Zacks Investment Research Lowers Sierra Wireless, Inc. (NASDAQ:SWIR) to Hold
Sierra Wireless, Inc. (NASDAQ:SWIR) (TSE:SW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Sierra Wireless, Inc. is a leading provider of wireless data communications products. The company delivers wireless PC Cards for portable computers, wireless adapters for PDA’s, OEM modules for embedded applications and rugged vehicle-mounted wireless systems. The company is the founding member of the WirelessReady Alliance, an alliance of industry-leading hardware, software and service companies committed to the delivery of complete and compelling wireless data solutions. “
A number of other equities analysts have also recently commented on SWIR. Vetr cut Sierra Wireless from a “strong-buy” rating to a “buy” rating and set a $33.45 target price on the stock. in a report on Thursday, March 23rd. Raymond James Financial, Inc. reaffirmed a “market perform” rating and issued a $30.00 target price (up from $23.50) on shares of Sierra Wireless in a report on Monday, March 27th. They noted that the move was a valuation call. First Analysis reaffirmed an “overweight” rating and issued a $30.00 target price (up from $27.00) on shares of Sierra Wireless in a report on Wednesday, April 5th. Benchmark Co. initiated coverage on Sierra Wireless in a report on Tuesday, April 25th. They issued a “hold” rating on the stock. They noted that the move was a valuation call. Finally, Royal Bank Of Canada raised their target price on Sierra Wireless from $19.00 to $25.00 and gave the stock a “sector perform” rating in a report on Wednesday, May 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. Sierra Wireless currently has an average rating of “Hold” and a consensus target price of $25.22.
Shares of Sierra Wireless (NASDAQ:SWIR) traded down 1.95% during trading on Thursday, hitting $27.60. The stock had a trading volume of 91,176 shares. The firm has a market capitalization of $880.85 million, a P/E ratio of 61.06 and a beta of 3.03. Sierra Wireless has a 1-year low of $12.30 and a 1-year high of $31.95. The stock’s 50-day moving average price is $28.38 and its 200 day moving average price is $24.27.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Sierra Wireless during the fourth quarter worth $2,563,000. Russell Investments Group Ltd. purchased a new position in shares of Sierra Wireless during the fourth quarter worth $1,454,000. Bogle Investment Management L P DE purchased a new position in shares of Sierra Wireless during the first quarter worth $8,601,000. KEYWISE CAPITAL MANAGEMENT Ltd purchased a new position in shares of Sierra Wireless during the first quarter worth $727,000. Finally, Two Sigma Investments LP raised its position in shares of Sierra Wireless by 743.7% in the fourth quarter. Two Sigma Investments LP now owns 164,565 shares of the communications equipment provider’s stock worth $2,584,000 after buying an additional 145,059 shares during the last quarter. Hedge funds and other institutional investors own 24.37% of the company’s stock.
About Sierra Wireless
Sierra Wireless, Inc is engaged in building the Internet of Things (IoT) with wireless solutions for organizations. The Company’s OEM Solution segment offers cellular embedded wireless modules for IoT connectivity, including an embedded application framework to support customer applications. The Company’s Enterprise Solution segment offers intelligent routers and gateways, including management tools and applications that enable cellular connectivity.
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