Envestnet, Inc (ENV) Downgraded by Zacks Investment Research
Zacks Investment Research downgraded shares of Envestnet, Inc (NYSE:ENV) from a buy rating to a hold rating in a research report report published on Thursday morning.
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 research firms have also weighed in on ENV. UBS AG restated a buy rating and set a $63.00 target price (up from $50.00) on shares of Envestnet in a report on Monday, October 9th. Royal Bank Of Canada restated a hold rating and set a $48.00 target price on shares of Envestnet in a report on Thursday, October 5th. Jefferies Group LLC raised their target price on Envestnet from $47.00 to $65.00 and gave the company a buy rating in a report on Tuesday, October 17th. Stifel Nicolaus restated a buy rating and set a $62.00 target price (up from $52.00) on shares of Envestnet in a report on Thursday, November 9th. Finally, JMP Securities raised their target price on Envestnet from $48.00 to $56.00 and gave the company an outperform rating in a report on Tuesday, September 26th. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $55.13.
Envestnet (NYSE ENV) traded down $1.95 during midday trading on Thursday, reaching $49.55. The company’s stock had a trading volume of 437,082 shares, compared to its average volume of 214,499. Envestnet has a one year low of $30.80 and a one year high of $55.15. The company has a current ratio of 0.90, a quick ratio of 0.61 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $2,195.36, a price-to-earnings ratio of 63.53, a P/E/G ratio of 3.68 and a beta of 1.97.
Envestnet (NYSE:ENV) last posted its earnings results on Wednesday, November 8th. The business services provider reported $0.37 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.02. Envestnet had a positive return on equity of 8.92% and a negative net margin of 8.15%. The company had revenue of $175.61 million for the quarter, compared to analyst estimates of $171.57 million. During the same period last year, the company earned $0.28 earnings per share. The business’s revenue was up 17.7% compared to the same quarter last year. analysts forecast that Envestnet will post 0.9 earnings per share for the current fiscal year.
In other news, insider Anil Arora sold 16,418 shares of the firm’s stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $50.00, for a total value of $820,900.00. Following the sale, the insider now directly owns 56,175 shares of the company’s stock, valued at $2,808,750. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gayle A. Crowell sold 746 shares of the firm’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $44.45, for a total value of $33,159.70. Following the completion of the sale, the director now directly owns 801 shares in the company, valued at $35,604.45. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 120,464 shares of company stock worth $6,214,283. 7.80% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC grew its position in 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 position in 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 position in 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 position in 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 position in 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. 97.48% of the stock is currently owned by institutional investors and hedge funds.
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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