Angelo Michael Ninivaggi Jr., Executive Vice President, Chief Administrative Officer, General Counsel, and Secretary at Plexus Corp (NASDAQ:PLXS), recently sold a total of 3,113 shares of the company. The transactions, which took place on October 29, 2024, were executed at a weighted average price range between $143.87 and $144.65 per share, amounting to a total value of approximately $448,860.
Following these sales, Ninivaggi retains direct ownership of 35,323 shares in Plexus Corp. The sales were executed in multiple trades, with specific prices available upon request to the SEC, Plexus Corp, or its security holders.
In other recent news, Plexus Corp reported a year-over-year increase in FQ4 revenue, surpassing its own guidance range. This led to a significant beat in non-GAAP (NG) EPS, thanks to stronger gross and operating margins. Despite a projected 7% quarter-over-quarter decline in revenue for FQ1 of Fiscal Year 2025, Plexus provided a solid EPS forecast, supported by continued healthy margins. Investment firm Needham increased its price target for Plexus to $162.00, maintaining its Buy rating.
Concurrently, KeyBanc initiated coverage on Plexus with a Sector Weight rating, recognizing the company's strategic market positioning and design capabilities. The firm suggested Plexus's targeted high single-digit percentage revenue growth and share repurchase strategy could lead to a 12% compound annual growth rate in earnings per share from 2025 to 2027.
Plexus also announced a new $50 million stock buyback plan. The company secured over $500 million in contracts in the healthcare life sciences sector over the past four quarters. Lastly, Benchmark, a financial advisory firm, maintained a Buy rating for Plexus and raised its price target to $150 from $145, despite the ongoing Boeing (NYSE:BA) strike expected to impact Plexus's near-term revenues.
InvestingPro Insights
In light of Angelo Michael Ninivaggi Jr.'s recent stock sale, it's worth examining Plexus Corp's current financial position and market performance. According to InvestingPro data, Plexus Corp has a market capitalization of $3.92 billion, reflecting its significant presence in the electronics manufacturing services industry.
The company's stock has shown remarkable strength, with a 45.11% price total return over the past six months and a 49.08% return over the last year. This robust performance aligns with an InvestingPro Tip indicating that Plexus is trading near its 52-week high, with the current price at 93.87% 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 35.45. This valuation metric suggests that the market has high expectations for the company's future growth and profitability.
An additional InvestingPro Tip highlights that Plexus operates with a moderate level of debt, which could provide financial flexibility but also requires careful management in the current economic environment.
For those seeking a more comprehensive analysis, InvestingPro offers 7 additional tips that could provide deeper insights into Plexus Corp's financial health and market position. These additional tips could be particularly valuable for investors looking to contextualize the recent insider sale within the broader picture of the company's performance and prospects.
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