Edgestream Partners L.P. Reduces Stake in Plexus Corp. (NASDAQ:PLXS)

Edgestream Partners L.P. lessened its holdings in shares of Plexus Corp. (NASDAQ:PLXS) by 85.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,133 shares of the technology company’s stock after selling 35,352 shares during the period. Edgestream Partners L.P.’s holdings in Plexus were worth $633,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Trexquant Investment LP acquired a new position in Plexus in the fourth quarter valued at $915,000. Westfield Capital Management Co. LP boosted its position in shares of Plexus by 108.8% in the 4th quarter. Westfield Capital Management Co. LP now owns 298,262 shares of the technology company’s stock valued at $32,251,000 after purchasing an additional 155,447 shares during the period. UniSuper Management Pty Ltd purchased a new position in Plexus during the 1st quarter worth approximately $515,000. Norges Bank acquired a new position in Plexus during the fourth quarter worth approximately $19,533,000. Finally, Quantbot Technologies LP purchased a new stake in Plexus in the first quarter valued at approximately $533,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Plexus Stock Performance

NASDAQ PLXS opened at $131.03 on Monday. The company has a quick ratio of 0.64, a current ratio of 1.47 and a debt-to-equity ratio of 0.07. Plexus Corp. has a fifty-two week low of $87.21 and a fifty-two week high of $132.68. The business has a fifty day moving average of $122.97 and a 200-day moving average of $109.00. The stock has a market cap of $3.59 billion, a price-to-earnings ratio of 36.20 and a beta of 0.89.

Plexus (NASDAQ:PLXS) last announced its earnings results on Wednesday, July 24th. The technology company reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.17. The firm had revenue of $960.70 million during the quarter, compared to the consensus estimate of $981.32 million. Plexus had a net margin of 2.82% and a return on equity of 9.64%. The firm’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.32 EPS. As a group, analysts predict that Plexus Corp. will post 3.74 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on PLXS shares. Needham & Company LLC upped their price target on shares of Plexus from $114.00 to $144.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Benchmark lifted their price objective on shares of Plexus from $120.00 to $145.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Plexus currently has an average rating of “Hold” and an average target price of $124.00.

Insider Buying and Selling

In other Plexus news, CEO Todd P. Kelsey sold 1,656 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $115.00, for a total value of $190,440.00. Following the completion of the transaction, the chief executive officer now directly owns 96,682 shares in the company, valued at approximately $11,118,430. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Todd P. Kelsey sold 1,656 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $115.00, for a total transaction of $190,440.00. Following the completion of the transaction, the chief executive officer now owns 96,682 shares of the company’s stock, valued at approximately $11,118,430. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Karen Marie Rapp sold 500 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $128.02, for a total transaction of $64,010.00. Following the transaction, the director now directly owns 9,586 shares of the company’s stock, valued at approximately $1,227,199.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,769 shares of company stock worth $2,731,834. 2.39% of the stock is owned by insiders.

Plexus Profile

Plexus Corp. provides electronic manufacturing services in the United States and internationally. It offers design, develop, supply chain, new product introduction, and manufacturing solutions, as well as sustaining services to companies in the healthcare/life sciences, industrial/commercial, aerospace/defense, and communications market sectors.