Plantronics, Inc. (NYSE:PLT) Short Interest Up 21.8% in April


Share on StockTwits

Plantronics, Inc. (NYSE:PLT) was the target of a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 3,130,000 shares, an increase of 21.8% from the March 31st total of 2,570,000 shares. Based on an average trading volume of 587,100 shares, the days-to-cover ratio is currently 5.3 days.

Shares of Plantronics stock traded down $1.11 during trading on Tuesday, reaching $38.86. The company’s stock had a trading volume of 8,011 shares, compared to its average volume of 573,185. The company has a 50-day moving average price of $39.78 and a two-hundred day moving average price of $32.27. Plantronics has a fifty-two week low of $10.95 and a fifty-two week high of $50.89. The firm has a market cap of $1.60 billion, a PE ratio of -1.86 and a beta of 1.88.

Plantronics (NYSE:PLT) last issued its quarterly earnings results on Thursday, February 4th. The technology company reported $1.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.81. Plantronics had a positive return on equity of 70.65% and a negative net margin of 53.39%. The firm had revenue of $484.69 million for the quarter, compared to analysts’ expectations of $429.22 million. As a group, sell-side analysts anticipate that Plantronics will post 1.89 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. boosted its holdings in Plantronics by 94,433.3% in the 1st quarter. Meeder Asset Management Inc. now owns 2,836 shares of the technology company’s stock valued at $109,000 after purchasing an additional 2,833 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Plantronics by 29.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 122,506 shares of the technology company’s stock worth $4,767,000 after purchasing an additional 27,528 shares during the period. Oregon Public Employees Retirement Fund grew its position in Plantronics by 4.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 15,431 shares of the technology company’s stock worth $600,000 after buying an additional 664 shares during the period. Profit Investment Management LLC raised its holdings in Plantronics by 3.9% during the first quarter. Profit Investment Management LLC now owns 93,314 shares of the technology company’s stock worth $3,630,000 after purchasing an additional 3,477 shares during the last quarter. Finally, Everence Capital Management Inc. purchased a new stake in shares of Plantronics in the 1st quarter worth about $214,000. Institutional investors own 96.01% of the company’s stock.

Several equities research analysts recently weighed in on PLT shares. Sidoti upgraded Plantronics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $48.00 in a research note on Wednesday, April 21st. Zacks Investment Research downgraded shares of Plantronics from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 13th. Morgan Stanley raised shares of Plantronics from an “underweight” rating to an “equal weight” rating and set a $31.00 target price on the stock in a research report on Friday, February 5th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Plantronics from $31.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday, February 5th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $39.00.

About Plantronics

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.

Featured Article: Blue-Chip Stocks

Receive News & Ratings for Plantronics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plantronics and related companies with MarketBeat.com's FREE daily email newsletter.