Global telecommunications conglomerate Verizon (VZ) has acquired precise positioning firm Senion, expanding its portfolio of location-based technology products.
Verizon provides TV, wireless, phone, and Internet services. Senion offers indoor positioning system services like tracking, geofencing, analytics, friend finder, and wayfinding.
Executive Director of Verizon Location Technology, Jeff Frantz, said, “Combining Senion’s technology with the location-accuracy, speed and reliability of Verizon’s 5G platform will help us push the boundaries of what’s possible.” (See Verizon stock charts on TipRanks)
CEO of Senion, Dr. Christian Lundquist, said, “By leveraging Verizon’s expertise in connectivity and location technology, we can further our work to improve workflows for companies and create seamless, responsive and location-aware services.”
MoffettNathanson analyst Craig Moffett recently downgraded the stock to Hold from Buy, with a price target of $57 (1.1% upside potential).
Moffett said Verizon would take time to gain access and incorporate the new 5G spectrum into its network.
Overall, the stock has a Hold rating based on 2 Buys and 8 Holds. The average Verizon analyst price target of $60.57 implies 7.4% upside potential from current levels. The company’s shares have lost 4.2% year-to-date.
According to TipRanks’ Smart Score rating system, VZ scores a 7 out of 10, suggesting that the stock is likely to perform in line with market averages.
LiveVox to Become Public Company Following Business Combination With Crescent Acquisition Corp
Ashford Signs Purchase Agreement with Seven Knots to Sell 40.1M Shares
ROKU Provides Update on ROKU Originals; Shares Pop