Morgan Stanley initiated coverage on shares of Plantronics (NYSE:PLT) in a report issued on Thursday morning, BenzingaRatingsTable reports. The brokerage issued an overweight rating and a $58.00 price objective on the technology company’s stock.

PLT has been the subject of a number of other research reports. Evercore ISI assumed coverage on shares of Plantronics in a research report on Thursday, June 27th. They set an outperform rating and a $50.00 price target for the company. Sidoti set a $83.00 price target on shares of Plantronics and gave the stock a buy rating in a research report on Wednesday, June 19th. Zacks Investment Research downgraded shares of Plantronics from a hold rating to a sell rating in a research report on Tuesday, August 13th. Finally, Cowen set a $61.00 price target on shares of Plantronics and gave the stock a buy rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $63.67.

PLT stock opened at $36.94 on Thursday. Plantronics has a twelve month low of $26.09 and a twelve month high of $62.97. The company has a current ratio of 1.37, a quick ratio of 0.99 and a debt-to-equity ratio of 2.45. The company has a market capitalization of $1.44 billion, a P/E ratio of 9.29 and a beta of 1.51. The firm has a 50 day simple moving average of $31.32 and a 200-day simple moving average of $41.40.

Plantronics (NYSE:PLT) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. Plantronics had a negative net margin of 10.25% and a positive return on equity of 21.22%. The business had revenue of $447.77 million during the quarter, compared to the consensus estimate of $490.49 million. During the same quarter last year, the company earned $0.74 earnings per share. The business’s quarterly revenue was up 102.3% compared to the same quarter last year. On average, research analysts predict that Plantronics will post 4.57 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Tuesday, August 20th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend was Monday, August 19th. Plantronics’s dividend payout ratio is presently 15.00%.

In other Plantronics news, CEO Joseph B. Burton sold 5,000 shares of Plantronics stock in a transaction on Monday, September 9th. The shares were sold at an average price of $33.00, for a total value of $165,000.00. Following the completion of the transaction, the chief executive officer now owns 156,960 shares of the company’s stock, valued at $5,179,680. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.70% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Cutler Group LP boosted its holdings in Plantronics by 1,100.0% in the first quarter. Cutler Group LP now owns 1,000 shares of the technology company’s stock worth $46,000 after purchasing an additional 1,100 shares during the period. Penserra Capital Management LLC boosted its holdings in Plantronics by 50.0% in the first quarter. Penserra Capital Management LLC now owns 1,167 shares of the technology company’s stock worth $53,000 after purchasing an additional 389 shares during the period. Royal Bank of Canada lifted its stake in Plantronics by 49.7% in the second quarter. Royal Bank of Canada now owns 1,370 shares of the technology company’s stock valued at $51,000 after buying an additional 455 shares during the last quarter. Point72 Hong Kong Ltd lifted its stake in Plantronics by 38.6% in the second quarter. Point72 Hong Kong Ltd now owns 2,574 shares of the technology company’s stock valued at $95,000 after buying an additional 717 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in Plantronics by 88.9% in the second quarter. Tower Research Capital LLC TRC now owns 3,230 shares of the technology company’s stock valued at $120,000 after buying an additional 1,520 shares during the last quarter. 99.73% of the stock is owned by hedge funds and other institutional investors.

Plantronics Company Profile

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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Analyst Recommendations for Plantronics (NYSE:PLT)

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