Envestnet Portfolio Solutions Inc. Cuts Stock Position in Ericsson (NASDAQ:ERIC)

Envestnet Portfolio Solutions Inc. cut its stake in shares of Ericsson (NASDAQ:ERIC - Free Report) by 62.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,986 shares of the communications equipment provider's stock after selling 37,054 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Ericsson were worth $171,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Minot DeBlois Advisors LLC purchased a new stake in Ericsson in the fourth quarter worth approximately $35,000. GeoWealth Management LLC bought a new position in shares of Ericsson during the fourth quarter valued at approximately $36,000. Smartleaf Asset Management LLC raised its holdings in shares of Ericsson by 131.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,993 shares of the communications equipment provider's stock valued at $40,000 after acquiring an additional 2,840 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Ericsson in the fourth quarter worth $77,000. Finally, Diametric Capital LP bought a new position in shares of Ericsson during the fourth quarter valued at $85,000. 7.99% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ERIC has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their price objective on Ericsson from $8.90 to $9.80 and gave the company a "neutral" rating in a research report on Friday, April 11th. Wall Street Zen raised Ericsson from a "buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Finally, Kepler Capital Markets raised Ericsson from a "strong sell" rating to a "hold" rating in a research note on Wednesday, April 16th.

Ericsson Stock Performance

Ericsson stock traded down $0.14 during midday trading on Friday, hitting $8.41. 14,541,403 shares of the company were exchanged, compared to its average volume of 19,709,564. The firm has a market capitalization of $28.14 billion, a PE ratio of 168.10, a price-to-earnings-growth ratio of 6.03 and a beta of 0.93. Ericsson has a fifty-two week low of $6.12 and a fifty-two week high of $9.00. The business has a fifty day simple moving average of $8.44 and a two-hundred day simple moving average of $8.14. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.88 and a current ratio of 1.09.

Ericsson (NASDAQ:ERIC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The communications equipment provider reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.03. The company had revenue of $5.68 billion during the quarter, compared to analysts' expectations of $55.83 billion. Ericsson had a return on equity of 16.45% and a net margin of 0.67%. On average, sell-side analysts forecast that Ericsson will post 0.48 earnings per share for the current year.

Ericsson 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.