Sierra Wireless, Inc. (NASDAQ:SWIR) (TSE:SW) was downgraded by stock analysts at Scotiabank from a “sector perform” rating to an “underperform” rating in a report issued on Thursday. They presently have a $23.00 price objective on the communications equipment provider’s stock, up from their previous price objective of $22.00. Scotiabank’s target price would indicate a potential downside of 8.73% from the company’s current price.

Other equities analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Sierra Wireless from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a report on Thursday, May 11th. TheStreet lowered shares of Sierra Wireless from a “b-” rating to a “c” rating in a report on Thursday, May 4th. BMO Capital Markets set a $30.00 target price on shares of Sierra Wireless and gave the company a “hold” rating in a report on Saturday, May 6th. TD Securities started coverage on shares of Sierra Wireless in a report on Tuesday, May 30th. They issued a “hold” rating on the stock. Finally, Benchmark Co. started coverage on shares of 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. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $26.31.

Shares of Sierra Wireless (NASDAQ:SWIR) traded up 7.69% during mid-day trading on Thursday, reaching $25.20. 1,380,525 shares of the company’s stock traded hands. Sierra Wireless has a 12-month low of $12.30 and a 12-month high of $31.95. The company’s 50-day moving average price is $29.28 and its 200-day moving average price is $26.44. The stock has a market capitalization of $804.26 million, a PE ratio of 55.75 and a beta of 3.02.

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Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Sierra Wireless by 6.9% in the first quarter. Vanguard Group Inc. now owns 610,672 shares of the communications equipment provider’s stock valued at $16,213,000 after buying an additional 39,417 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Sierra Wireless by 76.9% in the first quarter. Renaissance Technologies LLC now owns 477,183 shares of the communications equipment provider’s stock valued at $12,670,000 after buying an additional 207,499 shares in the last quarter. Morgan Stanley raised its position in shares of Sierra Wireless by 155.5% in the first quarter. Morgan Stanley now owns 424,447 shares of the communications equipment provider’s stock valued at $11,270,000 after buying an additional 258,316 shares in the last quarter. Bogle Investment Management L P DE bought a new position in shares of Sierra Wireless during the first quarter valued at approximately $8,601,000. Finally, TD Asset Management Inc. raised its position in shares of Sierra Wireless by 82.0% in the second quarter. TD Asset Management Inc. now owns 209,300 shares of the communications equipment provider’s stock valued at $5,869,000 after buying an additional 94,300 shares in the last quarter. Hedge funds and other institutional investors own 24.39% 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.

Analyst Recommendations for Sierra Wireless (NASDAQ:SWIR)

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