Plantronics (NYSE:PLT) Rating Increased to Hold at Zacks Investment Research
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. “
PLT has been the subject of a number of other research reports. Morgan Stanley lowered shares of Plantronics from an “equal weight” rating to an “underweight” rating and raised their price objective for the company from $8.00 to $10.00 in a report on Thursday, April 16th. Northland Securities started coverage on shares of Plantronics in a report on Thursday, May 28th. They issued a “hold” rating and a $22.00 price objective for the company. Cowen lowered their price target on shares of Plantronics from $24.00 to $19.00 and set an “outperform” rating for the company in a report on Thursday, May 28th. Finally, ValuEngine lowered shares of Plantronics from a “buy” rating to a “hold” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $14.80.
Plantronics (NYSE:PLT) last issued its quarterly earnings data on Tuesday, July 28th. The technology company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.67. The business had revenue of $365.00 million during the quarter, compared to analyst estimates of $353.03 million. Plantronics had a negative net margin of 52.48% and a positive return on equity of 17.30%. The firm’s quarterly revenue was down 18.5% on a year-over-year basis. During the same quarter last year, the business earned $1.32 EPS. On average, research analysts expect that Plantronics will post 0.53 earnings per share for the current year.
Institutional investors have recently added to or reduced their stakes in the business. Comerica Bank increased its stake in shares of Plantronics by 9.6% in the 2nd quarter. Comerica Bank now owns 34,803 shares of the technology company’s stock valued at $676,000 after acquiring an additional 3,041 shares in the last quarter. UBS Group AG increased its stake in shares of Plantronics by 597.8% in the 2nd quarter. UBS Group AG now owns 30,327 shares of the technology company’s stock valued at $446,000 after acquiring an additional 25,981 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Plantronics by 74.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 5,695 shares of the technology company’s stock valued at $84,000 after acquiring an additional 2,425 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Plantronics by 32.2% in the 2nd quarter. First Trust Advisors LP now owns 54,583 shares of the technology company’s stock valued at $801,000 after acquiring an additional 13,299 shares in the last quarter. Finally, New York State Teachers Retirement System increased its stake in shares of Plantronics by 1.7% in the 2nd quarter. New York State Teachers Retirement System now owns 75,916 shares of the technology company’s stock valued at $1,114,000 after acquiring an additional 1,244 shares in the last quarter.
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.
Featured Story: Trading Options- What is a Strangle?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Plantronics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plantronics and related companies with MarketBeat.com's FREE daily email newsletter.