shares during the period. FCA Corp TX lifted its position in Plexus by 0.7% during the third quarter. FCA Corp TX now owns 14,151 shares of the technology company’s stock valued at $1,239,000 after purchasing an additional 98 shares during the period. Amalgamated Bank lifted its position in Plexus by 0.8% during the third quarter. Amalgamated Bank now owns 13,289 shares of the technology company’s stock valued at $1,164,000 after purchasing an additional 104 shares during the period. CWM LLC lifted its position in Plexus by 42.4% during the first quarter. CWM LLC now owns 413 shares of the technology company’s stock valued at $40,000 after purchasing an additional 123 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in shares of Plexus by 1.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 10,780 shares of the technology company’s stock worth $1,110,000 after acquiring an additional 135 shares during the period. 96.01% of the stock is currently owned by institutional investors and hedge funds.

About Plexus

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Plexus Corp. engages in the provision of electronic manufacturing services. The firm partners with companies to transform concepts into branded products and deliver them to the market. It has partnerships with customers in the healthcare and life sciences, industrial and commercial, communications, and aerospace and defense market sectors.