Ericsson (NASDAQ:ERIC) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

A number of other analysts also recently weighed in on ERIC. Canaccord Genuity reaffirmed a “hold” rating and set a $6.00 price target on shares of Ericsson in a report on Tuesday, July 18th. J P Morgan Chase & Co reaffirmed a “hold” rating on shares of Ericsson in a report on Tuesday, July 18th. Zacks Investment Research raised shares of Ericsson from a “strong sell” rating to a “hold” rating in a report on Monday, July 17th. Bank of America Corporation reaffirmed a “buy” rating on shares of Ericsson in a report on Friday, June 2nd. Finally, ValuEngine raised shares of Ericsson from a “strong sell” rating to a “sell” rating in a report on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Ericsson currently has a consensus rating of “Hold” and a consensus target price of $5.95.

Ericsson (ERIC) opened at 6.00 on Friday. Ericsson has a 52-week low of $4.83 and a 52-week high of $7.55.

Ericsson (NASDAQ:ERIC) last posted its quarterly earnings data on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.05 by $0.03. The business had revenue of $49.90 billion during the quarter, compared to the consensus estimate of $50.66 billion. Ericsson had a negative net margin of 6.40% and a negative return on equity of 3.16%. The business’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.83 EPS. Equities analysts expect that Ericsson will post $0.23 EPS for the current year.

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A number of institutional investors have recently made changes to their positions in the stock. Brandes Investment Partners LP boosted its position in shares of Ericsson by 9.1% in the first quarter. Brandes Investment Partners LP now owns 10,712,458 shares of the communications equipment provider’s stock valued at $71,131,000 after buying an additional 894,358 shares during the period. Pinnacle Associates Ltd. acquired a new position in shares of Ericsson during the first quarter valued at about $344,000. Envestnet Asset Management Inc. boosted its position in shares of Ericsson by 57.3% in the first quarter. Envestnet Asset Management Inc. now owns 583,503 shares of the communications equipment provider’s stock valued at $3,874,000 after buying an additional 212,593 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Ericsson by 17.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 65,142 shares of the communications equipment provider’s stock valued at $433,000 after buying an additional 9,842 shares during the period. Finally, Pitcairn Co. acquired a new position in shares of Ericsson during the first quarter valued at about $473,000. Hedge funds and other institutional investors own 8.13% of the company’s stock.

Ericsson Company Profile

Telefonaktiebolaget LM Ericsson (Ericsson) provides infrastructure, services and software to the telecommunication industry and other sectors. The Company’s segments include Networks, IT & Cloud and Media. The Networks segment consists of two business units: Network Products and Network Services. The overall focus is on evolving and managing access networks, including the development of hardware and software for radio access and transport networks.

Analyst Recommendations for Ericsson (NASDAQ:ERIC)

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