Sequans Communications’ (SQNS) “Buy” Rating Reaffirmed at Needham & Company LLC
Needham & Company LLC restated their buy rating on shares of Sequans Communications S.A. (NYSE:SQNS) in a research report report published on Wednesday morning. The firm currently has a $3.00 target price on the semiconductor company’s stock, down from their previous target price of $4.00.
“SQNS negatively pre-announced 3Q17 results, reducing 3Q17 revenue expectations by ~$5MM from the prior mid-point and shaving $0.01 from the upper end of its EPS range due to continued weakness/pricing pressure in emerging markets broadband CPE equipment and an inventory correction in the Verizon Jetpack business. A Vertical Markets deal also slipped to 4Q17. Management expects the Broadband weakness to continue through year-end. While the CAT 1/CAT M IoT outlook remains intact, we are forced to reduce our forward estimates, which in turn will once again raise concerns about the balance sheet and cash burn. While this near-term impact is disappointing, we remain positive on SQNS given the company’s leadership in narrowband LTE.”,” Needham & Company LLC’s analyst wrote.
SQNS has been the topic of several other research reports. B. Riley restated a buy rating and issued a $5.50 price target on shares of Sequans Communications in a research report on Friday, August 25th. Northland Securities restated a buy rating and issued a $5.00 price target on shares of Sequans Communications in a research report on Friday, September 22nd. Robert W. Baird began coverage on Sequans Communications in a research report on Wednesday, August 2nd. They issued an outperform rating and a $5.00 price target on the stock. BidaskClub upgraded Sequans Communications from a sell rating to a hold rating in a research report on Wednesday, September 20th. Finally, Canaccord Genuity restated a buy rating on shares of Sequans Communications in a research report on Wednesday, September 13th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $4.13.
Shares of Sequans Communications (NYSE SQNS) traded up 3.63% during mid-day trading on Wednesday, hitting $2.00. The stock had a trading volume of 1,358,027 shares. The firm’s market cap is $159.52 million. The firm has a 50 day moving average price of $3.13 and a 200 day moving average price of $3.40. Sequans Communications has a 52-week low of $1.65 and a 52-week high of $4.75.
Sequans Communications (NYSE:SQNS) last issued its quarterly earnings results on Tuesday, August 1st. The semiconductor company reported ($0.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.01). The company had revenue of $13.22 million during the quarter, compared to analyst estimates of $14.48 million. Sequans Communications had a negative net margin of 42.44% and a negative return on equity of 212.46%. The business’s revenue was up 33.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.10) EPS. Equities analysts predict that Sequans Communications will post ($0.25) EPS for the current year.
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A number of institutional investors and hedge funds have recently made changes to their positions in the business. AWM Investment Company Inc. boosted its holdings in Sequans Communications by 5.6% in the 2nd quarter. AWM Investment Company Inc. now owns 7,727,240 shares of the semiconductor company’s stock valued at $25,577,000 after purchasing an additional 407,010 shares in the last quarter. Mutual of America Capital Management LLC boosted its holdings in Sequans Communications by 2.0% in the 2nd quarter. Mutual of America Capital Management LLC now owns 2,158,643 shares of the semiconductor company’s stock valued at $7,145,000 after purchasing an additional 42,874 shares in the last quarter. AXA purchased a new stake in Sequans Communications in the 2nd quarter valued at approximately $4,237,000. Thrivent Financial For Lutherans purchased a new stake in Sequans Communications in the 2nd quarter valued at approximately $3,294,000. Finally, Cooper Creek Partners Management LLC purchased a new stake in Sequans Communications in the 2nd quarter valued at approximately $3,186,000. 31.86% of the stock is currently owned by institutional investors.
Sequans Communications Company Profile
Sequans Communications SA is a fabless designer, developer and supplier of fourth Generation long term evolution (4G LTE) semiconductor solutions for wireless broadband applications, with a specific focus on the single-mode device market. Its semiconductor solutions integrate baseband processor and radio frequency (RF) transceiver integrated circuits (ICs) along with its signal processing techniques, algorithms and software stacks.
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