Envestnet (ENV) Research Coverage Started at Rosenblatt Securities
Rosenblatt Securities began coverage on shares of Envestnet (NYSE:ENV) in a research note issued to investors on Wednesday, The Fly reports. The brokerage issued a buy rating and a $65.00 price target on the business services provider’s stock.
Several other analysts have also issued reports on the company. Zacks Investment Research raised Envestnet from a hold rating to a buy rating and set a $69.00 target price on the stock in a report on Thursday, October 4th. TheStreet lowered Envestnet from a b- rating to a c+ rating in a report on Wednesday, October 10th. DA Davidson raised Envestnet from a neutral rating to a buy rating in a research note on Thursday, November 8th. JMP Securities reduced their price objective on Envestnet from $76.00 to $67.00 and set a market outperform rating on the stock in a research note on Tuesday, November 13th. Finally, UBS Group raised their price objective on Envestnet from $62.00 to $68.00 and gave the company a buy rating in a research note on Friday, August 10th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $64.43.
ENV opened at $53.08 on Wednesday. The firm has a market cap of $2.43 billion, a PE ratio of 60.32, a P/E/G ratio of 2.53 and a beta of 1.87. Envestnet has a 52-week low of $48.38 and a 52-week high of $64.80. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.57.
In related news, COO Joshua Mayer sold 2,606 shares of the firm’s stock in a transaction dated Thursday, November 8th. The stock was sold at an average price of $55.00, for a total value of $143,330.00. Following the sale, the chief operating officer now directly owns 35,771 shares of the company’s stock, valued at $1,967,405. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, President William Crager sold 12,000 shares of the firm’s stock in a transaction dated Thursday, September 27th. The shares were sold at an average price of $60.99, for a total value of $731,880.00. Following the completion of the sale, the president now directly owns 212,252 shares in the company, valued at $12,945,249.48. The disclosure for this sale can be found here. Insiders sold 19,662 shares of company stock worth $1,188,894 over the last ninety days. 7.80% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Contravisory Investment Management Inc. acquired a new stake in Envestnet in the third quarter valued at about $136,000. TRUE Private Wealth Advisors bought a new position in Envestnet in the third quarter valued at about $169,000. Engineers Gate Manager LP bought a new position in Envestnet in the third quarter valued at about $207,000. First Republic Investment Management Inc. bought a new position in Envestnet in the third quarter valued at about $209,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in Envestnet in the second quarter valued at about $203,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.
Envestnet Company Profile
Envestnet, Inc, together with its subsidiaries, provides intelligent systems for wealth management and financial wellness in the United States and internationally. It operates through Envestnet and Envestnet | Yodlee business segments. The company's product and services suites include Envestnet | Enterprise, which provides an end-to-end open architecture wealth management platform, as well as sells 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; Envestnet | Retirement Solutions, which offer a suite of services for advisor-sold retirement plans; and Envestnet | Portfolio Management Consultants that provide research, due diligence, and consulting services to assist advisors in creating investment solutions for their clients, and patented portfolio overlay and tax optimization services.
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