Royal Bank Of Canada Reiterates Hold Rating for Envestnet, Inc (ENV)
Envestnet, Inc (NYSE:ENV)‘s stock had its “hold” rating reiterated by Royal Bank Of Canada in a research report issued to clients and investors on Thursday. They currently have a $48.00 price target on the business services provider’s stock. Royal Bank Of Canada’s target price would indicate a potential downside of 10.45% from the stock’s current price.
Other equities analysts have also recently issued research reports about the stock. Stifel Nicolaus restated a “buy” rating and set a $52.00 target price on shares of Envestnet in a research report on Tuesday, September 26th. William Blair restated a “buy” rating on shares of Envestnet in a research report on Wednesday, June 28th. BidaskClub upgraded shares of Envestnet from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Jefferies Group LLC restated a “buy” rating and set a $48.00 target price on shares of Envestnet in a research report on Friday, July 14th. Finally, Zacks Investment Research upgraded shares of Envestnet from a “strong sell” rating to a “buy” rating and set a $43.00 target price for the company in a research report on Tuesday, July 11th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Envestnet has a consensus rating of “Buy” and an average target price of $48.14.
Shares of Envestnet (NYSE ENV) traded up 0.37% during mid-day trading on Thursday, reaching $53.80. 64,714 shares of the company traded hands. The company’s market capitalization is $2.37 billion. Envestnet has a 52 week low of $30.80 and a 52 week high of $54.20. The stock’s 50-day moving average is $46.38 and its 200-day moving average is $39.14.
Envestnet (NYSE:ENV) last announced its earnings results on Tuesday, August 8th. The business services provider reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The business had revenue of $167.50 million for the quarter, compared to analyst estimates of $164.04 million. Envestnet had a positive return on equity of 7.78% and a negative net margin of 8.93%. The business’s revenue was up 18.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.21 EPS. On average, equities analysts predict that Envestnet will post $1.29 EPS for the current fiscal year.
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In other news, insider Anil Arora sold 8,980 shares of Envestnet stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $40.00, for a total transaction of $359,200.00. Following the completion of the sale, the insider now directly owns 68,609 shares in the company, valued at $2,744,360. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gayle A. Crowell sold 746 shares of Envestnet stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $51.20, for a total transaction of $38,195.20. Following the sale, the director now owns 801 shares of the company’s stock, valued at $41,011.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,944 shares of company stock valued at $1,933,230. Insiders own 7.80% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC grew its holdings in shares of Envestnet by 559.6% during the second quarter. Janus Henderson Group PLC now owns 4,017,706 shares of the business services provider’s stock worth $159,101,000 after buying an additional 3,408,580 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Envestnet by 5.8% during the second quarter. Vanguard Group Inc. now owns 3,454,623 shares of the business services provider’s stock worth $136,803,000 after buying an additional 188,892 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Envestnet by 3.1% during the second quarter. BlackRock Inc. now owns 2,662,809 shares of the business services provider’s stock worth $105,446,000 after buying an additional 81,056 shares in the last quarter. Wasatch Advisors Inc. grew its holdings in shares of Envestnet by 3.0% during the second quarter. Wasatch Advisors Inc. now owns 1,985,952 shares of the business services provider’s stock worth $78,644,000 after buying an additional 57,555 shares in the last quarter. Finally, Van Berkom & Associates Inc. grew its holdings in shares of Envestnet by 8.8% during the second quarter. Van Berkom & Associates Inc. now owns 1,653,145 shares of the business services provider’s stock worth $65,465,000 after buying an additional 133,303 shares in the last quarter. Institutional investors and hedge funds own 95.51% of the company’s stock.
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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