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

Plantronics (NYSE:PLT) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday, 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. “

Other equities research analysts have also issued reports about the company. JPMorgan Chase & Co. raised their price objective on Plantronics from $31.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday, February 5th. Morgan Stanley upgraded Plantronics from an “underweight” rating to an “equal weight” rating and set a $31.00 price objective on the stock in a report on Friday, February 5th. Finally, Sidoti cut shares of Plantronics from a “buy” rating to a “neutral” rating in a report on Wednesday, January 20th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $37.20.

Shares of Plantronics stock opened at $37.66 on Tuesday. Plantronics has a 52 week low of $10.60 and a 52 week high of $50.89. The stock has a market cap of $1.55 billion, a PE ratio of -1.82 and a beta of 1.88. The company’s 50-day moving average price is $39.97 and its two-hundred day moving average price is $29.83.

Plantronics (NYSE:PLT) last announced its quarterly earnings data on Thursday, February 4th. The technology company reported $1.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.81. Plantronics had a negative net margin of 53.39% and a positive return on equity of 70.65%. The company had revenue of $484.69 million for the quarter, compared to analysts’ expectations of $429.22 million. Equities research analysts anticipate that Plantronics will post 1.89 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its stake in shares of Plantronics by 62.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 332,558 shares of the technology company’s stock valued at $4,144,000 after buying an additional 128,339 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Plantronics by 4.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 516,837 shares of the technology company’s stock worth $6,120,000 after acquiring an additional 24,178 shares in the last quarter. AQR Capital Management LLC boosted its position in Plantronics by 83.0% during the third quarter. AQR Capital Management LLC now owns 32,951 shares of the technology company’s stock valued at $390,000 after purchasing an additional 14,949 shares during the last quarter. Schonfeld Strategic Advisors LLC grew its stake in Plantronics by 248.2% in the third quarter. Schonfeld Strategic Advisors LLC now owns 415,065 shares of the technology company’s stock valued at $4,914,000 after purchasing an additional 295,865 shares in the last quarter. Finally, California State Teachers Retirement System increased its position in Plantronics by 0.9% in the 3rd quarter. California State Teachers Retirement System now owns 51,502 shares of the technology company’s stock worth $610,000 after purchasing an additional 439 shares during the last quarter. 96.01% of the stock is currently owned by hedge funds and other institutional investors.

Plantronics Company Profile

Plantronics, Inc designs, manufactures, markets, and sells integrated communications and collaborations solutions for corporate customers, small businesses, and individuals worldwide. Its principal product categories include headsets, which comprises wired and wireless communication headsets; voice, video, and content sharing solutions, which includes open session initiation protocol and native ecosystem desktop phones, conference room phones, and video conferencing solutions; peripherals, including cameras, speakers, and microphones designed to work with a range of unified communication and collaboration, unified communication as a service, and video as a service environments, including RealPresence collaboration solutions of infrastructure to endpoints that allows people to connect and collaborate; and support services.

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