Sidoti Analysts Give Plantronics (NYSE:PLT) a $83.00 Price Target

Sidoti set a $83.00 price objective on Plantronics (NYSE:PLT) in a research report report published on Wednesday morning, TipRanks reports. The brokerage currently has a buy rating on the technology company’s stock.

Other analysts have also recently issued research reports about the stock. Northland Securities reaffirmed a buy rating and set a $85.00 price objective on shares of Plantronics in a research note on Wednesday, May 8th. Cowen began coverage on shares of Plantronics in a research note on Tuesday, May 28th. They set an outperform rating and a $67.00 price objective for the company. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $70.00.

Shares of PLT stock traded up $0.03 on Wednesday, reaching $39.05. 44,586 shares of the company were exchanged, compared to its average volume of 444,773. The stock has a market capitalization of $1.65 billion, a P/E ratio of 9.76 and a beta of 1.62. The company has a quick ratio of 1.14, a current ratio of 1.48 and a debt-to-equity ratio of 2.27. Plantronics has a 1 year low of $30.90 and a 1 year high of $82.28.

Plantronics (NYSE:PLT) last announced its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.22. Plantronics had a negative net margin of 8.10% and a positive return on equity of 19.98%. The company had revenue of $488.00 million during the quarter, compared to analysts’ expectations of $481.43 million. During the same quarter in the prior year, the company earned $1.05 EPS. Plantronics’s revenue was up 125.9% compared to the same quarter last year. On average, analysts expect that Plantronics will post 5.06 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Monday, May 20th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, May 17th. This represents a $0.60 annualized dividend and a yield of 1.54%. Plantronics’s dividend payout ratio is presently 15.00%.

In other news, insider Jeff Loebbaka sold 1,334 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $44.03, for a total value of $58,736.02. Following the completion of the sale, the insider now owns 39,292 shares of the company’s stock, valued at approximately $1,730,026.76. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Charles D. Boynton purchased 2,000 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was purchased at an average cost of $42.80 per share, with a total value of $85,600.00. Following the purchase, the insider now owns 36,611 shares in the company, valued at $1,566,950.80. The disclosure for this purchase can be found here. 1.70% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of PLT. BlackRock Inc. lifted its holdings in shares of Plantronics by 4.9% in the 4th quarter. BlackRock Inc. now owns 4,183,299 shares of the technology company’s stock worth $138,466,000 after acquiring an additional 193,974 shares during the last quarter. Lord Abbett & CO. LLC lifted its holdings in Plantronics by 1.2% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,128,303 shares of the technology company’s stock worth $37,347,000 after buying an additional 13,146 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in Plantronics by 15.0% during the 4th quarter. Nuveen Asset Management LLC now owns 956,544 shares of the technology company’s stock worth $31,662,000 after buying an additional 124,445 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Plantronics by 6.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 928,874 shares of the technology company’s stock worth $30,745,000 after buying an additional 59,013 shares in the last quarter. Finally, Norges Bank acquired a new stake in Plantronics during the 4th quarter worth approximately $25,933,000. 97.25% of the stock is owned by institutional investors and hedge funds.

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.

Read More: Cost of equity and a company’s balance sheet

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