Plantronics (NYSE:POLY) Shares Gap Up to $27.97

Plantronics, Inc. (NYSE:POLY) shares gapped up before the market opened on Wednesday . The stock had previously closed at $27.97, but opened at $28.73. Plantronics shares last traded at $28.49, with a volume of 736 shares trading hands.

POLY has been the subject of several research reports. Morgan Stanley lowered their price objective on shares of Plantronics from $37.00 to $35.00 and set an “equal weight” rating for the company in a research report on Friday, July 30th. Zacks Investment Research raised shares of Plantronics from a “strong sell” rating to a “hold” rating and set a $34.00 price target on the stock in a research note on Monday, July 19th.

The company has a market cap of $1.21 billion, a price-to-earnings ratio of -58.27 and a beta of 1.84. The company’s 50 day moving average price is $31.72.

Plantronics (NYSE:POLY) last announced its quarterly earnings results on Thursday, July 29th. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.40. Plantronics had a negative net margin of 1.06% and a negative return on equity of 127.71%. The firm had revenue of $431.17 million for the quarter, compared to analysts’ expectations of $418.44 million. As a group, equities analysts predict that Plantronics, Inc. will post 1.97 earnings per share for the current year.

In other Plantronics news, CEO David M. Shull acquired 3,500 shares of the business’s stock in a transaction on Tuesday, September 7th. The stock was purchased at an average price of $30.00 per share, for a total transaction of $105,000.00. Following the transaction, the chief executive officer now owns 181,094 shares in the company, valued at approximately $5,432,820. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.50% of the company’s stock.

About Plantronics (NYSE:POLY)

Plantronics, Inc engages in the design, manufacture, and distribution of headsets, voice, video, and content sharing solutions. It operates through the following segments: Products and Services. The Products segment includes the firm’s headsets, voice, and video product lines. The Services segment includes the maintenance support on hardware devices, as well as professional, managed, and cloud services and solutions.

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