Nokia Corp. (NOK) Earns “Buy” Rating from Canaccord Genuity
Nokia Corp. (NYSE:NOK)‘s stock had its “buy” rating reaffirmed by research analysts at Canaccord Genuity in a research report issued on Thursday. They currently have a $6.00 price objective on the technology company’s stock, down from their previous price objective of $7.00. Canaccord Genuity’s price target would indicate a potential upside of 21.46% from the company’s current price.
Several other research firms have also commented on NOK. BMO Capital Markets reissued an “outperform” rating and issued a $7.00 target price on shares of Nokia Corp. in a report on Wednesday, August 10th. Vetr lowered shares of Nokia Corp. from a “buy” rating to a “sell” rating and set a $5.66 target price on the stock. in a report on Wednesday, July 27th. Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $8.00 price target on shares of Nokia Corp. in a research note on Tuesday, August 16th. Goldman Sachs Group Inc. downgraded shares of Nokia Corp. from a “conviction-buy” rating to a “buy” rating in a research note on Thursday. Finally, Morgan Stanley restated a “neutral” rating on shares of Nokia Corp. in a research note on Monday. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Nokia Corp. currently has an average rating of “Buy” and an average price target of $6.82.
Shares of Nokia Corp. (NYSE:NOK) traded down 2.95% during midday trading on Thursday, reaching $4.94. 23,210,817 shares of the company’s stock traded hands. The stock has a market cap of $28.51 billion, a P/E ratio of 27.29 and a beta of 1.47. Nokia Corp. has a 52-week low of $4.88 and a 52-week high of $7.63. The stock has a 50-day moving average price of $5.62 and a 200-day moving average price of $5.67.
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Nokia Corp. (NYSE:NOK) last released its earnings results on Thursday, August 4th. The technology company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.04 by $0.01. Nokia Corp. had a net margin of 4.13% and a return on equity of 7.60%. The firm earned $5.58 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the prior year, the business earned $0.09 earnings per share. Nokia Corp.’s quarterly revenue was up 91.3% compared to the same quarter last year. Analysts forecast that Nokia Corp. will post $0.20 earnings per share for the current year.
Hedge funds have recently made changes to their positions in the stock. Prospera Financial Services Inc raised its stake in shares of Nokia Corp. by 5.6% in the third quarter. Prospera Financial Services Inc now owns 18,803 shares of the technology company’s stock worth $109,000 after buying an additional 1,000 shares during the period. Capstone Asset Management Co. raised its stake in shares of Nokia Corp. by 2.0% in the third quarter. Capstone Asset Management Co. now owns 469,883 shares of the technology company’s stock worth $2,721,000 after buying an additional 9,300 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of Nokia Corp. by 40.5% in the third quarter. BNP Paribas Arbitrage SA now owns 79,874 shares of the technology company’s stock worth $462,000 after buying an additional 23,020 shares during the period. Eqis Capital Management Inc. raised its stake in shares of Nokia Corp. by 14.7% in the third quarter. Eqis Capital Management Inc. now owns 26,811 shares of the technology company’s stock worth $155,000 after buying an additional 3,431 shares during the period. Finally, National Asset Management Inc. acquired a new stake in shares of Nokia Corp. during the second quarter worth approximately $113,000. Institutional investors and hedge funds own 4.28% of the company’s stock.
Nokia Corp. Company Profile
Nokia Corporation is a global provider of network infrastructure and related services, with a focus on mobile broadband, as well as advanced technology development and licensing. The Company’s businesses include Nokia Networks and Nokia Technologies. The Company’s segments include Mobile Broadband, Global Services, Nokia Networks Other and Nokia Technologies.
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