Zacks Investment Research lowered shares of Sprint Corporation (NYSE:S) from a buy rating to a hold rating in a research note published on Wednesday morning.

According to Zacks, “Sprint is on track with its network modernization and integration efforts, to fortify its position in the wireless industry. Sprint’s prepaid subsidiary has extended its unlimited offerings to its existing iPhone owners and has also inked deal with Apple to relaunch itself as an exclusive iPhone carrier. Sprint also offers attractive unlimited data plans to lure customers from rivals. We believe these efforts have driven the huge wireless subscribers. Sprint unveiled its Sprint MultiLine solution which allows businesses to add a company-owned number to their employees' personal phones for better businesses. For full-year 2017, Sprint has raised its outlook. Over the past one month, the stock price underperformed its industry. However, high cash burn from promotional offers and discounts, debt-laden balance sheet and decreasing cash flow have led to losses for Sprint. Further, Sprint operates in a highly competitive wireless market.”

A number of other brokerages have also commented on S. Wells Fargo & Company reiterated an outperform rating on shares of Sprint Corporation in a report on Wednesday, August 2nd. UBS AG reiterated a neutral rating and issued a $9.00 price objective on shares of Sprint Corporation in a report on Wednesday, August 2nd. Cowen and Company reiterated a market perform rating and issued a $6.50 price objective on shares of Sprint Corporation in a report on Wednesday, August 2nd. Jefferies Group LLC reissued a sell rating and issued a $5.00 target price on shares of Sprint Corporation in a research report on Friday, July 14th. Finally, Barclays PLC reissued a neutral rating and issued a $8.00 target price on shares of Sprint Corporation in a research report on Wednesday, August 9th. Six equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $10.16.

Sprint Corporation (NYSE S) opened at 7.36 on Wednesday. The company has a 50-day moving average price of $7.98 and a 200 day moving average price of $8.25. The stock’s market cap is $29.42 billion. Sprint Corporation has a 12-month low of $5.83 and a 12-month high of $9.65.

Sprint Corporation (NYSE:S) last issued its quarterly earnings data on Tuesday, August 1st. The cell phone carrier reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.06. Sprint Corporation had a negative net margin of 2.08% and a negative return on equity of 3.66%. The firm had revenue of $8.16 billion for the quarter, compared to analyst estimates of $8.14 billion. During the same quarter in the previous year, the business posted ($0.08) EPS. The firm’s revenue was up 1.8% compared to the same quarter last year. On average, equities research analysts predict that Sprint Corporation will post ($0.83) EPS for the current year.

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A number of hedge funds and other institutional investors have recently bought and sold shares of S. American Century Companies Inc. bought a new position in Sprint Corporation in the 1st quarter worth about $591,000. World Asset Management Inc grew its position in Sprint Corporation by 2.9% in the 1st quarter. World Asset Management Inc now owns 24,645 shares of the cell phone carrier’s stock worth $214,000 after purchasing an additional 693 shares during the last quarter. UBS Asset Management Americas Inc. grew its position in Sprint Corporation by 14.0% in the 1st quarter. UBS Asset Management Americas Inc. now owns 2,079,068 shares of the cell phone carrier’s stock worth $18,046,000 after purchasing an additional 256,051 shares during the last quarter. Parametric Portfolio Associates LLC grew its position in Sprint Corporation by 30.0% in the 1st quarter. Parametric Portfolio Associates LLC now owns 989,418 shares of the cell phone carrier’s stock worth $8,588,000 after purchasing an additional 228,456 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its position in Sprint Corporation by 84.1% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 39,442 shares of the cell phone carrier’s stock worth $342,000 after purchasing an additional 18,018 shares during the last quarter. Hedge funds and other institutional investors own 13.95% of the company’s stock.

About Sprint Corporation

Sprint Corporation (Sprint) is a holding company. The Company, along with its subsidiaries, is a communications company offering a range of wireless and wireline communications products and services that are designed to meet the needs of consumers, businesses, government subscribers and resellers. It operates through two segments: Wireless and Wireline.

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