Polycom Inc. (PLCM) Lifted to Hold at Zacks Investment Research
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.”
Other equities research analysts have also issued research reports about the company. BMO Capital Markets reissued a neutral rating on shares of Polycom in a research report on Friday, July 8th. TheStreet lowered Polycom from a buy rating to a hold rating in a research report on Tuesday, July 5th. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Polycom currently has a consensus rating of Hold and a consensus price target of $13.00.
Shares of Polycom (NASDAQ:PLCM) opened at 12.47 on Tuesday. Polycom has a 52-week low of $8.79 and a 52-week high of $14.09. The stock has a market cap of $1.69 billion, a price-to-earnings ratio of 77.45 and a beta of 1.41. The firm has a 50-day moving average price of $12.45 and a 200 day moving average price of $11.85.
Polycom (NASDAQ:PLCM) last issued its earnings results on Thursday, July 21st. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.01. Polycom had a return on equity of 5.17% and a net margin of 1.79%. The business had revenue of $287.80 million for the quarter, compared to analyst estimates of $294.97 million. During the same quarter last year, the company earned $0.22 EPS. Analysts expect that Polycom will post $0.87 earnings per share for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kassirer Asset Management Corp bought a new position in Polycom during the second quarter worth about $113,000. Cowen Prime Services LLC bought a new position in Polycom during the second quarter worth about $120,000. Oakbrook Investments LLC raised its position in Polycom by 11.0% in the second quarter. Oakbrook Investments LLC now owns 11,100 shares of the company’s stock worth $125,000 after buying an additional 1,100 shares during the last quarter. Royal Bank of Canada raised its position in Polycom by 308.0% in the first quarter. Royal Bank of Canada now owns 11,366 shares of the company’s stock worth $127,000 after buying an additional 8,580 shares during the last quarter. Finally, 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 worth $134,000 after buying an additional 174 shares during the last quarter. 92.41% of the stock is currently owned by institutional investors and hedge funds.
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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