Line (NYSE:LN) Downgraded by Zacks Investment Research

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Zacks Investment Research cut shares of Line (NYSE:LN) from a hold rating to a sell rating in a report released on Thursday morning, Zacks.com reports.

According to Zacks, “LINE Corporation develops and operates the LINE application for smartphones. It offers messenger services which include free messages, voice calls and video calls. The company also provides communication and content sales and advertising services through LINE advertising, livedoor blog, and NAVER Matome Web portals. LINE Corporation is based in Tokyo, Japan. “

A number of other analysts have also weighed in on LN. ValuEngine lowered Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Jefferies Financial Group set a $3,500.00 price objective on Line and gave the company a buy rating in a research note on Tuesday, March 26th. Credit Suisse Group set a €22.00 ($25.58) target price on Infineon Technologies and gave the company a buy rating in a report on Thursday, March 14th. Finally, Goldman Sachs Group downgraded Metcash from a conviction-buy rating to a neutral rating in a report on Monday, June 24th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. Line has an average rating of Hold and a consensus target price of $3,500.00.

NYSE:LN opened at $28.26 on Thursday. Line has a fifty-two week low of $27.04 and a fifty-two week high of $46.48. The company has a quick ratio of 2.36, a current ratio of 2.40 and a debt-to-equity ratio of 0.88. The company’s 50 day moving average is $28.71.

Line (NYSE:LN) last released its quarterly earnings data on Wednesday, April 24th. The technology company reported ($0.05) earnings per share for the quarter. The company had revenue of $455.95 million for the quarter. Line had a negative net margin of 1.58% and a negative return on equity of 2.52%. Sell-side analysts anticipate that Line will post -2.01 earnings per share for the current year.

Institutional investors have recently made changes to their positions in the stock. Citigroup Inc. raised its holdings in shares of Line by 222.4% during the fourth quarter. Citigroup Inc. now owns 1,983 shares of the technology company’s stock valued at $68,000 after acquiring an additional 1,368 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in shares of Line by 135.0% during the first quarter. Quadrant Capital Group LLC now owns 4,179 shares of the technology company’s stock valued at $143,000 after acquiring an additional 2,401 shares in the last quarter. ARK Investment Management LLC raised its holdings in shares of Line by 80.8% during the first quarter. ARK Investment Management LLC now owns 7,166 shares of the technology company’s stock valued at $252,000 after acquiring an additional 3,203 shares in the last quarter. Advisor Group Inc. raised its holdings in shares of Line by 4.9% during the fourth quarter. Advisor Group Inc. now owns 7,979 shares of the technology company’s stock valued at $272,000 after acquiring an additional 376 shares in the last quarter. Finally, Financial Gravity Wealth Inc. bought a new position in Line in the first quarter worth $298,000. Institutional investors own 3.32% of the company’s stock.

Line Company Profile

LINE Corporation provides a platform for mobile messaging and communication services, content distribution, and life and financial services primarily in Japan, Taiwan, Thailand, and Indonesia. It operates through two segments, Core Business and Strategic Business. The company offers LINE, a cross-platform messenger application that enables users to communicate through free instant messaging, stickers, and voice and video calls, as well as serves as a smart portal to its other applications and services.

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