Plantronics (NYSE:PLT) Shares Up 5.1%


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Plantronics, Inc. (NYSE:PLT)’s stock price shot up 5.1% during mid-day trading on Tuesday . The stock traded as high as $41.61 and last traded at $41.08. 1,525,149 shares were traded during mid-day trading, an increase of 137% from the average session volume of 642,256 shares. The stock had previously closed at $39.10.

Several brokerages recently issued reports on PLT. Northland Securities reiterated a “buy” rating and issued a $40.00 target price (up from $30.00) on shares of Plantronics in a research note on Monday, November 30th. Morgan Stanley raised shares of Plantronics from an “underweight” rating to an “equal weight” rating and set a $31.00 price target on the stock in a report on Friday, February 5th. Sidoti cut shares of Plantronics from a “buy” rating to a “neutral” rating in a report on Wednesday, January 20th. JPMorgan Chase & Co. increased their price target on shares of Plantronics from $31.00 to $45.00 and gave the company an “overweight” rating in a report on Friday, February 5th. Finally, Zacks Investment Research raised shares of Plantronics from a “hold” rating to a “strong-buy” rating and set a $51.00 price target on the stock in a report on Thursday, February 11th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $37.20.

The company’s fifty day moving average price is $35.45 and its 200 day moving average price is $23.30. The company has a market capitalization of $1.70 billion, a P/E ratio of -1.92 and a beta of 1.88.

Plantronics (NYSE:PLT) last announced its earnings results on Thursday, February 4th. The technology company reported $1.47 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%. On average, analysts expect that Plantronics, Inc. will post 1.89 EPS for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the company. Vantage Consulting Group Inc bought a new position in shares of Plantronics during the fourth quarter worth approximately $42,000. Meeder Asset Management Inc. increased its holdings in shares of Plantronics by 30.4% during the third quarter. Meeder Asset Management Inc. now owns 2,688 shares of the technology company’s stock worth $32,000 after purchasing an additional 626 shares during the period. C M Bidwell & Associates Ltd. increased its holdings in shares of Plantronics by 165.0% during the third quarter. C M Bidwell & Associates Ltd. now owns 3,710 shares of the technology company’s stock worth $44,000 after purchasing an additional 2,310 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Plantronics by 68.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,047 shares of the technology company’s stock worth $109,000 after purchasing an additional 1,644 shares during the period. Finally, Tompkins Financial Corp bought a new position in Plantronics in the fourth quarter valued at approximately $43,000. 96.01% of the stock is currently owned by institutional investors.

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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