Envestnet (NYSE:ENV – Get Rating) posted its earnings results on Thursday. The business services provider reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.03, Briefing.com reports. Envestnet had a negative net margin of 2.42% and a positive return on equity of 7.48%. The firm had revenue of $318.90 million during the quarter, compared to the consensus estimate of $324.02 million. During the same period last year, the firm posted $0.35 EPS. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis.
Envestnet Trading Down 4.9 %
Shares of ENV traded down $2.84 during mid-day trading on Friday, hitting $54.90. The company had a trading volume of 908,792 shares, compared to its average volume of 394,527. The business’s 50-day simple moving average is $55.85 and its 200-day simple moving average is $67.19. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.89. Envestnet has a 1-year low of $49.08 and a 1-year high of $85.99. The stock has a market cap of $3.03 billion, a PE ratio of -99.82 and a beta of 1.16.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on the stock. TheStreet downgraded shares of Envestnet from a “c-” rating to a “d+” rating in a report on Friday, June 17th. Piper Sandler decreased their price target on shares of Envestnet from $73.00 to $54.00 and set a “neutral” rating on the stock in a research note on Friday, June 17th. William Blair reaffirmed an “outperform” rating on shares of Envestnet in a research note on Monday, July 25th. Royal Bank of Canada decreased their price target on shares of Envestnet from $79.00 to $67.00 and set a “sector perform” rating on the stock in a research note on Monday, August 1st. Finally, JMP Securities decreased their price target on shares of Envestnet from $97.00 to $80.00 and set a “market outperform” rating on the stock in a research note on Tuesday, July 12th. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $72.33.
Insider Buying and Selling
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the business. Covestor Ltd lifted its position in Envestnet by 86.2% during the first quarter. Covestor Ltd now owns 1,398 shares of the business services provider’s stock valued at $104,000 after buying an additional 647 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Envestnet by 8.7% during the first quarter. PNC Financial Services Group Inc. now owns 3,346 shares of the business services provider’s stock valued at $249,000 after purchasing an additional 267 shares during the period. Virtu Financial LLC purchased a new stake in shares of Envestnet during the first quarter valued at approximately $259,000. Graham Capital Management L.P. purchased a new stake in shares of Envestnet during the first quarter valued at approximately $347,000. Finally, Guggenheim Capital LLC purchased a new stake in shares of Envestnet during the first quarter valued at approximately $470,000.
Envestnet, Inc, together with its subsidiaries, provides wealth management software and services in the United States and internationally. It operates through Envestnet Wealth Solutions and Envestnet Data & Analytics segments. The company's product and services include Envestnet | Enterprise, which provides an end-to-end open architecture wealth management platform, as well as offers data aggregation and reporting, data analytics, and digital advice capabilities; Envestnet | Tamarac that provides trading, rebalancing, portfolio accounting, performance reporting, and client relationship management software; and Envestnet | MoneyGuide that provides goals-based financial planning solutions to the financial services industry.
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