Polycom Inc. (PLCM) Lifted to Hold at 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.”
Several other brokerages also recently issued reports on PLCM. BMO Capital Markets reissued a “neutral” rating on shares of Polycom in a report on Friday, July 8th. TheStreet downgraded shares of Polycom from a “buy” rating to a “hold” rating in a report on Tuesday, July 5th. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $13.00.
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Shares of Polycom (NASDAQ:PLCM) remained flat at $12.47 during midday trading on Tuesday. 108,293 shares of the stock were exchanged. Polycom has a one year low of $8.79 and a one year high of $14.09. The company has a market capitalization of $1.69 billion, a P/E ratio of 77.45 and a beta of 1.41. The stock’s 50-day moving average price is $12.44 and its 200 day moving average price is $11.83.
Polycom (NASDAQ:PLCM) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.01. Polycom had a net margin of 1.79% and a return on equity of 5.17%. The company earned $287.80 million during the quarter, compared to the consensus estimate of $294.97 million. During the same quarter in the previous year, the company posted $0.22 earnings per share. Equities analysts expect that Polycom will post $0.87 earnings per share for the current year.
Large investors have recently modified their holdings of the company. AXA boosted its stake in shares of Polycom by 1.0% in the first quarter. AXA now owns 348,600 shares of the company’s stock valued at $3,887,000 after buying an additional 3,600 shares during the period. State Street Corp boosted its stake in shares of Polycom by 2.2% in the first quarter. State Street Corp now owns 4,402,917 shares of the company’s stock valued at $49,092,000 after buying an additional 94,155 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Polycom by 3.7% in the first quarter. Canada Pension Plan Investment Board now owns 961,013 shares of the company’s stock valued at $10,715,000 after buying an additional 34,500 shares during the period. Spark Investment Management LLC boosted its stake in shares of Polycom by 224.2% in the first quarter. Spark Investment Management LLC now owns 437,700 shares of the company’s stock valued at $4,880,000 after buying an additional 302,700 shares during the period. Finally, Menta Capital LLC boosted its stake in shares of Polycom by 71.1% in the first quarter. Menta Capital LLC now owns 63,315 shares of the company’s stock valued at $706,000 after buying an additional 26,300 shares during the period. Hedge funds and other institutional investors own 93.03% 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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