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 research report issued to clients and investors 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 analysts have also recently issued reports on ENV. Jefferies Group set a $48.00 target price on Envestnet and gave the stock a “buy” rating in a research report on Tuesday, August 16th. RBC Capital Markets reiterated a “sector perform” rating and set a $40.00 target price (up previously from $37.00) on shares of Envestnet in a research report on Wednesday, August 10th. Avondale Partners cut Envestnet from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 9th. Royal Bank Of Canada increased their target price on Envestnet from $37.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 9th. Finally, JMP Securities reiterated a “buy” rating and set a $9.50 target price (down previously from $36.00) on shares of Envestnet in a research report on Thursday, June 23rd. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $36.19.
Shares of Envestnet (NYSE:ENV) traded up 0.84% during trading on Tuesday, reaching $35.89. The company’s 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 stock’s market cap is $1.54 billion. The company has a 50 day moving average of $37.77 and a 200-day moving average of $35.22.
Envestnet (NYSE:ENV) last issued its quarterly earnings results on Monday, August 8th. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The business earned $141.70 million during 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 quarterly revenue was up 38.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.24 earnings per share. Analysts forecast that Envestnet will post $0.99 EPS for the current year.
In other news, Director Anil Arora sold 1,750 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $37.50, for a total value of $65,625.00. Following the completion of the sale, the director now directly owns 92,114 shares of the company’s stock, valued at approximately $3,454,275. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Shelly O’brien sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $40.00, for a total value of $40,000.00. Following the completion of the sale, the insider now directly owns 6,740 shares of the company’s stock, valued at $269,600. The disclosure for this sale can be found here. Corporate insiders own 7.80% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Barclays PLC increased its stake in shares of Envestnet by 280.0% in the first quarter. Barclays PLC now owns 55,816 shares of the company’s stock valued at $1,507,000 after buying an additional 41,127 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Envestnet by 347.1% in the first quarter. Goldman Sachs Group Inc. now owns 78,914 shares of the company’s stock valued at $2,146,000 after buying an additional 61,262 shares during the last quarter. BlackRock Inc. increased its stake in shares of Envestnet by 233.3% in the first quarter. BlackRock Inc. now owns 4,093 shares of the company’s stock valued at $111,000 after buying an additional 2,865 shares during the last quarter. EAM Investors LLC acquired a new stake in shares of Envestnet during the second quarter valued at $2,437,000. Finally, Nuveen Asset Management LLC acquired a new stake in shares of Envestnet during the first quarter valued at $1,207,000.
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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