Nokia Corporation (NOK) Given New $5.50 Price Target at Canaccord Genuity

Nokia Corporation (NYSE:NOK) had its price target cut by investment analysts at Canaccord Genuity from $7.00 to $5.50 in a research report issued to clients and investors on Friday, October 27th. The brokerage presently has a “hold” rating on the technology company’s stock. Canaccord Genuity’s target price points to a potential upside of 12.02% from the stock’s previous close.

Several other equities analysts have also recently commented on NOK. Zacks Investment Research cut Nokia Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 17th. J P Morgan Chase & Co reiterated a “buy” rating on shares of Nokia Corporation in a research note on Friday, October 27th. BidaskClub upgraded Nokia Corporation from a “hold” rating to a “buy” rating in a research note on Sunday, July 16th. Credit Suisse Group reiterated an “outperform” rating and set a $5.75 target price on shares of Nokia Corporation in a research note on Thursday, July 6th. Finally, Vetr upgraded Nokia Corporation from a “buy” rating to a “strong-buy” rating and set a $7.08 target price for the company in a research note on Wednesday, July 5th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Nokia Corporation currently has a consensus rating of “Hold” and a consensus price target of $5.75.

Nokia Corporation (NYSE:NOK) opened at $4.91 on Friday. The stock has a market cap of $28,656.08, a PE ratio of 13.64, a price-to-earnings-growth ratio of 1.11 and a beta of 1.24. Nokia Corporation has a 1-year low of $4.04 and a 1-year high of $6.65. The company has a quick ratio of 1.33, a current ratio of 1.59 and a debt-to-equity ratio of 0.21.

Nokia Corporation (NYSE:NOK) last posted its earnings results on Thursday, October 26th. The technology company reported $0.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.05. Nokia Corporation had a negative net margin of 2.09% and a positive return on equity of 9.88%. The firm had revenue of $5.54 billion during the quarter, compared to the consensus estimate of $5.64 billion. During the same quarter in the prior year, the company earned $0.04 EPS. The company’s revenue was down 7.0% on a year-over-year basis. equities research analysts predict that Nokia Corporation will post 0.33 earnings per share for the current year.

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Several hedge funds have recently modified their holdings of NOK. Teachers Advisors LLC increased its position in Nokia Corporation by 53.3% in the 2nd quarter. Teachers Advisors LLC now owns 6,947,398 shares of the technology company’s stock worth $42,796,000 after buying an additional 2,414,440 shares during the period. TCW Group Inc. increased its position in Nokia Corporation by 30.8% in the 3rd quarter. TCW Group Inc. now owns 6,074,746 shares of the technology company’s stock worth $36,327,000 after buying an additional 1,429,672 shares during the period. Northern Trust Corp increased its position in Nokia Corporation by 0.6% in the 2nd quarter. Northern Trust Corp now owns 5,811,715 shares of the technology company’s stock worth $35,801,000 after buying an additional 34,906 shares during the period. Tocqueville Asset Management L.P. increased its position in Nokia Corporation by 17.2% in the 3rd quarter. Tocqueville Asset Management L.P. now owns 4,016,291 shares of the technology company’s stock worth $24,017,000 after buying an additional 589,445 shares during the period. Finally, Renaissance Technologies LLC increased its position in Nokia Corporation by 705.5% in the 2nd quarter. Renaissance Technologies LLC now owns 3,328,880 shares of the technology company’s stock worth $20,506,000 after buying an additional 2,915,600 shares during the period. 5.87% of the stock is currently owned by institutional investors and hedge funds.

Nokia Corporation Company Profile

Nokia Oyj is a Finland-based company engaged in the network and Internet protocol (IP) infrastructure, software, and related services market. The Company’s businesses include Nokia Networks and Nokia Technologies. The Company’s segments include Ultra Broadband Networks, IP Networks and Applications, and Nokia Technologies.

Analyst Recommendations for Nokia Corporation (NYSE:NOK)

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