Nokia (NYSE:NOK) Earns Buy Rating from Analysts at Rosenblatt Securities

Stock analysts at Rosenblatt Securities started coverage on shares of Nokia (NYSE:NOK) in a note issued to investors on Tuesday, Benzinga reports. The brokerage set a “buy” rating and a $15.00 price target on the technology company’s stock. Rosenblatt Securities’ target price indicates a potential upside of 55.04% from the company’s previous close.

A number of other brokerages have also recently issued reports on NOK. JPMorgan Chase & Co. raised their price objective on Nokia from $14.00 to $21.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Danske upgraded Nokia from a “hold” rating to a “buy” rating in a report on Wednesday, July 1st. Northland Securities set a $20.00 price target on Nokia in a research report on Wednesday, June 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nokia in a research note on Friday, September 4th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Nokia in a research report on Friday, May 22nd. Thirteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Nokia presently has a consensus rating of “Moderate Buy” and an average price target of $14.00.

Nokia Price Performance

Shares of Nokia stock opened at $9.68 on Tuesday. The firm has a market capitalization of $55.56 billion, a PE ratio of 69.11, a price-to-earnings-growth ratio of 1.31 and a beta of 1.21. The business’s 50-day moving average price is $10.25 and its 200-day moving average price is $11.08. The company has a current ratio of 1.50, a quick ratio of 1.22 and a debt-to-equity ratio of 0.09. Nokia has a 12 month low of $4.51 and a 12 month high of $17.45.

Nokia (NYSE:NOK) last posted its quarterly earnings results on Thursday, July 23rd. The technology company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.07 by $0.01. Nokia had a net margin of 3.49% and a return on equity of 9.83%. The firm had revenue of $5.50 billion for the quarter, compared to the consensus estimate of $5.57 billion. During the same period last year, the firm posted $0.04 earnings per share. The business’s revenue was up 8.4% compared to the same quarter last year. Sell-side analysts forecast that Nokia will post 0.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Pzena Investment Management LLC boosted its stake in Nokia by 14.5% during the fourth quarter. Pzena Investment Management LLC now owns 91,942,507 shares of the technology company’s stock worth $594,868,000 after acquiring an additional 11,612,590 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Nokia by 9.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 47,321,058 shares of the technology company’s stock valued at $306,167,000 after purchasing an additional 3,896,363 shares in the last quarter. ARGA Investment Management LP increased its stake in shares of Nokia by 166.4% during the first quarter. ARGA Investment Management LP now owns 20,388,202 shares of the technology company’s stock valued at $163,921,000 after purchasing an additional 12,734,021 shares in the last quarter. Analog Century Management LP purchased a new position in shares of Nokia during the fourth quarter valued at approximately $104,244,000. Finally, Renaissance Technologies LLC boosted its position in shares of Nokia by 131.3% in the 1st quarter. Renaissance Technologies LLC now owns 13,294,780 shares of the technology company’s stock worth $106,890,000 after purchasing an additional 7,546,000 shares in the last quarter. Hedge funds and other institutional investors own 5.28% of the company’s stock.

About Nokia

Nokia Corporation is a Finland-based technology company that provides communications and networking equipment, software, and related services to telecommunications operators, enterprises, governments, and other organizations worldwide. Its offerings support the design, deployment, management, and modernization of fixed and mobile communications networks.

The company’s business includes mobile network infrastructure, radio access networks, core networks, cloud networking, broadband access, optical networking, IP routing, data-center networking, and network automation.