Plantronics (NYSE:PLT) posted its quarterly earnings data on Tuesday. The technology company reported $1.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.03, Morningstar.com reports. The business had revenue of $447.77 million during the quarter, compared to the consensus estimate of $490.49 million. Plantronics had a positive return on equity of 19.98% and a negative net margin of 8.10%. Plantronics’s quarterly revenue was up 102.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.74 earnings per share.
NYSE PLT traded down $5.17 on Wednesday, reaching $29.97. The company had a trading volume of 1,731,731 shares, compared to its average volume of 457,076. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 7.49 and a beta of 1.44. Plantronics has a fifty-two week low of $29.86 and a fifty-two week high of $73.00. The business has a 50 day moving average price of $36.77. The company has a current ratio of 1.48, a quick ratio of 1.14 and a debt-to-equity ratio of 2.27.
In other Plantronics news, insider Jeff Loebbaka sold 1,334 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $44.03, for a total transaction of $58,736.02. Following the completion of the sale, the insider now directly owns 39,292 shares in the company, valued at approximately $1,730,026.76. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Charles D. Boynton purchased 2,000 shares of the firm’s stock in a transaction on Friday, May 10th. The shares were acquired at an average price of $42.80 per share, with a total value of $85,600.00. Following the completion of the acquisition, the insider now owns 36,611 shares in the company, valued at approximately $1,566,950.80. The disclosure for this purchase can be found here. Corporate insiders own 1.70% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. Teton Advisors Inc. grew its holdings in Plantronics by 51.2% during the 2nd quarter. Teton Advisors Inc. now owns 19,500 shares of the technology company’s stock worth $722,000 after acquiring an additional 6,600 shares during the period. Chicago Equity Partners LLC grew its holdings in Plantronics by 14.6% during the 2nd quarter. Chicago Equity Partners LLC now owns 58,755 shares of the technology company’s stock worth $2,176,000 after acquiring an additional 7,505 shares during the period. Swiss National Bank grew its holdings in Plantronics by 1.1% during the 2nd quarter. Swiss National Bank now owns 62,400 shares of the technology company’s stock worth $2,311,000 after acquiring an additional 700 shares during the period. Envestnet Asset Management Inc. grew its holdings in Plantronics by 516.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 64,176 shares of the technology company’s stock worth $2,377,000 after acquiring an additional 53,766 shares during the period. Finally, Balter Liquid Alternatives LLC grew its holdings in Plantronics by 50.5% during the 2nd quarter. Balter Liquid Alternatives LLC now owns 103,666 shares of the technology company’s stock worth $3,840,000 after acquiring an additional 34,794 shares during the period. Hedge funds and other institutional investors own 96.12% of the company’s stock.
PLT has been the subject of a number of recent research reports. Northland Securities restated a “buy” rating and issued a $85.00 price objective on shares of Plantronics in a report on Wednesday, May 8th. Cowen initiated coverage on Plantronics in a report on Tuesday, May 28th. They issued an “outperform” rating and a $67.00 price objective for the company. Sidoti set a $83.00 price objective on Plantronics and gave the company a “buy” rating in a report on Wednesday, June 19th. Finally, Evercore ISI initiated coverage on Plantronics in a report on Thursday, June 27th. They issued an “outperform” rating and a $50.00 price objective for the company. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Plantronics presently has a consensus rating of “Buy” and a consensus price target of $66.00.
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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