Polycom Inc. (PLCM) Upgraded to Hold by Zacks Investment Research
Polycom Inc. (NASDAQ:PLCM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued 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.”
A number of other research analysts have also issued reports on the stock. TheStreet lowered shares of Polycom from a “buy” rating to a “hold” rating in a report on Tuesday, July 5th. BMO Capital Markets reiterated a “neutral” rating on shares of Polycom in a report on Friday, July 8th. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $13.00.
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Polycom (NASDAQ:PLCM) traded down 0.040% on Tuesday, hitting $12.465. 109,153 shares of the stock traded hands. The stock has a 50-day moving average price of $12.44 and a 200 day moving average price of $11.83. Polycom has a 1-year low of $8.79 and a 1-year high of $14.09. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 77.422 and a beta of 1.41.
Polycom (NASDAQ:PLCM) last posted its earnings results on Thursday, July 21st. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The firm earned $287.80 million during the quarter, compared to analysts’ expectations of $294.97 million. Polycom had a net margin of 1.79% and a return on equity of 5.17%. During the same quarter in the prior year, the business earned $0.22 earnings per share. On average, analysts anticipate that Polycom will post $0.87 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ProShare Advisors LLC raised its position in Polycom by 0.5% in the second quarter. ProShare Advisors LLC now owns 32,473 shares of the company’s stock valued at $365,000 after buying an additional 166 shares during the last quarter. Hsbc Holdings PLC raised its position in Polycom by 1.5% in the second quarter. Hsbc Holdings PLC now owns 11,926 shares of the company’s stock valued at $134,000 after buying an additional 174 shares during the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in Polycom by 1.3% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 23,413 shares of the company’s stock valued at $263,000 after buying an additional 309 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its position in Polycom by 2.3% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 20,445 shares of the company’s stock valued at $228,000 after buying an additional 450 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in Polycom by 3.4% in the second quarter. PNC Financial Services Group Inc. now owns 23,373 shares of the company’s stock valued at $262,000 after buying an additional 779 shares during the last quarter. Hedge funds and other institutional investors own 93.03% of the company’s stock.
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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