Ericsson (NASDAQ:ERIC) Reaches New 12-Month High – What’s Next?

Ericsson (NASDAQ:ERIC)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $12.28 and last traded at $12.2750, with a volume of 996565 shares. The stock had previously closed at $11.88.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ERIC. Wall Street Zen cut Ericsson from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. Argus upgraded Ericsson to a “hold” rating in a report on Monday, January 26th. Morgan Stanley assumed coverage on Ericsson in a research report on Monday, February 9th. They issued an “equal weight” rating and a $11.00 price objective for the company. Finally, Citigroup restated a “neutral” rating on shares of Ericsson in a research note on Tuesday, April 28th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ericsson presently has a consensus rating of “Reduce” and a consensus price target of $11.00.

Ericsson Stock Performance

The firm has a fifty day moving average of $11.58 and a 200-day moving average of $10.58. The firm has a market cap of $41.56 billion, a P/E ratio of 15.61, a PEG ratio of 2.01 and a beta of 0.88. 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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. bought a new position in Ericsson during the third quarter worth about $28,000. Jones Financial Companies Lllp boosted its holdings in Ericsson by 12.4% during the third quarter. Jones Financial Companies Lllp now owns 13,017 shares of the communications equipment provider’s stock worth $107,000 after buying an additional 1,441 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Ericsson during the first quarter worth about $126,000. Hennessy Advisors Inc. boosted its holdings in Ericsson by 10.3% during the fourth quarter. Hennessy Advisors Inc. now owns 16,324 shares of the communications equipment provider’s stock worth $158,000 after buying an additional 1,518 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its holdings in Ericsson by 57.6% during the third quarter. Neuberger Berman Group LLC now owns 32,277 shares of the communications equipment provider’s stock worth $267,000 after buying 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.