NEENAH, Wis.—Angelo Michael Ninivaggi Jr., Executive Vice President, Chief Administrative Officer, General Counsel, and Secretary at Plexus Corp (NASDAQ:PLXS), reported the sale of 3,981 shares of the company's common stock. The transaction, which took place on November 6, 2024, was executed at a weighted average sale price of $165.291 per share, with prices ranging from $165.20 to $165.7675. The total value of the transaction amounted to approximately $658,023. Following this sale, Ninivaggi holds 31,342 shares of Plexus Corp.
In other recent news, Plexus Corp has reported a 3% year-over-year increase in fourth quarter revenue, surpassing its own guidance range. The company's adjusted earnings per share also exceeded expectations, benefiting from stronger gross and operating margins. Despite a projected 7% quarter-over-quarter decline for the first quarter of Fiscal Year 2025, Plexus provided a solid earnings per share forecast, supported by continued healthy margins. The company's impressive free cash flow in the fourth quarter was highlighted as indicative of the strong cash generation capabilities of the business.
Investment firm Needham increased its price target for Plexus Corp to $162.00, maintaining its Buy rating on the stock. Meanwhile, KeyBanc initiated coverage on Plexus with a neutral stance, citing a high valuation despite strong long-term growth prospects. Benchmark, another financial advisory firm, maintained a Buy rating and raised its price target to $150 from $145.
Plexus Corp also announced a new $50 million stock buyback plan and secured over $500 million in contracts in the healthcare life sciences sector over the past four quarters. These developments, along with expectations of greater than 6% non-GAAP operating margins by the end of the fiscal year, are part of the recent news surrounding Plexus Corp.
InvestingPro Insights
The recent stock sale by Plexus Corp's Executive Vice President Angelo Michael Ninivaggi Jr. comes at a time when the company's stock is showing strong momentum. According to InvestingPro data, Plexus has seen a significant 22.54% price return over the last month and an impressive 68.8% return over the past year. This performance aligns with an InvestingPro Tip indicating that the stock is trading near its 52-week high, with the current price at 97.97% of that peak.
Despite the strong stock performance, investors should note that Plexus is trading at a relatively high earnings multiple, with a P/E ratio of 40.69. This valuation metric suggests that the market has high expectations for the company's future growth. However, another InvestingPro Tip points out that two analysts have revised their earnings upwards for the upcoming period, potentially supporting the current valuation.
It's worth noting that Plexus operates with a moderate level of debt and has been profitable over the last twelve months, generating revenue of $3.96 billion. These factors may contribute to the stock's attractiveness to investors seeking growth opportunities in the technology sector.
For those interested in a deeper analysis, InvestingPro offers 13 additional tips for Plexus Corp, providing a more comprehensive view of the company's financial health and market position.
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