Zacks Investment Research downgraded shares of Plantronics (NYSE:PLT) from a buy rating to a hold rating in a report published on Wednesday.
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 topic of several other research reports. Sidoti raised shares of Plantronics from a neutral rating to a buy rating in a research report on Wednesday, August 8th. They noted that the move was a valuation call. TheStreet lowered shares of Plantronics from a b- rating to a c+ rating in a research report on Friday, September 14th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $68.00.
Shares of NYSE PLT traded up $0.30 during mid-day trading on Wednesday, reaching $52.78. The company had a trading volume of 19,868 shares, compared to its average volume of 247,247. The company has a debt-to-equity ratio of 1.32, a current ratio of 7.40 and a quick ratio of 6.86. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of 19.61 and a beta of 1.10. Plantronics has a 12-month low of $44.41 and a 12-month high of $82.28.
Plantronics (NYSE:PLT) last posted its quarterly earnings results on Tuesday, August 7th. The technology company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.07). The company had revenue of $221.31 million during the quarter, compared to analysts’ expectations of $207.79 million. Plantronics had a positive return on equity of 25.39% and a negative net margin of 0.60%. On average, analysts predict that Plantronics will post 3.42 EPS for the current year.
In related news, CEO Joseph B. Burton sold 4,727 shares of the firm’s stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $59.45, for a total transaction of $281,020.15. Following the transaction, the chief executive officer now owns 123,599 shares of the company’s stock, valued at $7,347,960.55. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last ninety days, insiders have sold 4,820 shares of company stock worth $286,961. Insiders own 1.70% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. acquired a new stake in Plantronics during the second quarter worth $122,000. Cubist Systematic Strategies LLC acquired a new stake in Plantronics during the second quarter worth $212,000. Hsbc Holdings PLC acquired a new stake in Plantronics during the first quarter worth $214,000. Burney Co. acquired a new stake in Plantronics during the second quarter worth $225,000. Finally, Crossmark Global Holdings Inc. acquired a new stake in Plantronics during the second quarter worth $242,000. 79.64% of the stock is currently owned by institutional investors.
Plantronics, Inc designs, manufactures, and markets lightweight communications headsets, telephone headset systems, other communication endpoints, and accessories for the business and consumer markets under the Plantronics brand worldwide. The company's enterprise products include headsets optimized for unified communications and collaboration, other corded and cordless communication headsets, audio processors, and telephone systems; and consumer products comprise Bluetooth and corded products for mobile device applications, personal computers, and gaming headsets.
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