NEENAH, Wis.—Todd P. Kelsey, President and CEO of Plexus Corp (NASDAQ:PLXS), recently sold 1,500 shares of the company's common stock. The sale comes as Plexus trades near its 52-week high of $169.41, with the stock showing remarkable strength, gaining over 53% year-to-date. According to InvestingPro analysis, the company currently trades at a P/E ratio of 40.8, suggesting a premium valuation. The transaction, which took place on December 2, 2024, was executed under a Rule 10b5-1 plan adopted on August 16, 2024. The shares were sold at a weighted average price of $163.71, amounting to a total of $245,566.
Following this sale, Kelsey now directly owns 75,771 shares of Plexus Corp. The sale was carried out in multiple trades, with prices ranging between $163.50 and $164.04 per share. Kelsey has committed to providing detailed transaction information upon request to the SEC, the issuer, or any security holder of the issuer.
In other recent news, Plexus Corp has been the subject of several analyst reports. Needham reaffirmed its Buy rating for Plexus Corp, raising its price target to $162 from $144, following the company's report of a 3% year-over-year increase in fourth-quarter revenue and a solid earnings per share (EPS) forecast for the first quarter of Fiscal Year 2025. This performance was attributed to stronger gross and operating margins, as well as robust free cash flow.
KeyBanc initiated coverage on Plexus with a neutral stance, citing strong long-term growth prospects but a high valuation. The firm acknowledged Plexus's strategic market positioning and design capabilities, projecting an approximate 12% compound annual growth rate in EPS from 2025 to 2027. However, it also highlighted potential challenges in a post-inflationary period.
Benchmark maintained its Buy rating for Plexus Corp and raised its price target to $150 from $145, despite potential revenue impact from an ongoing Boeing (NYSE:BA) strike. The firm noted that Plexus's new initiatives in the Space and Semiconductor Capital Equipment sectors could offset this impact.
In addition to these analyst reports, Plexus Corp secured over $500 million in contracts in the healthcare life sciences sector over the past four quarters. Despite slower growth in the aerospace and defense sector due to supply constraints and customer design changes, the company anticipates a mid-single-digit revenue increase in the fiscal fourth quarter.
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