Envestnet, Inc (ENV) Upgraded by Zacks Investment Research to “Buy”
Envestnet, Inc (NYSE:ENV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $61.00 price objective on the business services provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.96% from the stock’s current price.
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. “
ENV has been the subject of a number of other research reports. Royal Bank Of Canada reiterated a “hold” rating on shares of Envestnet in a research note on Monday, September 11th. Stifel Nicolaus reiterated a “buy” rating and set a $52.00 target price on shares of Envestnet in a research note on Tuesday, September 26th. UBS AG reiterated a “buy” rating and set a $63.00 target price (up previously from $50.00) on shares of Envestnet in a research note on Monday. Jefferies Group LLC reiterated a “buy” rating and set a $48.00 target price on shares of Envestnet in a research note on Friday, July 14th. Finally, BidaskClub upgraded shares of Envestnet from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. Envestnet presently has an average rating of “Buy” and a consensus target price of $52.25.
Shares of Envestnet (NYSE:ENV) traded down 0.46% during mid-day trading on Tuesday, hitting $54.00. The stock had a trading volume of 254,596 shares. The stock’s 50-day moving average is $47.27 and its 200 day moving average is $39.63. Envestnet has a 12 month low of $30.80 and a 12 month high of $54.90. The firm’s market cap is $2.38 billion.
Envestnet (NYSE:ENV) last issued its earnings results on Tuesday, August 8th. The business services provider reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The firm had revenue of $167.50 million for the quarter, compared to analyst estimates of $164.04 million. Envestnet had a positive return on equity of 7.78% and a negative net margin of 8.93%. The business’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.21 EPS. Equities research analysts predict that Envestnet will post $1.29 earnings per share for the current fiscal year.
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In other Envestnet news, insider Anil Arora sold 8,980 shares of the company’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $40.00, for a total value of $359,200.00. Following the completion of the transaction, the insider now owns 68,609 shares in the company, valued at $2,744,360. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gayle A. Crowell sold 746 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $39.20, for a total transaction of $29,243.20. Following the completion of the transaction, the director now owns 801 shares of the company’s stock, valued at approximately $31,399.20. The disclosure for this sale can be found here. Insiders sold 40,944 shares of company stock valued at $1,933,230 in the last 90 days. 5.58% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in ENV. Parametric Portfolio Associates LLC raised its holdings in shares of Envestnet by 116.6% in the first quarter. Parametric Portfolio Associates LLC now owns 77,580 shares of the business services provider’s stock valued at $2,506,000 after buying an additional 41,761 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in shares of Envestnet in the first quarter valued at about $116,000. Stifel Financial Corp raised its holdings in shares of Envestnet by 16.2% in the first quarter. Stifel Financial Corp now owns 19,560 shares of the business services provider’s stock valued at $631,000 after buying an additional 2,723 shares during the last quarter. American International Group Inc. raised its holdings in shares of Envestnet by 5.3% in the first quarter. American International Group Inc. now owns 25,094 shares of the business services provider’s stock valued at $811,000 after buying an additional 1,270 shares during the last quarter. Finally, Credit Agricole S A raised its holdings in shares of Envestnet by 46.0% in the first quarter. Credit Agricole S A now owns 33,010 shares of the business services provider’s stock valued at $1,067,000 after buying an additional 10,400 shares during the last quarter. 95.51% of the stock is 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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