Polycom Inc. (PLCM) Sees Large Volume Increase
Polycom Inc. (NASDAQ:PLCM) saw an uptick in trading volume on Thursday . 1,806,451 shares traded hands during mid-day trading, an increase of 73% from the previous session’s volume of 1,041,482 shares.The stock last traded at $10.87 and had previously closed at $10.87.
A number of research firms have recently issued reports on PLCM. TheStreet cut Polycom from a “buy” rating to a “hold” rating in a report on Tuesday. Raymond James Financial Inc. upped their price objective on Polycom from $12.50 to $14.00 and gave the stock an “outperform” rating in a report on Monday, March 28th. Finally, BMO Capital Markets upped their price objective on Polycom from $11.00 to $12.00 and gave the stock a “market perform” rating in a report on Monday, March 28th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $13.00.
The firm’s 50 day moving average price is $11.59 and its 200-day moving average price is $11.20. The company has a market capitalization of $1.47 billion and a P/E ratio of 28.68.
Polycom (NASDAQ:PLCM) last posted its quarterly earnings results on Wednesday, April 20th. The company reported $0.19 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.19. The business had revenue of $290.08 million for the quarter, compared to the consensus estimate of $301.40 million. During the same period in the prior year, the business earned $0.23 earnings per share. Polycom’s revenue was down 12.3% compared to the same quarter last year. On average, equities research analysts expect that Polycom Inc. will post $0.84 earnings per share for the current year.
A number of large investors have bought and sold shares of the stock. Jennison Associates LLC boosted its stake in Polycom by 4.2% in the fourth quarter. Jennison Associates LLC now owns 3,074,657 shares of the company’s stock worth $38,710,000 after buying an additional 122,915 shares in the last quarter. Bank of Montreal Can boosted its stake in Polycom by 306.6% in the fourth quarter. Bank of Montreal Can now owns 313,986 shares of the company’s stock worth $3,953,000 after buying an additional 236,768 shares in the last quarter. Cornerstone Capital Management Holdings LLC. boosted its stake in Polycom by 38.8% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 91,766 shares of the company’s stock worth $1,156,000 after buying an additional 25,666 shares in the last quarter. Morgan Stanley boosted its stake in Polycom by 33.9% in the fourth quarter. Morgan Stanley now owns 937,208 shares of the company’s stock worth $11,799,000 after buying an additional 237,169 shares in the last quarter. Finally, Mutual of America Capital Management LLC boosted its stake in Polycom by 3.7% in the fourth quarter. Mutual of America Capital Management LLC now owns 91,972 shares of the company’s stock worth $1,158,000 after buying an additional 3,297 shares in the last quarter.
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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