Envestnet, Inc (ENV) Upgraded to “Buy” at Zacks Investment Research
Envestnet, Inc (NYSE:ENV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $61.00 target price on the business services provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.96% from the stock’s previous close.
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. “
ENV has been the subject of a number of other research reports. BidaskClub downgraded shares of Envestnet from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Jefferies Group LLC restated a “buy” rating and set a $48.00 price objective on shares of Envestnet in a report on Friday, July 14th. Royal Bank Of Canada restated a “hold” rating on shares of Envestnet in a report on Monday, September 11th. Stifel Nicolaus restated a “buy” rating and set a $52.00 price objective on shares of Envestnet in a report on Tuesday, September 26th. Finally, William Blair restated an “ourperform” rating on shares of Envestnet in a report on Tuesday, September 26th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $52.25.
Envestnet (NYSE ENV) traded down 0.46% on Tuesday, hitting $54.00. 254,596 shares of the stock traded hands. The firm’s market capitalization is $2.38 billion. The stock has a 50 day moving average of $47.27 and a 200 day moving average of $39.63. Envestnet has a 52 week low of $30.80 and a 52 week high of $54.90.
Envestnet (NYSE:ENV) last posted its quarterly earnings data 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). Envestnet had a positive return on equity of 7.78% and a negative net margin of 8.93%. The company had revenue of $167.50 million for the quarter, compared to analysts’ expectations of $164.04 million. During the same quarter last year, the business posted $0.21 EPS. The business’s quarterly revenue was up 18.0% on a year-over-year basis. Equities research analysts anticipate that Envestnet will post $1.29 earnings per share for the current year.
In other news, COO Joshua Mayer sold 1,500 shares of Envestnet stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $43.66, for a total value of $65,490.00. Following the completion of the transaction, the chief operating officer now owns 13,796 shares in the company, valued at $602,333.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 completion of the transaction, the director now owns 801 shares of the company’s stock, valued at approximately $41,011.20. The disclosure for this sale can be found here. Insiders sold 40,944 shares of company stock valued at $1,933,230 in the last quarter. Corporate insiders own 5.58% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC increased its stake in shares of Envestnet by 559.6% in 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 purchasing an additional 3,408,580 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Envestnet by 5.8% in the second quarter. Vanguard Group Inc. now owns 3,454,623 shares of the business services provider’s stock valued at $136,803,000 after acquiring an additional 188,892 shares during the period. BlackRock Inc. boosted its position in shares of Envestnet by 3.1% in the second quarter. BlackRock Inc. now owns 2,662,809 shares of the business services provider’s stock valued at $105,446,000 after acquiring an additional 81,056 shares during the period. Wasatch Advisors Inc. boosted its position in shares of Envestnet by 3.0% in the second quarter. Wasatch Advisors Inc. now owns 1,985,952 shares of the business services provider’s stock valued at $78,644,000 after acquiring an additional 57,555 shares during the period. Finally, Van Berkom & Associates Inc. boosted its position in shares of Envestnet by 8.8% in the second quarter. Van Berkom & Associates Inc. now owns 1,653,145 shares of the business services provider’s stock valued at $65,465,000 after acquiring an additional 133,303 shares during the period. Hedge funds and other institutional investors 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.
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.