Maryland State Retirement & Pension System Makes New Investment in Envestnet, Inc. (NYSE:ENV)

Maryland State Retirement & Pension System bought a new position in Envestnet, Inc. (NYSE:ENV) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 18,077 shares of the business services provider’s stock, valued at approximately $895,000.

Several other institutional investors have also made changes to their positions in the company. Headlands Technologies LLC acquired a new position in Envestnet in the 3rd quarter worth approximately $45,000. PNC Financial Services Group Inc. lifted its stake in Envestnet by 19.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 4,930 shares of the business services provider’s stock worth $217,000 after acquiring an additional 802 shares in the last quarter. Benjamin Edwards Inc. boosted its position in Envestnet by 68.9% during the 4th quarter. Benjamin Edwards Inc. now owns 5,438 shares of the business services provider’s stock worth $269,000 after acquiring an additional 2,218 shares during the period. Tower Research Capital LLC TRC grew its stake in Envestnet by 75.3% during the 3rd quarter. Tower Research Capital LLC TRC now owns 6,788 shares of the business services provider’s stock valued at $299,000 after acquiring an additional 2,915 shares in the last quarter. Finally, Truist Financial Corp acquired a new position in shares of Envestnet in the 4th quarter valued at about $433,000.

Analysts Set New Price Targets

ENV has been the subject of a number of research reports. JMP Securities reissued a “market outperform” rating and set a $79.00 target price on shares of Envestnet in a research note on Wednesday, April 17th. Royal Bank of Canada increased their price objective on Envestnet from $56.00 to $64.00 and gave the stock a “sector perform” rating in a report on Wednesday. Raymond James boosted their target price on Envestnet from $52.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, April 2nd. DA Davidson raised their price target on Envestnet from $62.00 to $67.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. Finally, William Blair reissued an “outperform” rating on shares of Envestnet in a research note on Wednesday, March 27th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $64.14.

Envestnet Stock Performance

Shares of NYSE ENV opened at $66.28 on Friday. The business’s 50-day simple moving average is $58.35 and its 200-day simple moving average is $50.02. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 0.90. Envestnet, Inc. has a 52 week low of $33.12 and a 52 week high of $68.83. The firm has a market cap of $3.63 billion, a price-to-earnings ratio of -15.17 and a beta of 1.26.

Envestnet (NYSE:ENV) last announced its earnings results on Thursday, February 22nd. The business services provider reported $0.43 earnings per share (EPS) 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 firm had revenue of $317.63 million during the quarter, compared to analysts’ expectations of $312.24 million. As a group, equities research analysts expect that Envestnet, Inc. will post 1.78 earnings per share for the current fiscal year.

Insider Activity at Envestnet

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

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.