Plantronics (NYSE:PLT) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Plantronics (NYSE:PLT) from a sell rating to a hold rating in a research note released on Thursday, Zacks.com reports.

According to Zacks, “Plantronics is a global leader in audio communications for businesses and consumers. They have pioneered new trends in audio technology for 50 years, creating innovative products that allow people to simply communicate. From unified communication solutions to Bluetooth® headsets, they deliver uncompromising quality, an ideal experience, and extraordinary service. Plantronics is used by every company in the Fortune 100, as well as 911 dispatch, air traffic control and the New York Stock Exchange. “

Several other equities research analysts also recently weighed in on PLT. Cowen decreased their price objective on Plantronics from $24.00 to $19.00 and set an outperform rating for the company in a report on Thursday, May 28th. ValuEngine downgraded Plantronics from a buy rating to a hold rating in a report on Wednesday. Morgan Stanley downgraded Plantronics from an equal weight rating to an underweight rating and increased their price objective for the company from $8.00 to $10.00 in a report on Thursday, April 16th. Finally, Northland Securities assumed coverage on Plantronics in a report on Thursday, May 28th. They issued a hold rating and a $22.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. Plantronics currently has an average rating of Hold and a consensus target price of $14.80.

PLT traded down $0.65 on Thursday, reaching $19.99. The company’s stock had a trading volume of 1,035,141 shares, compared to its average volume of 1,222,324. The stock has a 50 day moving average of $15.63 and a two-hundred day moving average of $15.52. The company has a quick ratio of 1.09, a current ratio of 1.36 and a debt-to-equity ratio of 2.76. The company has a market capitalization of $813.27 million, a price-to-earnings ratio of -0.95 and a beta of 2.05. Plantronics has a fifty-two week low of $4.60 and a fifty-two week high of $42.44.

Plantronics (NYSE:PLT) last posted its quarterly earnings data on Tuesday, July 28th. The technology company reported $0.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.34) by $0.67. The business had revenue of $365.00 million during the quarter, compared to the consensus estimate of $353.03 million. Plantronics had a positive return on equity of 17.30% and a negative net margin of 52.48%. The company’s revenue was down 18.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.32 earnings per share. As a group, analysts anticipate that Plantronics will post 0.53 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the company. Siris Capital Group LLC raised its stake in shares of Plantronics by 11.8% during the first quarter. Siris Capital Group LLC now owns 7,102,201 shares of the technology company’s stock worth $71,448,000 after purchasing an additional 750,000 shares during the last quarter. Primecap Management Co. CA raised its stake in shares of Plantronics by 17.9% during the first quarter. Primecap Management Co. CA now owns 5,956,350 shares of the technology company’s stock worth $59,921,000 after purchasing an additional 905,200 shares during the last quarter. Disciplined Growth Investors Inc. MN raised its position in Plantronics by 1.7% in the first quarter. Disciplined Growth Investors Inc. MN now owns 2,170,560 shares of the technology company’s stock worth $21,836,000 after acquiring an additional 37,143 shares in the last quarter. Pzena Investment Management LLC purchased a new position in Plantronics in the first quarter worth $13,692,000. Finally, State Street Corp raised its position in Plantronics by 4.8% in the first quarter. State Street Corp now owns 1,159,140 shares of the technology company’s stock worth $11,661,000 after acquiring an additional 53,429 shares in the last quarter.

About Plantronics

Plantronics, Inc designs, manufactures, and markets integrated communications and collaborations solutions for consumers and businesses worldwide. The company offers its communications and collaboration solutions for voice, video, and content sharing, as well as a line of support and services for the workplace under the Polycom brand.

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