Ericsson (NASDAQ:ERIC) Receives $11.00 Consensus Price Target from Brokerages

Ericsson (NASDAQ:ERIC) has been given a consensus recommendation of “Reduce” by the nine ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $11.00.

A number of research analysts recently issued reports on ERIC shares. Citigroup reaffirmed a “neutral” rating on shares of Ericsson in a report on Tuesday, April 28th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Ericsson in a report on Tuesday, June 2nd. Finally, Wall Street Zen lowered Ericsson from a “buy” rating to a “hold” rating in a report on Saturday, April 25th.

Ericsson Price Performance

NASDAQ:ERIC opened at $10.96 on Monday. The business’s 50-day moving average price is $12.18 and its 200 day moving average price is $11.22. The firm has a market cap of $36.93 billion, a P/E ratio of 13.87, a PEG ratio of 1.88 and a beta of 0.90. Ericsson has a 52-week low of $7.16 and a 52-week high of $13.77. The company has a quick ratio of 0.93, a current ratio of 1.12 and a debt-to-equity ratio of 0.21.

Hedge Funds Weigh In On Ericsson

A number of institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio increased its stake in Ericsson by 26.3% in the 1st 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 purchasing an additional 295,185 shares in the last quarter. Bank of New York Mellon Corp increased its stake in 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 worth $1,810,000 after purchasing an additional 12,534 shares in the last quarter. Advisors Preferred LLC purchased a new position in Ericsson in the 1st quarter worth about $493,000. Defiance ETFs LLC purchased a new position in Ericsson in the 4th quarter worth about $13,766,000. Finally, Russell Investments Group Ltd. increased its stake in Ericsson by 19.1% in 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 purchasing an additional 304,974 shares in the last quarter. Hedge funds and other 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.