Royal Bank of Canada Increases Envestnet (NYSE:ENV) Price Target to $64.00

Envestnet (NYSE:ENV) had its target price lifted by stock analysts at Royal Bank of Canada from $56.00 to $64.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “sector perform” rating on the business services provider’s stock. Royal Bank of Canada’s price target indicates a potential upside of 0.33% from the stock’s previous close.

ENV has been the subject of several other research reports. JMP Securities reaffirmed a “market outperform” rating and set a $79.00 target price on shares of Envestnet in a research note on Wednesday, April 17th. Raymond James upped their price target on Envestnet from $52.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, April 2nd. StockNews.com downgraded shares of Envestnet from a “hold” rating to a “sell” rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. increased their price objective on shares of Envestnet from $44.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, February 23rd. Finally, DA Davidson increased their target price on Envestnet from $62.00 to $67.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Envestnet currently has a consensus rating of “Hold” and a consensus target price of $64.14.

Envestnet Stock Performance

Shares of ENV stock traded up $1.03 during trading hours on Wednesday, hitting $63.79. The company’s stock had a trading volume of 340,295 shares, compared to its average volume of 484,953. The company has a 50 day moving average of $57.80 and a 200 day moving average of $49.81. The stock has a market cap of $3.49 billion, a PE ratio of -14.66 and a beta of 1.26. Envestnet has a 12-month low of $33.12 and a 12-month high of $68.83. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53.

Envestnet (NYSE:ENV) last released its quarterly earnings results on Thursday, February 22nd. The business services provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.10. Envestnet had a positive return on equity of 12.27% and a negative net margin of 19.17%. The company had revenue of $317.63 million during the quarter, compared to analysts’ expectations of $312.24 million. On average, sell-side analysts forecast that Envestnet will post 1.78 EPS for the current fiscal year.

Insider Activity

In related news, Director Lauren Taylor Wolfe bought 1,670 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was acquired at an average price of $52.99 per share, for a total transaction of $88,493.30. Following the transaction, the director now directly owns 4,188,871 shares of the company’s stock, valued at $221,968,274.29. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Lauren Taylor Wolfe acquired 1,670 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were purchased at an average cost of $52.99 per share, for a total transaction of $88,493.30. Following the transaction, the director now owns 4,188,871 shares of the company’s stock, valued at $221,968,274.29. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Matthew Majoros sold 700 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $56.92, for a total transaction of $39,844.00. Following the completion of the transaction, the insider now directly owns 15,212 shares in the company, valued at approximately $865,867.04. The disclosure for this sale can be found here. 8.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. ProShare Advisors LLC increased its holdings in Envestnet by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 10,095 shares of the business services provider’s stock worth $585,000 after purchasing an additional 693 shares in the last quarter. Illinois Municipal Retirement Fund grew its holdings in shares of Envestnet by 2.2% during the first quarter. Illinois Municipal Retirement Fund now owns 28,271 shares of the business services provider’s stock worth $1,637,000 after buying an additional 619 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in Envestnet by 2.0% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 28,201 shares of the business services provider’s stock worth $1,633,000 after acquiring an additional 543 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Envestnet during the 1st quarter worth approximately $168,000. Finally, Texas Permanent School Fund Corp raised its holdings in shares of Envestnet by 1.6% in the first quarter. Texas Permanent School Fund Corp now owns 43,529 shares of the business services provider’s stock valued at $2,521,000 after purchasing an additional 688 shares during the last quarter.

Envestnet Company Profile

Envestnet, Inc, through its subsidiaries, provides wealth management software and services in the United States and internationally. It operates through two segments: Envestnet Wealth Solutions and Envestnet Data & Analytics. The Envestnet Wealth Solutions segment offers Envestnet | Enterprise, an end-to-end open architecture wealth management platform, as well as offers data aggregation and reporting, data analytics, and digital advice capabilities; Envestnet | Wealth Analytics that transforms data into actionable intelligence; Envestnet | Tamarac which 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.