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 note issued to investors 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.”
A number of other analysts have also recently commented on PLCM. TheStreet cut Polycom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 5th. BMO Capital Markets restated a “neutral” rating on shares of Polycom in a research report on Friday, July 8th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $13.00.
Shares of Polycom (NASDAQ:PLCM) opened at 12.48 on Tuesday. Polycom has a 12 month low of $8.79 and a 12 month high of $14.09. The company has a market capitalization of $1.69 billion, a P/E ratio of 77.52 and a beta of 1.41. The company has a 50-day moving average price of $12.45 and a 200-day moving average price of $11.84.
Polycom (NASDAQ:PLCM) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.21 EPS for the quarter, beating the Zacks’ 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 in the previous year, the business earned $0.22 earnings per share. On average, analysts forecast that Polycom will post $0.87 EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the company. Kassirer Asset Management Corp purchased a new stake in shares of Polycom during the second quarter valued at approximately $113,000. Cowen Prime Services LLC bought a new position in Polycom during the second quarter worth $120,000. Oakbrook Investments LLC raised its position in Polycom by 11.0% in the second quarter. Oakbrook Investments LLC now owns 11,100 shares of the company’s stock worth $125,000 after buying an additional 1,100 shares during the period. Royal Bank of Canada raised 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 worth $127,000 after buying an additional 8,580 shares during the period. Finally, Hsbc Holdings PLC raised its position in Polycom by 1.5% in the second quarter. Hsbc Holdings PLC now owns 11,926 shares of the company’s stock worth $134,000 after buying an additional 174 shares during the period. Hedge funds and other institutional investors own 92.41% of the company’s stock.
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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