Envestnet, Inc (ENV) Rating Lowered to Hold at Zacks Investment Research
Envestnet, Inc (NYSE:ENV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
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 brokerages have also weighed in on ENV. Stifel Nicolaus restated a “buy” rating and set a $52.00 price objective (up previously from $45.00) on shares of Envestnet in a research note on Thursday. DA Davidson assumed coverage on Envestnet in a research note on Thursday, July 6th. They set a “neutral” rating and a $42.00 price objective for the company. BidaskClub lowered Envestnet from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. William Blair restated a “buy” rating on shares of Envestnet in a research note on Wednesday, June 28th. Finally, Jefferies Group LLC restated a “buy” rating and set a $48.00 price objective on shares of Envestnet in a research note on Friday, July 14th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $45.50.
Envestnet (NYSE:ENV) traded up 1.64% during midday trading on Monday, reaching $43.40. The company had a trading volume of 270,772 shares. The firm’s market capitalization is $1.91 billion. The firm’s 50-day moving average price is $39.42 and its 200 day moving average price is $36.81. Envestnet has a 12 month low of $30.80 and a 12 month high of $45.17.
Envestnet (NYSE:ENV) last issued its quarterly earnings data on Tuesday, August 8th. The business services provider reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by $0.01. Envestnet had a negative net margin of 8.93% and a positive return on equity of 7.78%. The business had revenue of $167.50 million for the quarter, compared to analyst estimates of $164.04 million. During the same quarter last year, the business earned $0.21 EPS. Envestnet’s revenue for the quarter was up 18.0% compared to the same quarter last year. Equities analysts anticipate that Envestnet will post $1.27 earnings per share for the current fiscal year.
In other news, Director Charles Roame bought 1,473 shares of the firm’s stock in a transaction dated Wednesday, May 31st. The stock was bought at an average price of $35.38 per share, for a total transaction of $52,114.74. Following the transaction, the director now owns 1,729 shares in the company, valued at $61,172.02. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gayle A. Crowell bought 2,238 shares of the firm’s stock in a transaction dated Friday, June 2nd. The stock was purchased at an average price of $37.50 per share, with a total value of $83,925.00. The disclosure for this purchase can be found here. In the last quarter, insiders sold 32,972 shares of company stock valued at $1,300,284. Insiders own 5.58% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of ENV. Ameritas Investment Partners Inc. purchased a new position in shares of Envestnet during the first quarter valued at approximately $116,000. D.A. Davidson & CO. raised its position in shares of Envestnet by 13.0% in the second quarter. D.A. Davidson & CO. now owns 3,286 shares of the business services provider’s stock valued at $130,000 after buying an additional 379 shares during the last quarter. Parallel Advisors LLC purchased a new position in shares of Envestnet during the first quarter valued at approximately $131,000. Gradient Investments LLC purchased a new position in shares of Envestnet during the second quarter valued at approximately $191,000. Finally, CI Investments Inc. purchased a new position in shares of Envestnet during the first quarter valued at approximately $194,000.
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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