Ericsson’s (ERIC) Hold Rating Reiterated at Canaccord Genuity
Ericsson (NASDAQ:ERIC)‘s stock had its “hold” rating reiterated by equities research analysts at Canaccord Genuity in a note issued to investors on Thursday. They presently have a $5.50 price target on the stock, down from their previous price target of $7.00. Canaccord Genuity’s price objective suggests a potential upside of 1.10% from the stock’s previous close.
A number of other analysts have also recently weighed in on ERIC. BMO Capital Markets restated a “market perform” rating and issued a $7.00 price target on shares of Ericsson in a research note on Thursday. Zacks Investment Research upgraded Ericsson from a “sell” rating to a “hold” rating in a research report on Monday, June 20th. Natixis cut Ericsson from a “buy” rating to a “neutral” rating in a research report on Thursday. Goldman Sachs Group Inc. upgraded Ericsson from a “sell” rating to a “neutral” rating in a research report on Tuesday, June 21st. Finally, Bank of America Corp. reiterated a “hold” rating on shares of Ericsson in a research report on Tuesday, July 26th. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Ericsson presently has an average rating of “Hold” and a consensus target price of $8.32.
Shares of Ericsson (NASDAQ:ERIC) traded down 1.98% during trading on Thursday, reaching $5.44. The company’s stock had a trading volume of 35,054,680 shares. Ericsson has a 52 week low of $5.35 and a 52 week high of $10.58. The firm has a market capitalization of $17.74 billion, a P/E ratio of 11.29 and a beta of 0.92. The company has a 50 day moving average price of $6.93 and a 200 day moving average price of $7.72.
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Ericsson (NASDAQ:ERIC) last posted its quarterly earnings results on Tuesday, July 19th. The company reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.12 by $0.02. Ericsson had a net margin of 5.70% and a return on equity of 13.14%. On average, equities research analysts expect that Ericsson will post $0.51 EPS for the current fiscal year.
Several large investors have recently bought and sold shares of ERIC. Sterling Capital Management LLC increased its stake in Ericsson by 25.6% in the second quarter. Sterling Capital Management LLC now owns 14,382 shares of the company’s stock worth $110,000 after buying an additional 2,931 shares during the period. OLD National Bancorp IN boosted its position in shares of Ericsson by 38.2% in the second quarter. OLD National Bancorp IN now owns 15,638 shares of the company’s stock worth $120,000 after buying an additional 4,325 shares in the last quarter. Societe Generale purchased a new position in shares of Ericsson during the second quarter worth about $133,000. SG Americas Securities LLC boosted its position in shares of Ericsson by 49.1% in the second quarter. SG Americas Securities LLC now owns 17,344 shares of the company’s stock worth $133,000 after buying an additional 5,714 shares in the last quarter. Finally, Smithfield Trust Co. purchased a new position in shares of Ericsson during the second quarter worth about $136,000. 7.29% of the stock is owned by institutional investors and hedge funds.
Telefonaktiebolaget LM Ericsson is a Sweden-based telecommunications operator. The Company offers hardware, software and services that drive development in mobility, broadband and the cloud, creating ecosystems across various industries. Ericsson’s core businesses are Radio, Core and Transmission, and Telecom Services.
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