Zacks Investment Research Upgrades Envestnet Inc. (ENV) to “Hold”
Envestnet Inc. (NYSE:ENV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued 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. “
A number of other research analysts have also recently commented on ENV. Jefferies Group set a $48.00 target price on Envestnet and gave the company a “buy” rating in a research note on Tuesday, August 16th. RBC Capital Markets reissued a “sector perform” rating and issued a $40.00 target price (up previously from $37.00) on shares of Envestnet in a research note on Wednesday, August 10th. Royal Bank Of Canada increased their target price on Envestnet from $37.00 to $40.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 9th. JMP Securities reissued a “buy” rating and issued a $9.50 target price (down previously from $36.00) on shares of Envestnet in a research note on Thursday, June 23rd. Finally, Avondale Partners cut Envestnet from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 9th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $36.19.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/18/zacks-investment-research-upgrades-envestnet-inc-env-to-hold.html
Envestnet (NYSE:ENV) traded up 0.84% on Tuesday, hitting $35.89. The stock had a trading volume of 200,748 shares. The company’s market cap is $1.54 billion. Envestnet has a 52-week low of $19.30 and a 52-week high of $41.47. The stock’s 50-day moving average is $37.77 and its 200-day moving average is $35.22.
Envestnet (NYSE:ENV) last released its quarterly earnings results on Monday, August 8th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.01. The firm had revenue of $141.70 million for the quarter, compared to analysts’ expectations of $139.12 million. Envestnet had a negative net margin of 3.95% and a positive return on equity of 4.20%. The business’s quarterly revenue was up 38.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.24 earnings per share. Analysts expect that Envestnet will post $0.99 earnings per share for the current year.
In other news, insider Shelly O’brien sold 4,500 shares of the stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $38.00, for a total transaction of $171,000.00. Following the completion of the sale, the insider now directly owns 7,840 shares in the company, valued at $297,920. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Anil Arora sold 1,750 shares of the stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $37.50, for a total transaction of $65,625.00. Following the sale, the director now owns 92,114 shares of the company’s stock, valued at $3,454,275. The disclosure for this sale can be found here. Company insiders own 7.80% of the company’s stock.
Several hedge funds have recently bought and sold shares of ENV. Barclays PLC raised its stake in Envestnet by 280.0% in the first quarter. Barclays PLC now owns 55,816 shares of the company’s stock worth $1,507,000 after buying an additional 41,127 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Envestnet by 347.1% in the first quarter. Goldman Sachs Group Inc. now owns 78,914 shares of the company’s stock worth $2,146,000 after buying an additional 61,262 shares in the last quarter. BlackRock Inc. raised its stake 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 in the last quarter. EAM Investors LLC purchased a new stake in Envestnet during the second quarter worth $2,437,000. Finally, Nuveen Asset Management LLC purchased a new stake in Envestnet during the first quarter worth $1,207,000.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Envestnet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Envestnet Inc. and related companies with MarketBeat.com's FREE daily email newsletter.