Canaccord Genuity reaffirmed their neutral – hold rating on shares of Ericsson (NASDAQ:ERIC) in a research note issued to investors on Friday, June 30th. Canaccord Genuity currently has a $7.00 price target on the communications equipment provider’s stock.
ERIC has been the topic of a number of other research reports. BMO Capital Markets restated a market perform rating on shares of Ericsson in a report on Friday, March 17th. Citigroup Inc. assumed coverage on Ericsson in a report on Thursday, June 8th. They set a buy rating on the stock. Zacks Investment Research cut Ericsson from a hold rating to a sell rating in a report on Tuesday, March 28th. ValuEngine upgraded Ericsson from a strong sell rating to a sell rating in a report on Friday, June 2nd. Finally, Cowen and Company reiterated a market perform rating and set a $3.00 price objective (down previously from $4.00) on shares of Ericsson in a report on Saturday, April 29th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $5.95.
Ericsson (NASDAQ ERIC) traded up 1.60% during mid-day trading on Friday, hitting $6.34. 4,970,497 shares of the stock traded hands. Ericsson has a 1-year low of $4.83 and a 1-year high of $7.55. The stock has a 50-day moving average of $6.96 and a 200 day moving average of $6.54.
Ericsson (NASDAQ:ERIC) last issued its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.05 by $0.03. Ericsson had a negative return on equity of 3.16% and a negative net margin of 6.40%. The company had revenue of $49.90 billion for the quarter, compared to the consensus estimate of $50.66 billion. During the same quarter last year, the business posted $0.83 EPS. Ericsson’s quarterly revenue was down 7.8% on a year-over-year basis. Equities research analysts predict that Ericsson will post $0.23 earnings per share for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of ERIC. Credit Suisse AG raised its position in Ericsson by 912.8% in the first quarter. Credit Suisse AG now owns 4,542,361 shares of the communications equipment provider’s stock valued at $30,161,000 after buying an additional 4,093,879 shares during the period. FMR LLC raised its position in Ericsson by 200.2% in the fourth quarter. FMR LLC now owns 4,483,260 shares of the communications equipment provider’s stock valued at $26,137,000 after buying an additional 2,989,600 shares during the period. Primecap Management Co. CA raised its position in Ericsson by 2.9% in the first quarter. Primecap Management Co. CA now owns 81,901,979 shares of the communications equipment provider’s stock valued at $543,829,000 after buying an additional 2,290,675 shares during the period. Wellington Management Group LLP bought a new position in Ericsson during the first quarter valued at $14,129,000. Finally, Dodge & Cox bought a new position in Ericsson during the fourth quarter valued at $11,480,000. 8.08% of the stock is currently owned by hedge funds and other institutional investors.
Telefonaktiebolaget LM Ericsson (Ericsson) provides infrastructure, services and software to the telecommunication industry and other sectors. The Company’s segments include Networks, IT & Cloud and Media. The Networks segment consists of two business units: Network Products and Network Services. The overall focus is on evolving and managing access networks, including the development of hardware and software for radio access and transport networks.
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