Zacks Investment Research cut shares of StoneCo (NASDAQ:STNE) from a buy rating to a hold rating in a research note published on Thursday morning.

According to Zacks, “StoneCo Ltd. provides financial technology solutions. The Company offers end-to-end cloud-based technology platform to conduct electronic commerce, across in-store, online and mobile channels. StoneCo Ltd. is based in Sao Paulo, Brazil. “

A number of other brokerages have also commented on STNE. JPMorgan Chase & Co. initiated coverage on StoneCo in a research note on Monday, November 19th. They set a neutral rating and a $25.00 price target for the company. Goldman Sachs Group initiated coverage on StoneCo in a research note on Monday, November 19th. They set a neutral rating and a $25.60 price target for the company. Bank of America initiated coverage on StoneCo in a research note on Monday, January 14th. They set a buy rating and a $26.00 price target for the company. Finally, Citigroup initiated coverage on StoneCo in a research note on Monday, November 19th. They set a buy rating and a $30.00 price target for the company. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $26.12.

NASDAQ STNE opened at $32.51 on Thursday. StoneCo has a twelve month low of $16.14 and a twelve month high of $34.50.

A number of hedge funds have recently modified their holdings of the business. Geode Capital Management LLC purchased a new stake in StoneCo during the fourth quarter valued at approximately $1,463,000. Norges Bank purchased a new stake in StoneCo during the fourth quarter valued at approximately $16,539,000. FMR LLC purchased a new stake in StoneCo during the fourth quarter valued at approximately $2,870,000. UBS Oconnor LLC purchased a new stake in StoneCo during the fourth quarter valued at approximately $2,632,000. Finally, Zimmer Partners LP purchased a new stake in StoneCo during the fourth quarter valued at approximately $184,000. Institutional investors and hedge funds own 32.94% of the company’s stock.

About StoneCo

StoneCo Ltd. provides financial technology solutions that empower merchants and integrated partners to conduct electronic commerce across in-store, online, and mobile channels in Brazil. It distributes its solutions, principally through proprietary Stone Hubs, which offer hyper-local sales and services; and technology and solutions to digital merchants through sales and technical personnel and software vendors.

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