In a recent transaction, Victor Tan, Regional President - APAC of Plexus Corp (NASDAQ:PLXS), sold a total of 2000 shares of the company's stock. The shares were sold at prices ranging from $128.00 to $129.00, amounting to a total value of $257,000.
The transactions occurred on July 31, 2024, as reported in the company's latest SEC filing. Following the sale, Tan still holds 9,605 shares of Plexus Corp, indicating continued vested interest in the company's performance. The sale was conducted directly, demonstrating Tan's direct ownership in the transactions.
Plexus Corp, known for its expertise in printed circuit boards, has not released any official statement regarding the transactions. The shares were sold at market prices, reflecting the current valuation of the company in the stock market.
Investors and market watchers often pay close attention to insider transactions such as these, as they can provide insights into the executive's view of the company's future prospects. However, these transactions are a regular part of personal portfolio management and may not necessarily indicate a shift in company strategy or performance.
For those interested in Plexus Corp's stock movements, the company trades under the ticker PLXS on the NASDAQ exchange. The stock's performance and insider transactions continue to be of interest to investors following the company.
In other recent news, Plexus Corp. experienced substantial earnings in its fiscal second quarter, with $255 million in new program wins. This success is projected to contribute to a 9% to 12% revenue compound annual growth rate in the coming years. The company also generated $65 million in free cash flow during this period. Stifel raised its price target for Plexus to $114 due to the earnings beat, while Needham and Benchmark increased their price targets to $144 and $120, respectively. These adjustments were influenced by Plexus's strong fiscal third-quarter performance and a site visit by Benchmark. Plexus has set its fiscal fourth quarter of 2024 revenue growth target at 3%, aligning with median analyst projections, and the non-GAAP EPS forecast for the next quarter is significantly above both consensus and previous estimates. In addition to these financial developments, Plexus Corp. is committed to sustainability, with an annual report due for release soon. Despite some decreases in qualified manufacturing opportunities and muted outlooks in certain sectors, the company has seen strong performance in the Healthcare/Life Sciences sector and robust demand in the Americas. These are among the recent developments for Plexus Corp.
InvestingPro Insights
Amidst the recent insider sale by Victor Tan, Regional President - APAC of Plexus Corp (NASDAQ:PLXS), investors may be seeking to understand the company's financial health and future prospects. According to InvestingPro, Plexus Corp's market cap stands at $3.22 billion, with a P/E ratio of 28.97, reflecting investor sentiments about the company's earnings potential.
InvestingPro data shows a notable Price/Earnings (P/E) ratio adjustment over the last twelve months as of Q3 2024, with a decrease to 25.09, which could signal an improved earnings outlook relative to the company's share price. Additionally, the company has experienced a substantial price uptick, with a 20.7% total return over the last six months, indicating robust market performance.
While Plexus Corp's revenue growth showed a decline of 8.72% in the same period, the company's gross profit margin stands at 9.34%, which InvestingPro Tips identify as a potential area of weakness. On the upside, Plexus Corp operates with a moderate level of debt and analysts have revised their earnings upwards for the upcoming period, suggesting confidence in the company's ability to generate profits. Moreover, the company has been profitable over the last twelve months and analysts predict profitability to continue this year.
For investors seeking deeper insights, there are additional InvestingPro Tips available to explore, including the company's long-term performance and dividend policy. Interested readers can find further analysis and tips on Plexus Corp by visiting InvestingPro.
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