Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Price Target Raised to $9.80

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) had its target price upped by research analysts at JPMorgan Chase & Co. from $8.90 to $9.80 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the communications equipment provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 37.35% from the company’s previous close.

Separately, StockNews.com cut shares of Telefonaktiebolaget LM Ericsson (publ) from a “strong-buy” rating to a “buy” rating in a report on Friday, January 24th.

Telefonaktiebolaget LM Ericsson (publ) Price Performance

Shares of Telefonaktiebolaget LM Ericsson (publ) stock traded up $0.03 during trading on Friday, reaching $7.14. The company’s stock had a trading volume of 14,467,890 shares, compared to its average volume of 17,887,730. The business has a 50 day moving average price of $7.88 and a 200-day moving average price of $8.03. The company has a market capitalization of $23.78 billion, a P/E ratio of -711,500.00, a price-to-earnings-growth ratio of 3.89 and a beta of 0.92. The company has a quick ratio of 0.96, a current ratio of 1.17 and a debt-to-equity ratio of 0.34. Telefonaktiebolaget LM Ericsson has a 12-month low of $4.77 and a 12-month high of $8.90.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last issued its earnings results on Friday, January 24th. The communications equipment provider reported $0.17 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.04). Telefonaktiebolaget LM Ericsson (publ) had a return on equity of 13.70% and a net margin of 0.06%. As a group, sell-side analysts anticipate that Telefonaktiebolaget LM Ericsson will post 0.48 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC grew its stake in Telefonaktiebolaget LM Ericsson (publ) by 401.1% in the 4th quarter. Renaissance Technologies LLC now owns 13,607,012 shares of the communications equipment provider’s stock valued at $109,673,000 after acquiring an additional 10,891,451 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 234.6% in the fourth quarter. Millennium Management LLC now owns 6,744,940 shares of the communications equipment provider’s stock valued at $54,364,000 after purchasing an additional 4,729,207 shares in the last quarter. DigitalBridge Group Inc. grew its position in shares of Telefonaktiebolaget LM Ericsson (publ) by 28.8% in the fourth quarter. DigitalBridge Group Inc. now owns 6,382,140 shares of the communications equipment provider’s stock valued at $51,440,000 after purchasing an additional 1,427,386 shares during the last quarter. Sei Investments Co. increased its stake in shares of Telefonaktiebolaget LM Ericsson (publ) by 55.0% during the 4th quarter. Sei Investments Co. now owns 4,808,322 shares of the communications equipment provider’s stock worth $38,755,000 after purchasing an additional 1,705,246 shares in the last quarter. Finally, National Bank of Canada FI acquired a new position in shares of Telefonaktiebolaget LM Ericsson (publ) during the 4th quarter worth approximately $23,440,000. Institutional investors and hedge funds own 7.99% of the company’s stock.

Telefonaktiebolaget LM Ericsson (publ) Company Profile

Telefonaktiebolaget LM Ericsson (publ), together with its subsidiaries, provides mobile connectivity solutions for telcom operators and enterprise customers in various sectors in North America, Europe, Latin America, the Middle East, Africa, North East Asia, South East Asia, Oceania, and India. It operates in four segments: Networks; Cloud Software and Services; Enterprise; and Other.