Analysts Set Ericsson (NASDAQ:ERIC) Price Target at $11.00

Shares of Ericsson (NASDAQ:ERIC) have received an average recommendation of “Reduce” from the nine brokerages that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $11.00.

A number of research firms recently commented on ERIC. Morgan Stanley began coverage on shares of Ericsson in a research note on Monday, February 9th. They issued an “equal weight” rating and a $11.00 price objective for the company. Citigroup reaffirmed a “neutral” rating on shares of Ericsson in a research note on Tuesday, April 28th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Ericsson in a research note on Tuesday. Finally, Wall Street Zen lowered shares of Ericsson from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th.

Ericsson Trading Down 4.2%

Shares of NASDAQ:ERIC opened at $13.16 on Thursday. The stock has a market capitalization of $44.36 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 2.21 and a beta of 0.90. Ericsson has a 1-year low of $7.16 and a 1-year high of $13.77. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.93 and a current ratio of 1.12. The company has a 50 day moving average price of $12.11 and a 200 day moving average price of $10.94.

Institutional Investors Weigh In On Ericsson

A number of institutional investors have recently modified their holdings of ERIC. Defiance ETFs LLC acquired a new stake in shares of Ericsson during the 4th quarter valued at $13,766,000. ABC Arbitrage SA boosted its stake in shares of Ericsson by 36.7% during the 4th quarter. ABC Arbitrage SA now owns 4,389,009 shares of the communications equipment provider’s stock valued at $42,354,000 after buying an additional 1,179,194 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of Ericsson by 42.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,350,029 shares of the communications equipment provider’s stock valued at $28,408,000 after buying an additional 1,005,398 shares during the period. Van ECK Associates Corp boosted its stake in shares of Ericsson by 229.3% during the 4th quarter. Van ECK Associates Corp now owns 1,252,437 shares of the communications equipment provider’s stock valued at $12,086,000 after buying an additional 872,065 shares during the period. Finally, Lazard Asset Management LLC boosted its stake in shares of Ericsson by 197.2% during the 2nd quarter. Lazard Asset Management LLC now owns 1,242,381 shares of the communications equipment provider’s stock valued at $10,534,000 after buying an additional 824,287 shares during the period. Institutional investors and hedge funds own 7.99% of the company’s stock.

Ericsson Company Profile

Ericsson AB is a Swedish multinational telecommunications equipment and services company headquartered in Stockholm. Founded in 1876 by Lars Magnus Ericsson, the company designs, develops and sells infrastructure, software and services that enable mobile and fixed-line networks worldwide. Ericsson serves a global customer base that includes mobile network operators, enterprise customers and public-sector organizations across Europe, the Americas, Asia-Pacific, the Middle East and Africa.

The company’s core activities center on building and modernizing network infrastructure, with a particular focus on radio access networks (RAN), core network software, cloud-native solutions and network management systems.