Ericsson (NASDAQ:ERIC) Downgraded to "Hold" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Ericsson from a "buy" to a "hold," and MarketBeat shows a consensus rating of "Reduce" with a $11.00 consensus target (analyst breakdown: 1 Buy, 6 Hold, 2 Sell).
• Shares opened at $11.27 with a market capitalization of about $37.99 billion, a P/E of 14.27, a 12‑month range of $7.16–$12.19, and 50-/200‑day moving averages of $11.47 and $10.37 respectively.

Ericsson (NASDAQ:ERIC - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday.

Other research analysts have also recently issued research reports about the stock. Argus raised shares of Ericsson to a "hold" rating in a report on Monday, January 26th. Morgan Stanley assumed coverage on shares of Ericsson in a report on Monday, February 9th. They issued an "equal weight" rating and a $11.00 target price for the company. Citigroup reissued a "neutral" rating on shares of Ericsson in a report on Friday, January 16th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Ericsson in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Ericsson has a consensus rating of "Reduce" and a consensus target price of $11.00.

Ericsson Trading Down 0.4%

Shares of Ericsson stock opened at $11.27 on Friday. The company has a market capitalization of $37.99 billion, a price-to-earnings ratio of 14.27, a PEG ratio of 1.82 and a beta of 0.91. The company has a quick ratio of 1.08, a current ratio of 1.12 and a debt-to-equity ratio of 0.21. Ericsson has a 12-month low of $7.16 and a 12-month high of $12.19. The firm's 50-day moving average price is $11.47 and its two-hundred day moving average price is $10.37.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ERIC. Brown Brothers Harriman & Co. bought a new position in Ericsson during the 3rd quarter worth approximately $28,000. Jones Financial Companies Lllp raised its holdings in Ericsson by 12.4% during the 3rd quarter. Jones Financial Companies Lllp now owns 13,017 shares of the communications equipment provider's stock worth $107,000 after purchasing an additional 1,441 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Ericsson during the 1st quarter worth approximately $126,000. Hennessy Advisors Inc. raised its holdings in Ericsson by 10.3% during the 4th quarter. Hennessy Advisors Inc. now owns 16,324 shares of the communications equipment provider's stock worth $158,000 after purchasing an additional 1,518 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its holdings in Ericsson by 57.6% during the 3rd quarter. Neuberger Berman Group LLC now owns 32,277 shares of the communications equipment provider's stock worth $267,000 after purchasing an additional 11,792 shares during the last quarter. Institutional investors own 7.99% of the company's stock.

About Ericsson

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.

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