Ericsson (NASDAQ:ERIC) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. trimmed its holdings in shares of Ericsson (NASDAQ:ERIC) by 13.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,019,814 shares of the communications equipment provider’s stock after selling 157,547 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Ericsson were worth $7,914,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ERIC. Pinnacle Bancorp Inc. acquired a new stake in Ericsson in the first quarter worth approximately $31,000. Minot DeBlois Advisors LLC acquired a new stake in Ericsson during the 4th quarter valued at $35,000. GeoWealth Management LLC acquired a new stake in Ericsson during the 4th quarter valued at $36,000. Diametric Capital LP acquired a new position in shares of Ericsson in the fourth quarter worth $85,000. Finally, Wallace Advisory Group LLC acquired a new position in shares of Ericsson in the first quarter worth $90,000. 7.99% of the stock is owned by institutional investors.

Ericsson Price Performance

Shares of NASDAQ:ERIC opened at $7.47 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.09 and a quick ratio of 0.86. Ericsson has a one year low of $6.41 and a one year high of $9.00. The firm has a 50 day simple moving average of $8.36 and a 200 day simple moving average of $8.13. The company has a market cap of $25.01 billion, a price-to-earnings ratio of 14.94, a PEG ratio of 12.14 and a beta of 0.93.

Ericsson (NASDAQ:ERIC) last posted its quarterly earnings results on Tuesday, July 15th. The communications equipment provider reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. The business had revenue of $5.84 billion during the quarter, compared to analysts’ expectations of $60.54 billion. Ericsson had a net margin of 7.06% and a return on equity of 21.17%. The business’s quarterly revenue was down 6.2% on a year-over-year basis. During the same period last year, the company posted ($3.34) earnings per share. Research analysts predict that Ericsson will post 0.48 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ERIC shares. JPMorgan Chase & Co. upped their price target on shares of Ericsson from $8.90 to $9.80 and gave the company a “neutral” rating in a report on Friday, April 11th. Wall Street Zen raised shares of Ericsson from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Finally, Kepler Capital Markets raised shares of Ericsson from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 16th.

Ericsson 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.