Polycom Inc. (PLCM) Stock Rating Upgraded by Zacks Investment Research
Polycom Inc. (NASDAQ:PLCM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Polycom is scheduled to be acquired by affiliates of Siris Capital Group LLC in a deal valued at approximately $2 billion. This deal was finalized after Polycom agreed to turn down the acquisition offer from Mitel. Recently the company's shareholders also approved the acquisiton, which is expected to close shortly. Following the closure of the deal, Mary McDowell will be appointed as the CEO, succeeding Peter Leav. The company continues to face increasing competition and has been struggling to ramp up growth and performance. It remains to be seen if the combined entity can see a turnaround and post better opertaing results.”
Several other analysts have also recently commented on the company. BMO Capital Markets reissued a “neutral” rating on shares of Polycom in a report on Friday, July 8th. TheStreet cut Polycom from a “buy” rating to a “hold” rating in a report on Tuesday, July 5th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $13.00.
Polycom (NASDAQ:PLCM) opened at 12.48 on Tuesday. The firm’s 50-day moving average price is $12.45 and its 200-day moving average price is $11.84. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 77.52 and a beta of 1.41. Polycom has a 1-year low of $8.79 and a 1-year high of $14.09.
Polycom (NASDAQ:PLCM) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.20 by $0.01. The business earned $287.80 million during the quarter, compared to analysts’ expectations of $294.97 million. Polycom had a return on equity of 5.17% and a net margin of 1.79%. During the same period last year, the firm earned $0.22 EPS. On average, equities research analysts anticipate that Polycom will post $0.87 earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in PLCM. Kassirer Asset Management Corp purchased a new position in Polycom during the second quarter valued at $113,000. Cowen Prime Services LLC purchased a new position in Polycom during the second quarter valued at $120,000. Oakbrook Investments LLC increased its position in Polycom by 11.0% in the second quarter. Oakbrook Investments LLC now owns 11,100 shares of the company’s stock valued at $125,000 after buying an additional 1,100 shares during the last quarter. Royal Bank of Canada increased its position in Polycom by 308.0% in the first quarter. Royal Bank of Canada now owns 11,366 shares of the company’s stock valued at $127,000 after buying an additional 8,580 shares during the last quarter. Finally, Hsbc Holdings PLC increased its position in Polycom by 1.5% in the second quarter. Hsbc Holdings PLC now owns 11,926 shares of the company’s stock valued at $134,000 after buying an additional 174 shares during the last quarter. 92.41% of the stock is owned by hedge funds and other institutional investors.
Polycom Company Profile
Polycom, Inc (Polycom) offers solutions for voice, video and content sharing and a line of support and service solutions. The Company operates in Americas; Europe, Middle East and Africa (EMEA), and Asia Pacific (APAC) geographic segments. The Company’s video, voice and content-management and content-sharing solutions include applications for mobile devices, browser-based video collaboration, cloud-delivered services, conference room systems and home/work office solutions and immersive telepresence.
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