Plantronics (NYSE:PLT) Trading Up 6.6%

Plantronics Inc (NYSE:PLT) was up 6.6% on Friday . The stock traded as high as $35.41 and last traded at $35.03, approximately 233,145 shares traded hands during trading. A decline of 49% from the average daily volume of 456,659 shares. The stock had previously closed at $32.86.

Several equities analysts have weighed in on PLT shares. Evercore ISI started coverage on Plantronics in a report on Thursday, June 27th. They set an “outperform” rating and a $50.00 price target for the company. Northland Securities set a $70.00 price target on Plantronics and gave the company a “buy” rating in a report on Monday, September 30th. Zacks Investment Research upgraded Plantronics from a “sell” rating to a “hold” rating in a report on Wednesday. Cowen set a $61.00 price target on Plantronics and gave the company a “buy” rating in a report on Wednesday, August 7th. Finally, Morgan Stanley started coverage on Plantronics in a report on Thursday, September 19th. They set an “overweight” rating and a $58.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $61.17.

The stock has a market cap of $1.30 billion, a PE ratio of 8.40 and a beta of 1.54. The company has a debt-to-equity ratio of 2.45, a quick ratio of 0.99 and a current ratio of 1.37. The stock has a fifty day moving average price of $33.65 and a 200 day moving average price of $40.00.

Plantronics (NYSE:PLT) last announced its earnings results on Tuesday, August 6th. The technology company reported $1.06 EPS for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.03. The firm had revenue of $447.77 million during the quarter, compared to analysts’ expectations of $490.49 million. Plantronics had a positive return on equity of 21.22% and a negative net margin of 10.25%. The company’s quarterly revenue was up 102.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.74 EPS. As a group, equities analysts anticipate that Plantronics Inc will post 4.57 earnings per share for the current fiscal year.

In other news, CEO Joseph B. Burton sold 5,000 shares of Plantronics stock in a transaction that occurred on Monday, September 9th. The stock was 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 in the company, valued at approximately $5,179,680. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.70% of the stock is currently owned by insiders.

Several institutional investors have recently made changes to their positions in the company. State of Alaska Department of Revenue purchased a new position in shares of Plantronics in the 3rd quarter worth approximately $216,000. Atria Investments LLC purchased a new position in Plantronics during the 2nd quarter valued at $749,000. Royal Bank of Canada boosted its holdings in Plantronics by 49.7% during the 2nd quarter. Royal Bank of Canada now owns 1,370 shares of the technology company’s stock valued at $51,000 after acquiring an additional 455 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its holdings in Plantronics by 523.6% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,440 shares of the technology company’s stock valued at $166,000 after acquiring an additional 3,728 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its holdings in Plantronics by 5.1% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 28,057 shares of the technology company’s stock valued at $1,039,000 after acquiring an additional 1,349 shares during the period. Hedge funds and other institutional investors own 99.73% of the company’s stock.

Plantronics Company Profile (NYSE:PLT)

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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