Envestnet Inc. (ENV) Upgraded at Zacks Investment Research
Envestnet Inc. (NYSE:ENV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Envestnet, Inc. is an independent provider of technology-enabled, Web-based investment solutions and services to financial advisors. The Company’s technology platform allows financial advisors to provide their clients with a wide range of investment solutions and services. It offers risk assessment and selection of investment strategies, asset allocation models, research and due diligence, portfolio construction, proposal generation and paperwork preparation, model management and account rebalancing, account monitoring, customized fee billing, overlay services covering asset allocation, tax management and socially responsible investing, aggregated multi-custodian performance reporting and communication tools, as well as access to a range of third-party asset custodians. Envestnet focuses its technology development efforts and its sales and marketing approach on addressing financial advisors’ front, middle and back office needs. Envestnet, Inc. is headquartered in Chicago, Illinois. “
Several other brokerages have also recently weighed in on ENV. Avondale Partners cut Envestnet from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 9th. Royal Bank Of Canada boosted their target price on Envestnet from $37.00 to $40.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 9th. Jefferies Group set a $48.00 price objective on Envestnet and gave the company a “buy” rating in a report on Tuesday, August 16th. RBC Capital Markets reiterated a “sector perform” rating and issued a $40.00 price objective (up from $37.00) on shares of Envestnet in a report on Wednesday, August 10th. Finally, JMP Securities reiterated a “buy” rating and issued a $9.50 price objective (down from $36.00) on shares of Envestnet in a report on Thursday, June 23rd. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Envestnet currently has a consensus rating of “Buy” and a consensus target price of $36.19.
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Shares of Envestnet (NYSE:ENV) traded up 0.84% on Tuesday, hitting $35.89. The stock had a trading volume of 200,748 shares. Envestnet has a 12-month low of $19.30 and a 12-month high of $41.47. The firm’s market cap is $1.54 billion. The stock has a 50 day moving average of $37.77 and a 200 day moving average of $35.22.
Envestnet (NYSE:ENV) last issued its earnings results on Monday, August 8th. The company reported $0.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The business had revenue of $141.70 million for the quarter, compared to analysts’ expectations of $139.12 million. Envestnet had a positive return on equity of 4.20% and a negative net margin of 3.95%. The business’s revenue for the quarter was up 38.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 EPS. Equities analysts predict that Envestnet will post $0.99 earnings per share for the current fiscal year.
In other Envestnet news, Director Anil Arora sold 2,520 shares of the company’s stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $40.33, for a total transaction of $101,631.60. Following the transaction, the director now directly owns 84,694 shares in the company, valued at $3,415,709.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Judson Bergman sold 7,541 shares of the company’s stock in a transaction on Monday, October 10th. The stock was sold at an average price of $36.95, for a total value of $278,639.95. Following the transaction, the chief executive officer now owns 656,635 shares in the company, valued at $24,262,663.25. The disclosure for this sale can be found here. Company insiders own 7.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in Envestnet by 233.3% in the first quarter. BlackRock Inc. now owns 4,093 shares of the company’s stock worth $111,000 after buying an additional 2,865 shares during the period. BNP Paribas Arbitrage SA raised its stake in Envestnet by 113.8% in the third quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the company’s stock worth $126,000 after buying an additional 1,835 shares in the last quarter. Teacher Retirement System of Texas raised its stake in Envestnet by 13.6% in the second quarter. Teacher Retirement System of Texas now owns 5,343 shares of the company’s stock worth $178,000 after buying an additional 638 shares in the last quarter. Trexquant Investment LP bought a new stake in Envestnet during the second quarter worth $209,000. Finally, 1st Global Advisors Inc. bought a new stake in Envestnet during the second quarter worth $214,000.
Envestnet Company Profile
Envestnet, Inc is a provider of financial and wealth management technology and services to financial advisors, investors and financial service providers. The Company’s segments are Envestnet and Envestnet/Yodlee. Its Envestnet segment provides unified wealth management software and services empowering financial advisors and institutions.
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