Royal Bank Of Canada Reaffirms “Hold” Rating for Envestnet, Inc (ENV)
Envestnet, Inc (NYSE:ENV)‘s stock had its “hold” rating reaffirmed by equities researchers at Royal Bank Of Canada in a report released on Thursday. They presently have a $48.00 price objective on the business services provider’s stock. Royal Bank Of Canada’s target price points to a potential downside of 10.45% from the company’s current price.
Other equities research analysts also recently issued reports about the company. William Blair reiterated an “ourperform” rating on shares of Envestnet in a research report on Tuesday, September 26th. Stifel Nicolaus reiterated a “buy” rating and issued a $52.00 target price (up from $45.00) on shares of Envestnet in a research report on Thursday, August 10th. BidaskClub downgraded Envestnet from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Zacks Investment Research downgraded Envestnet from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. Finally, JMP Securities boosted their target price on Envestnet from $48.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 26th. They noted that the move was a valuation call. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $48.14.
Envestnet (ENV) traded up 0.65% during mid-day trading on Thursday, hitting $53.95. The company’s stock had a trading volume of 51,639 shares. Envestnet has a 52-week low of $30.80 and a 52-week high of $54.20. The company’s 50 day moving average is $46.38 and its 200-day moving average is $39.14. The stock’s market cap is $2.37 billion.
Envestnet (NYSE:ENV) last announced its quarterly earnings data on Tuesday, August 8th. The business services provider reported $0.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 during the quarter, compared to analysts’ expectations of $164.04 million. During the same quarter in the previous year, the firm earned $0.21 earnings per share. Envestnet’s revenue was up 18.0% on a year-over-year basis. On average, equities analysts predict that Envestnet will post $1.29 EPS for the current fiscal year.
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In related news, Director Gayle A. Crowell sold 746 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $39.20, for a total value of $29,243.20. Following the transaction, the director now owns 801 shares of the company’s stock, valued at $31,399.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Scott D. Grinis sold 9,308 shares of the stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $50.04, for a total value of $465,772.32. Following the completion of the transaction, the insider now directly owns 209,708 shares in the company, valued at approximately $10,493,788.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 40,944 shares of company stock worth $1,933,230. Company insiders own 7.80% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Jane Street Group LLC bought a new position in Envestnet in the first quarter worth approximately $376,000. Geneva Advisors LLC grew its stake in Envestnet by 3.4% in the second quarter. Geneva Advisors LLC now owns 42,659 shares of the business services provider’s stock worth $1,689,000 after purchasing an additional 1,385 shares in the last quarter. Parametric Portfolio Associates LLC grew its stake in Envestnet by 116.6% in the first quarter. Parametric Portfolio Associates LLC now owns 77,580 shares of the business services provider’s stock worth $2,506,000 after purchasing an additional 41,761 shares in the last quarter. Van Berkom & Associates Inc. grew its stake in 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 worth $65,465,000 after purchasing an additional 133,303 shares in the last quarter. Finally, Marshall Wace North America L.P. grew its stake in Envestnet by 541.4% in the second quarter. Marshall Wace North America L.P. now owns 64,674 shares of the business services provider’s stock worth $2,587,000 after purchasing an additional 54,590 shares in the last quarter. 95.51% of the stock is currently owned by institutional investors.
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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