Telefonica SA (NYSE:TEF) shares gapped up prior to trading on Friday . The stock had previously closed at $9.52, but opened at $9.59. Telefonica SA shares last traded at $9.76, with a volume of 1,843,546 shares changing hands.

Several research analysts have recently issued reports on TEF shares. Nomura Holdings Inc. cut shares of Telefonica SA from a “neutral” rating to a “reduce” rating in a report on Tuesday, April 5th. Credit Suisse Group AG upgraded shares of Telefonica SA from an “underperform” rating to a “neutral” rating in a research report on Wednesday, April 6th. Zacks Investment Research upgraded shares of Telefonica SA from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research report on Monday, April 18th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Telefonica SA in a research report on Wednesday, May 11th. Finally, Goldman Sachs Group Inc. downgraded shares of Telefonica SA from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 28th. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. Telefonica SA has a consensus rating of “Hold” and a consensus target price of €11.00 ($12.22).

The company has a 50-day moving average price of $9.64 and a 200 day moving average price of $10.31. The stock has a market capitalization of $48.23 billion and a P/E ratio of 30.09.

Several hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its stake in Telefonica SA by 1,207.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 324,121 shares of the company’s stock worth $3,584,000 after buying an additional 299,337 shares in the last quarter. Comerica Bank raised its stake in Telefonica SA by 3.2% in the fourth quarter. Comerica Bank now owns 264,031 shares of the company’s stock worth $2,733,000 after buying an additional 8,228 shares in the last quarter. White Pine Investment CO raised its stake in Telefonica SA by 3.1% in the fourth quarter. White Pine Investment CO now owns 251,129 shares of the company’s stock worth $2,777,000 after buying an additional 7,483 shares in the last quarter. Morgan Stanley raised its stake in Telefonica SA by 33.2% in the fourth quarter. Morgan Stanley now owns 1,323,952 shares of the company’s stock worth $14,643,000 after buying an additional 329,986 shares in the last quarter. Finally, Deere & Co. raised its stake in Telefonica SA by 209.3% in the fourth quarter. Deere & Co. now owns 228,417 shares of the company’s stock worth $2,526,000 after buying an additional 154,563 shares in the last quarter.

Telefonica, SA is an integrated and diversified telecommunications group operating in Europe and Latin America. The Company’s services and products include Mobile business, Fixed-line telephony business and Digital services. The Company’s segments include Telefonica Spain, Telefonica Brazil, Telefonica Germany, Telefonica UK and Telefonica Hispanoamerica.

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