Karen Rapp, a director at Plexus Corp (NASDAQ:PLXS), recently sold 500 shares of the company's stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a price of $162.86 each, totaling approximately $81,430. The stock has since climbed to $167.22, reflecting strong momentum with a 61% return over the past year. According to InvestingPro analysis, Plexus is currently trading near its 52-week high of $169.41. This transaction was executed as part of a prearranged trading plan under Rule 10b5-1, which was adopted on February 28, 2024. The company, currently valued at $4.5 billion, trades at a P/E ratio of 40.8x and appears overvalued based on InvestingPro's Fair Value model. Following this sale, Rapp holds 8,386 shares of Plexus Corp. For deeper insights into insider trading patterns and 13 additional ProTips, explore the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Plexus Corp has demonstrated a strong fiscal performance, with a 3% year-over-year increase in fourth quarter revenue, surpassing its own guidance range. The company's adjusted earnings per share also exceeded its guidance, benefiting from stronger gross and operating margins. Despite a projected 7% quarter-over-quarter decline in revenue for the first quarter of Fiscal Year 2025, Plexus provided a solid earnings per share forecast. Needham, a well-known investment firm, maintained its Buy rating on Plexus stock, citing the company's strong cash generation capabilities.
KeyBanc initiated coverage on Plexus with a Sector Weight rating, recognizing the company's design capabilities and strategic market positioning. The firm suggested that Plexus's targeted high single-digit percentage revenue growth, margin improvements, and share repurchase strategy could lead to an approximate 12% compound annual growth rate in earnings per share from the fiscal year 2025 to 2027. However, the firm pointed out that Plexus's stock is trading at a premium compared to its peers.
Benchmark, another financial advisory firm, maintained a Buy rating for Plexus and raised its price target to $150 from $145. The firm acknowledged Plexus's resilience in the face of challenges such as the Boeing (NYSE:BA) strike and potential work stoppages by East coast Longshoremen. Plexus Corp also secured over $500 million in contracts in the healthcare life sciences sector over the past four quarters, contributing to a growing funnel of qualified manufacturing opportunities worth $3.6 billion.
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