Plantronics, Inc. (NYSE:PLT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.

According to Zacks, “Plantronics, Inc. (Plantronics) is engaged in the design, manufacture, and distribution of headsets for business and consumer applications, and other specialty products for the hearing impaired. The Company is a global designer, manufacturer and marketer of communications headsets, telephone headset systems, other communication endpoints and accessories for the business and consumer markets. The Company develops communication products for offices and contact centers, mobile devices, cordless phones, and computers and gaming consoles. Its product categories include Enterprise, which includes corded and cordless communication headsets, audio processors, and telephone systems, and Consumer, which includes Bluetooth and corded products for mobile device applications, personal computer (PC) and gaming headsets, and specialty products marketed for hearing impaired individuals. It offers its products under two brands: Plantronics and Clarity. “

Several other equities research analysts have also commented on PLT. TheStreet lowered shares of Plantronics from a “b-” rating to a “c+” rating in a report on Monday, August 21st. J P Morgan Chase & Co lowered shares of Plantronics from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $63.00 to $60.00 in a report on Friday, July 28th. BidaskClub lowered shares of Plantronics from a “hold” rating to a “sell” rating in a report on Wednesday, June 21st. Finally, Northland Securities set a $57.00 price target on shares of Plantronics and gave the stock a “buy” rating in a report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. Plantronics has an average rating of “Hold” and an average price target of $60.00.

Shares of Plantronics (NYSE PLT) opened at 45.07 on Tuesday. The stock has a market capitalization of $1.47 billion, a PE ratio of 18.32 and a beta of 1.28. The stock has a 50 day moving average of $42.97 and a 200-day moving average of $50.05. Plantronics has a 52 week low of $41.28 and a 52 week high of $58.27.

Plantronics (NYSE:PLT) last posted its earnings results on Thursday, July 27th. The technology company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.05). Plantronics had a net margin of 9.40% and a return on equity of 21.31%. The firm had revenue of $203.90 million during the quarter, compared to analyst estimates of $217.11 million. During the same quarter in the prior year, the firm earned $0.76 earnings per share. The business’s revenue for the quarter was down 8.6% on a year-over-year basis. On average, equities research analysts expect that Plantronics will post $2.88 EPS for the current year.

Plantronics announced that its Board of Directors has approved a stock repurchase program on Thursday, July 27th that authorizes the company to repurchase 1,000,000 shares. This repurchase authorization authorizes the technology company to buy shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

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Several institutional investors have recently added to or reduced their stakes in PLT. BlackRock Inc. grew its holdings in shares of Plantronics by 23,139.5% during the first quarter. BlackRock Inc. now owns 3,456,643 shares of the technology company’s stock worth $187,037,000 after buying an additional 3,441,769 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in shares of Plantronics by 63.1% during the first quarter. Nuveen Asset Management LLC now owns 642,534 shares of the technology company’s stock worth $34,768,000 after buying an additional 248,549 shares in the last quarter. Koch Industries Inc. grew its holdings in shares of Plantronics by 6,554.8% during the second quarter. Koch Industries Inc. now owns 248,691 shares of the technology company’s stock worth $244,000 after buying an additional 244,954 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Plantronics by 223.7% during the second quarter. Renaissance Technologies LLC now owns 296,500 shares of the technology company’s stock worth $15,510,000 after buying an additional 204,900 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Plantronics by 4.1% during the first quarter. Vanguard Group Inc. now owns 2,728,181 shares of the technology company’s stock worth $147,622,000 after buying an additional 107,289 shares in the last quarter. 91.19% of the stock is owned by institutional investors and hedge funds.

About Plantronics

Plantronics, Inc (Plantronics) is engaged in the design, manufacture, and distribution of headsets for business and consumer applications, and other specialty products for the hearing impaired. The Company is a global designer, manufacturer and marketer of communications headsets, telephone headset systems, other communication endpoints and accessories for the business and consumer markets.

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