Plantronics (PLT) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Plantronics (NYSE:PLT) from a strong sell rating to a hold rating in a research note released on Wednesday morning.

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 reports. TheStreet downgraded shares of Plantronics from a b- rating to a c+ rating in a research note on Friday, September 14th. ValuEngine cut shares of Plantronics from a buy rating to a hold rating in a research report on Monday, November 12th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $68.00.

NYSE:PLT opened at $35.71 on Wednesday. The company has a current ratio of 1.57, a quick ratio of 1.29 and a debt-to-equity ratio of 2.18. The stock has a market capitalization of $1.41 billion, a PE ratio of 13.18 and a beta of 1.32. Plantronics has a twelve month low of $30.90 and a twelve month high of $82.28.

Plantronics (NYSE:PLT) last posted its quarterly earnings results on Tuesday, November 6th. The technology company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($1.05). The business had revenue of $483.07 million during the quarter, compared to analysts’ expectations of $506.32 million. Plantronics had a positive return on equity of 20.46% and a negative net margin of 9.75%. The business’s quarterly revenue was up 129.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.59 earnings per share. On average, research analysts anticipate that Plantronics will post 1.87 earnings per share for the current year.

Plantronics announced that its board has initiated a stock buyback program on Thursday, November 29th that permits the company to buyback 1,000,000 shares. This buyback authorization permits the technology company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

In related news, insider Jeff Loebbaka sold 4,614 shares of the firm’s stock in a transaction dated Tuesday, December 4th. The shares were sold at an average price of $45.02, for a total transaction of $207,722.28. Following the completion of the sale, the insider now directly owns 36,186 shares in the company, valued at $1,629,093.72. The transaction 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 company insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. acquired a new stake in shares of Plantronics during the second quarter valued at about $122,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Plantronics during the second quarter valued at about $212,000. Tower Research Capital LLC TRC increased its position in shares of Plantronics by 95.0% during the third quarter. Tower Research Capital LLC TRC now owns 3,615 shares of the technology company’s stock valued at $218,000 after acquiring an additional 1,761 shares during the last quarter. Paloma Partners Management Co acquired a new stake in shares of Plantronics during the third quarter valued at about $230,000. Finally, Signition LP acquired a new stake in shares of Plantronics during the third quarter valued at about $245,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

About Plantronics

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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