Ericsson (NASDAQ:ERIC) Rating Lowered to “Hold” at Wall Street Zen

Ericsson (NASDAQ:ERIC) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

A number of other research analysts also recently weighed in on ERIC. Morgan Stanley began coverage on shares of Ericsson in a research report on Monday, February 9th. They issued an “equal weight” rating and a $11.00 target price for the company. Citigroup reaffirmed a “neutral” rating on shares of Ericsson in a research report on Friday, January 16th. Argus raised shares of Ericsson to a “hold” rating in a research report on Monday, January 26th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Ericsson in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $11.00.

Ericsson Price Performance

Ericsson stock opened at $11.27 on Friday. The company has a market cap of $37.99 billion, a P/E ratio of 14.27, a price-to-earnings-growth ratio of 1.81 and a beta of 0.91. Ericsson has a 1-year low of $7.16 and a 1-year high of $12.19. The company has a fifty day simple moving average of $11.47 and a 200 day simple moving average of $10.39. The company has a current ratio of 1.12, a quick ratio of 0.93 and a debt-to-equity ratio of 0.21.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Quantitative Investment Management LLC bought a new position in shares of Ericsson in the 3rd quarter valued at about $1,349,000. Neuberger Berman Group LLC grew its position in shares of Ericsson by 57.6% in the 3rd quarter. Neuberger Berman Group LLC now owns 32,277 shares of the communications equipment provider’s stock valued at $267,000 after acquiring an additional 11,792 shares during the period. Jones Financial Companies Lllp grew its position in shares of Ericsson by 12.4% in the 3rd quarter. Jones Financial Companies Lllp now owns 13,017 shares of the communications equipment provider’s stock valued at $107,000 after acquiring an additional 1,441 shares during the period. Dorsey & Whitney Trust CO LLC grew its position in shares of Ericsson by 7.2% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 42,902 shares of the communications equipment provider’s stock valued at $414,000 after acquiring an additional 2,869 shares during the period. Finally, BNP Paribas Financial Markets grew its position in shares of Ericsson by 60.5% in the 4th quarter. BNP Paribas Financial Markets now owns 1,645,672 shares of the communications equipment provider’s stock valued at $15,881,000 after acquiring an additional 620,144 shares during the period. 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.