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

Ericsson (NASDAQ:ERIC) has received an average recommendation of “Hold” from the nine brokerages that are presently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $11.00.

Several analysts recently weighed in on ERIC shares. Danske upgraded Ericsson from a “hold” rating to a “buy” rating in a research report on Wednesday, July 15th. Weiss Ratings reissued a “buy (b)” rating on shares of Ericsson in a research note on Tuesday, June 2nd. Wall Street Zen cut shares of Ericsson from a “buy” rating to a “hold” rating in a report on Saturday, April 25th. Finally, Citigroup restated a “neutral” rating on shares of Ericsson in a research note on Wednesday, July 15th.

Hedge Funds Weigh In On Ericsson

Several institutional investors and hedge funds have recently added to or reduced their stakes in ERIC. Public Employees Retirement System of Ohio increased its holdings in shares of Ericsson by 26.3% during the first quarter. Public Employees Retirement System of Ohio now owns 1,418,076 shares of the communications equipment provider’s stock worth $15,982,000 after buying an additional 295,185 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Ericsson by 8.5% in the 1st quarter. Bank of New York Mellon Corp now owns 160,581 shares of the communications equipment provider’s stock valued at $1,810,000 after acquiring an additional 12,534 shares during the last quarter. Advisors Preferred LLC acquired a new stake in shares of Ericsson during the 1st quarter valued at $493,000. Defiance ETFs LLC acquired a new stake in shares of Ericsson during the 4th quarter valued at $13,766,000. Finally, Russell Investments Group Ltd. grew its position in Ericsson by 19.1% during the 4th quarter. Russell Investments Group Ltd. now owns 1,903,298 shares of the communications equipment provider’s stock worth $18,603,000 after acquiring an additional 304,974 shares during the last quarter. Institutional investors own 7.99% of the company’s stock.

Ericsson Stock Down 1.9%

Shares of ERIC opened at $9.31 on Friday. The firm has a 50 day simple moving average of $11.70 and a two-hundred day simple moving average of $11.34. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.12 and a quick ratio of 0.93. Ericsson has a one year low of $7.16 and a one year high of $13.77. The company has a market cap of $31.38 billion, a P/E ratio of 11.94, a P/E/G ratio of 1.75 and a beta of 0.93.

Ericsson (NASDAQ:ERIC) last issued its earnings results on Tuesday, June 30th. The communications equipment provider reported $0.13 earnings per share for the quarter. Ericsson had a return on equity of 20.67% and a net margin of 10.72%.The firm had revenue of $5.43 billion for the quarter. Research analysts forecast that Ericsson will post 0.61 EPS for the current fiscal year.

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.