Plantronics (NYSE:PLT) Stock Price Up 5.5%

Plantronics, Inc. (NYSE:PLT)’s stock price rose 5.5% during trading on Wednesday . The company traded as high as $38.48 and last traded at $38.26. Approximately 695 shares changed hands during mid-day trading, a decline of 100% from the average daily volume of 600,536 shares. The stock had previously closed at $36.28.

A number of brokerages have recently issued reports on PLT. Sidoti upgraded shares of Plantronics from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $48.00 in a report on Thursday. Zacks Investment Research cut shares of Plantronics from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Morgan Stanley upgraded shares of Plantronics from an “underweight” rating to an “equal weight” rating and set a $31.00 price objective for the company in a report on Friday, February 5th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Plantronics from $31.00 to $45.00 and gave the company an “overweight” rating in a report on Friday, February 5th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Plantronics currently has an average rating of “Buy” and a consensus price target of $39.00.

The business’s 50-day moving average is $39.90 and its two-hundred day moving average is $29.96. The company has a market capitalization of $1.56 billion, a P/E ratio of -1.82 and a beta of 1.88.

Plantronics (NYSE:PLT) last released its quarterly earnings results on Thursday, February 4th. The technology company reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.81. The company had revenue of $484.69 million for the quarter, compared to analyst estimates of $429.22 million. Plantronics had a negative net margin of 53.39% and a positive return on equity of 70.65%. As a group, research analysts anticipate that Plantronics, Inc. will post 1.89 EPS for the current fiscal year.

Institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its holdings in Plantronics by 62.8% during the third quarter. JPMorgan Chase & Co. now owns 332,558 shares of the technology company’s stock valued at $4,144,000 after purchasing an additional 128,339 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Plantronics by 4.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 516,837 shares of the technology company’s stock valued at $6,120,000 after purchasing an additional 24,178 shares during the period. AQR Capital Management LLC grew its holdings 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 period. Schonfeld Strategic Advisors LLC grew its holdings in Plantronics by 248.2% during 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 during the period. Finally, California State Teachers Retirement System grew its holdings in Plantronics by 0.9% during the third quarter. California State Teachers Retirement System now owns 51,502 shares of the technology company’s stock valued at $610,000 after purchasing an additional 439 shares during the period. Institutional investors and hedge funds own 96.01% of the company’s stock.

About Plantronics (NYSE:PLT)

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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