Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Plantronics Inc (NYSE:PLT) by 523.6% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,440 shares of the technology company’s stock after purchasing an additional 3,728 shares during the period. Ladenburg Thalmann Financial Services Inc.’s holdings in Plantronics were worth $166,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Deprince Race & Zollo Inc. grew its position in Plantronics by 82.6% during the second quarter. Deprince Race & Zollo Inc. now owns 845,409 shares of the technology company’s stock valued at $31,314,000 after purchasing an additional 382,316 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Plantronics by 27.5% in the second quarter. Charles Schwab Investment Management Inc. now owns 364,970 shares of the technology company’s stock worth $13,519,000 after acquiring an additional 78,715 shares in the last quarter. A.R.T. Advisors LLC bought a new stake in Plantronics in the second quarter worth approximately $782,000. First Trust Advisors LP grew its position in Plantronics by 10.1% in the second quarter. First Trust Advisors LP now owns 9,246 shares of the technology company’s stock worth $342,000 after acquiring an additional 846 shares in the last quarter. Finally, Atria Investments LLC bought a new stake in Plantronics in the second quarter worth approximately $749,000. 99.81% of the stock is currently owned by hedge funds and other institutional investors.
PLT stock opened at $37.21 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 1.37 and a debt-to-equity ratio of 2.45. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 9.30 and a beta of 1.54. Plantronics Inc has a 12 month low of $26.09 and a 12 month high of $62.97. The firm has a 50 day moving average of $35.20 and a two-hundred day moving average of $39.52.
Plantronics (NYSE:PLT) last posted its earnings results on Tuesday, August 6th. The technology company reported $1.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.03. The company had revenue of $447.77 million during the quarter, compared to the consensus estimate of $490.49 million. Plantronics had a negative net margin of 10.25% and a positive return on equity of 21.22%. The company’s revenue for the quarter was up 102.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.74 earnings per share. On average, research analysts expect that Plantronics Inc will post 4.57 EPS for the current fiscal year.
Several analysts have commented on the stock. Morgan Stanley assumed coverage on shares of Plantronics in a research report on Thursday, September 19th. They issued an “overweight” rating and a $58.00 target price for the company. Northland Securities set a $70.00 target price on shares of Plantronics and gave the stock a “buy” rating in a research report on Monday, September 30th. Zacks Investment Research raised shares of Plantronics from a “sell” rating to a “hold” rating in a research report on Wednesday, October 9th. Evercore ISI assumed coverage on shares of Plantronics in a research report on Thursday, June 27th. They issued an “outperform” rating and a $50.00 target price for the company. Finally, Cowen set a $61.00 target price on shares of Plantronics and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $61.17.
In related news, CEO Joseph B. Burton sold 5,000 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $33.00, for a total transaction of $165,000.00. Following the completion of the sale, the chief executive officer now directly owns 156,960 shares of the company’s stock, valued at approximately $5,179,680. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.70% of the stock is currently owned by corporate insiders.
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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