Polycom Upgraded to “Outperform” by Zacks (PLCM)
Polycom (NASDAQ:PLCM) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a note issued to investors on Thursday, American Banking & Market News reports. The firm currently has a $15.00 target price on the stock. Zacks‘ target price indicates a potential upside of 17.74% from the stock’s previous close.
Zacks‘ analyst wrote, “Polycom reported improved financial results for the fourth quarter of fiscal 2013 with both the top and the bottom line beating the Zacks Consensus Estimate. The company continues to show strong signs of improvements as its Unified Communications Personal Devices segment (62% of total revenue) reported solid global growth. Moreover, the company’s cost-control policy by in fiscal 2014 will improve margins while moving ahead. Polycom is currently undergoing a transition from a hardware-centric to a cloud and software-centric business model. It has also made several product enhancements for its popular RealPresence platform, which we believe will act as tailwinds for the company going forward. Based on such positives, we upgrade our recommendation to Outperform from Neutral. “
In other Polycom news, Director Martha Helena Bejar sold 3,333 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $11.76, for a total transaction of $39,196.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Separately, analysts at Citigroup Inc. initiated coverage on shares of Polycom in a research note on Tuesday, December 10th. They set a “neutral” rating on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $11.33.
Polycom (NASDAQ:PLCM) traded up 0.98% on Thursday, hitting $12.825. The stock had a trading volume of 758,353 shares. Polycom has a one year low of $9.00 and a one year high of $12.84. The stock’s 50-day moving average is $11.79 and its 200-day moving average is $10.8. The company’s market cap is $1.731 billion. Polycom also saw a significant decrease in short interest in the month of January. As of January 31st, there was short interest totalling 10,912,493 shares, a decrease of 32.2% from the January 15th total of 16,101,934 shares. Approximately 6.4% of the company’s stock are sold short. Based on an average trading volume of 4,039,547 shares, the days-to-cover ratio is presently 2.7 days.
Polycom (NASDAQ:PLCM) last announced its earnings results on Wednesday, January 22nd. The company reported $0.16 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.15 by $0.01. The company had revenue of $348.00 million for the quarter, compared to the consensus estimate of $341.62 million. During the same quarter in the prior year, the company posted $0.17 earnings per share. The company’s quarterly revenue was down 1.4% on a year-over-year basis. Analysts expect that Polycom will post $0.72 EPS for the current fiscal year.
Polycom, Inc is a provider of unified communications (NASDAQ:PLCM) solutions and a provider of telepresence, video, voice and infrastructure solutions based on open standards.
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