Plantronics, Inc. (NYSE:PLT) Short Interest Up 21.8% in April
Plantronics, Inc. (NYSE:PLT) was the target of a significant growth in short interest in the month of April. As of April 15th, there was short interest totalling 3,130,000 shares, a growth of 21.8% from the March 31st total of 2,570,000 shares. Based on an average daily volume of 587,100 shares, the days-to-cover ratio is presently 5.3 days.
A number of research analysts recently commented on the stock. Morgan Stanley upgraded shares of Plantronics from an “underweight” rating to an “equal weight” rating and set a $31.00 price objective on the stock in a research note on Friday, February 5th. JPMorgan Chase & Co. upped their price target on Plantronics from $31.00 to $45.00 and gave the company an “overweight” rating in a report on Friday, February 5th. Zacks Investment Research lowered Plantronics from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 13th. Finally, Sidoti raised Plantronics from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $48.00 in a report on Wednesday, April 21st. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $39.00.
A number of hedge funds have recently added to or reduced their stakes in the business. Primecap Management Co. CA grew its holdings in shares of Plantronics by 0.3% during the 4th quarter. Primecap Management Co. CA now owns 6,089,450 shares of the technology company’s stock valued at $164,598,000 after acquiring an additional 19,800 shares in the last quarter. BlackRock Inc. grew its stake in Plantronics by 2.8% in the fourth quarter. BlackRock Inc. now owns 5,625,597 shares of the technology company’s stock valued at $152,060,000 after purchasing an additional 154,320 shares in the last quarter. Schroder Investment Management Group increased its position in Plantronics by 11.4% in the 4th quarter. Schroder Investment Management Group now owns 954,361 shares of the technology company’s stock worth $25,796,000 after purchasing an additional 97,568 shares during the last quarter. SummerHaven Investment Management LLC purchased a new stake in shares of Plantronics during the 4th quarter worth about $702,000. Finally, Norges Bank acquired a new stake in shares of Plantronics during the 4th quarter valued at about $18,659,000. Institutional investors own 96.01% of the company’s stock.
Plantronics (NYSE:PLT) last issued its 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 the consensus estimate of $429.22 million. Plantronics had a positive return on equity of 70.65% and a negative net margin of 53.39%. As a group, research analysts predict that Plantronics will post 1.89 EPS for the current year.
Plantronics Company Profile
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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