Wells Fargo & Co. Reiterates Market Perform Rating for Nokia Corp. (NOK)
Nokia Corp. (NYSE:NOK)‘s stock had its “market perform” rating restated by research analysts at Wells Fargo & Co. in a report issued on Thursday. They currently have a $5.65 price objective on the technology company’s stock. Wells Fargo & Co.’s price objective indicates a potential upside of 14.37% from the stock’s previous close.
Several other equities analysts have also issued reports on the stock. Goldman Sachs Group Inc. raised shares of Nokia Corp. from a “neutral” rating to a “buy” rating and boosted their price target for the company from $5.54 to $5.60 in a report on Wednesday, June 29th. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $5.01 target price (down from $5.09) on shares of Nokia Corp. in a research note on Thursday. Vetr raised shares of Nokia Corp. from a “buy” rating to a “strong-buy” rating and set a $6.18 target price for the company in a research note on Monday, June 27th. Bank of America Corp. reaffirmed a “buy” rating on shares of Nokia Corp. in a research note on Thursday, July 14th. Finally, Morgan Stanley reaffirmed a “neutral” rating on shares of Nokia Corp. in a research note on Friday, August 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $6.73.
Nokia Corp. (NYSE:NOK) traded down 2.95% during midday trading on Thursday, hitting $4.94. The stock had a trading volume of 23,210,817 shares. The stock’s 50-day moving average is $5.62 and its 200-day moving average is $5.67. Nokia Corp. has a one year low of $4.88 and a one year high of $7.63. The company has a market cap of $28.51 billion, a P/E ratio of 27.29 and a beta of 1.47.
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Nokia Corp. (NYSE:NOK) last announced its quarterly earnings results on Thursday, August 4th. The technology company reported $0.03 earnings per share (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 analyst estimates of $5.80 billion. During the same period last year, the firm earned $0.09 EPS. Nokia Corp.’s quarterly revenue was up 91.3% on a year-over-year basis. Equities analysts predict that Nokia Corp. will post $0.20 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in NOK. Prospera Financial Services Inc acquired a new position in shares of Nokia Corp. during the second quarter worth about $101,000. National Asset Management Inc. acquired a new position in shares of Nokia Corp. during the second quarter worth about $113,000. Advisor Group Inc. acquired a new position in shares of Nokia Corp. during the second quarter worth about $127,000. Eqis Capital Management Inc. raised its position in shares of Nokia Corp. by 1.2% in the second quarter. Eqis Capital Management Inc. now owns 23,380 shares of the technology company’s stock worth $133,000 after buying an additional 267 shares during the last quarter. Finally, Regentatlantic Capital LLC raised its position in shares of Nokia Corp. by 96.8% in the second quarter. Regentatlantic Capital LLC now owns 23,522 shares of the technology company’s stock worth $134,000 after buying an additional 11,570 shares during the last quarter. Hedge funds and other institutional investors own 4.28% of the company’s stock.
About Nokia Corp.
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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