Ericsson (NASDAQ:ERIC) Now Covered by Morgan Stanley

Morgan Stanley initiated coverage on shares of Ericsson (NASDAQ:ERIC) in a research note issued to investors on Monday morning, Marketbeat reports. The firm issued an equal weight rating and a $11.00 target price on the communications equipment provider’s stock.

A number of other research analysts have also recently commented on ERIC. Wall Street Zen cut shares of Ericsson from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 18th. Danske downgraded shares of Ericsson to a “hold” rating in a research note on Wednesday, October 15th. Cfra Research raised shares of Ericsson to a “hold” rating in a research note on Wednesday, October 15th. Citigroup reissued a “neutral” rating on shares of Ericsson in a research note on Friday, January 16th. Finally, Jefferies Financial Group raised Ericsson to a “hold” rating in a research report on Monday, October 13th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $10.40.

Ericsson Stock Performance

Shares of NASDAQ:ERIC opened at $11.31 on Monday. The company has a current ratio of 1.29, a quick ratio of 1.08 and a debt-to-equity ratio of 0.26. Ericsson has a 12 month low of $6.64 and a 12 month high of $11.34. The company has a market capitalization of $38.13 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 2.00 and a beta of 0.94. The firm’s 50-day moving average is $9.90 and its 200 day moving average is $9.03.

Institutional Trading of Ericsson

Several hedge funds have recently modified their holdings of ERIC. Brown Brothers Harriman & Co. purchased a new position in shares of Ericsson in the 3rd quarter worth approximately $28,000. Jones Financial Companies Lllp boosted its stake in Ericsson by 12.4% in the third 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 in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Ericsson in the first quarter worth $126,000. Hennessy Advisors Inc. increased its position in shares of 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 purchasing an additional 1,518 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its holdings in shares of Ericsson by 57.2% during the 2nd quarter. Neuberger Berman Group LLC now owns 20,485 shares of the communications equipment provider’s stock valued at $174,000 after purchasing an additional 7,452 shares during the last quarter. 7.99% of the stock is owned by hedge funds and other institutional investors.

Ericsson Company Profile

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.