Ericsson (NASDAQ:ERIC) Reaches New 12-Month High – Still a Buy?

Ericsson (NASDAQ:ERIC)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $11.34 and last traded at $11.31, with a volume of 5418985 shares trading hands. The stock had previously closed at $11.16.

Analyst Ratings Changes

ERIC has been the topic of several recent research reports. Danske cut shares of Ericsson to a “hold” rating in a research note on Wednesday, October 15th. Wall Street Zen downgraded shares of Ericsson from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 18th. Morgan Stanley began coverage on shares of Ericsson in a research note on Monday. They set an “equal weight” rating and a $11.00 price target on the stock. Jefferies Financial Group upgraded Ericsson to a “hold” rating in a research note on Monday, October 13th. Finally, Argus raised Ericsson to a “hold” rating in a report on Monday, January 26th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $10.40.

Ericsson Stock Up 1.3%

The firm has a market capitalization of $38.13 billion, a PE ratio of 12.85, a P/E/G ratio of 2.00 and a beta of 0.94. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.29 and a quick ratio of 1.08. The company has a 50-day moving average price of $9.90 and a 200 day moving average price of $9.03.

Institutional Investors Weigh In On Ericsson

Several institutional investors and hedge funds have recently modified their holdings of ERIC. Jump Financial LLC bought a new position in shares of Ericsson during the second quarter worth $17,461,000. ABC Arbitrage SA lifted its stake in Ericsson by 64.6% in the 2nd quarter. ABC Arbitrage SA now owns 5,121,349 shares of the communications equipment provider’s stock worth $43,429,000 after purchasing an additional 2,009,723 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Ericsson by 42.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,350,029 shares of the communications equipment provider’s stock valued at $28,408,000 after purchasing an additional 1,005,398 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Ericsson by 197.2% during the 2nd quarter. Lazard Asset Management LLC now owns 1,242,381 shares of the communications equipment provider’s stock valued at $10,534,000 after purchasing an additional 824,287 shares during the last quarter. Finally, Marshall Wace LLP grew its position in shares of Ericsson by 234.2% during the third quarter. Marshall Wace LLP now owns 1,078,145 shares of the communications equipment provider’s stock valued at $8,916,000 after purchasing an additional 755,587 shares in the last quarter. Institutional investors own 7.99% of the company’s stock.

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.