Lapides Asset Management LLC Sells 184,700 Shares of Plantronics Inc (NYSE:PLT)

Lapides Asset Management LLC lessened its holdings in Plantronics Inc (NYSE:PLT) by 73.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 65,300 shares of the technology company’s stock after selling 184,700 shares during the quarter. Lapides Asset Management LLC owned approximately 0.16% of Plantronics worth $959,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in PLT. Victory Capital Management Inc. grew its position in Plantronics by 31.0% in the 4th quarter. Victory Capital Management Inc. now owns 5,498 shares of the technology company’s stock valued at $150,000 after acquiring an additional 1,300 shares during the last quarter. Raymond James & Associates grew its position in Plantronics by 102.1% in the 4th quarter. Raymond James & Associates now owns 25,937 shares of the technology company’s stock valued at $709,000 after acquiring an additional 13,105 shares during the last quarter. Geode Capital Management LLC grew its position in Plantronics by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 426,145 shares of the technology company’s stock valued at $11,650,000 after acquiring an additional 6,300 shares during the last quarter. Macquarie Group Ltd. grew its position in Plantronics by 10.6% in the 4th quarter. Macquarie Group Ltd. now owns 923,531 shares of the technology company’s stock valued at $25,249,000 after acquiring an additional 88,710 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Plantronics in the 4th quarter worth $12,916,000.

Shares of PLT stock traded down $0.65 during mid-day trading on Friday, reaching $19.99. The stock had a trading volume of 1,035,141 shares, compared to its average volume of 1,222,324. The business’s fifty day moving average is $15.63 and its 200-day moving average is $15.52. The company has a current ratio of 1.36, a quick ratio of 1.09 and a debt-to-equity ratio of 2.76. The firm has a market cap of $813.27 million, a price-to-earnings ratio of -0.95 and a beta of 2.05. Plantronics Inc has a 1-year low of $4.60 and a 1-year high of $42.44.

Plantronics (NYSE:PLT) last announced its quarterly earnings data on Tuesday, July 28th. The technology company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.67. The business had revenue of $365.00 million for the quarter, compared to analyst estimates of $353.03 million. Plantronics had a positive return on equity of 17.30% and a negative net margin of 52.48%. The company’s revenue was down 18.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.32 earnings per share. On average, analysts forecast that Plantronics Inc will post 0.53 earnings per share for the current year.

Several brokerages have weighed in on PLT. Northland Securities began coverage on Plantronics in a report on Thursday, May 28th. They issued a “hold” rating and a $22.00 target price for the company. Zacks Investment Research upgraded Plantronics from a “sell” rating to a “hold” rating in a report on Thursday. Morgan Stanley cut Plantronics from an “equal weight” rating to an “underweight” rating and upped their target price for the stock from $8.00 to $10.00 in a report on Thursday, April 16th. Cowen lowered their target price on Plantronics from $24.00 to $19.00 and set an “outperform” rating for the company in a report on Thursday, May 28th. Finally, ValuEngine cut Plantronics from a “buy” rating to a “hold” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $14.80.

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.

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Institutional Ownership by Quarter for Plantronics (NYSE:PLT)

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