Envestnet, Inc (NYSE:ENV) Sees Strong Trading Volume on Analyst Upgrade
Envestnet, Inc (NYSE:ENV) shares saw an uptick in trading volume on Thursday after Raymond James Financial raised their price target on the stock from $44.00 to $48.00. Raymond James Financial currently has a buy rating on the stock. 249,723 shares were traded during trading, an increase of 5% from the previous session’s volume of 237,416 shares.The stock last traded at $43.53 and had previously closed at $44.60.
ENV has been the topic of a number of other reports. BidaskClub lowered Envestnet from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Jefferies Group LLC reaffirmed a “buy” rating and set a $48.00 target price on shares of Envestnet in a research report on Friday, July 14th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $40.00 target price on shares of Envestnet in a research report on Thursday, May 11th. Zacks Investment Research raised Envestnet from a “strong sell” rating to a “buy” rating and set a $43.00 target price on the stock in a research report on Tuesday, July 11th. Finally, William Blair reaffirmed a “buy” rating on shares of Envestnet in a research report on Wednesday, June 28th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Envestnet has a consensus rating of “Buy” and a consensus target price of $45.50.
In related news, insider Scott D. Grinis sold 15,000 shares of the stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $39.21, for a total value of $588,150.00. Following the completion of the sale, the insider now directly owns 226,454 shares of the company’s stock, valued at approximately $8,879,261.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Anil Arora sold 8,980 shares of the 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 sale, the insider now directly owns 68,609 shares of the company’s stock, valued at $2,744,360. The disclosure for this sale can be found here. Over the last three months, insiders purchased 3,968 shares of company stock valued at $145,287 and sold 32,972 shares valued at $1,300,284. Corporate insiders own 7.80% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Envestnet during the fourth quarter worth approximately $5,831,000. Teachers Advisors LLC raised its stake in Envestnet by 1.1% in the fourth quarter. Teachers Advisors LLC now owns 67,770 shares of the business services provider’s stock worth $2,389,000 after buying an additional 741 shares during the last quarter. Nationwide Fund Advisors raised its stake in Envestnet by 21.4% in the first quarter. Nationwide Fund Advisors now owns 281,018 shares of the business services provider’s stock worth $9,077,000 after buying an additional 49,532 shares during the last quarter. First Mercantile Trust Co. raised its stake in Envestnet by 22.9% in the first quarter. First Mercantile Trust Co. now owns 14,708 shares of the business services provider’s stock worth $475,000 after buying an additional 2,742 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Envestnet by 2.5% in the first quarter. Russell Investments Group Ltd. now owns 158,838 shares of the business services provider’s stock worth $5,130,000 after buying an additional 3,800 shares during the last quarter. 99.92% of the stock is owned by institutional investors and hedge funds.
The company’s 50 day moving average price is $39.05 and its 200-day moving average price is $36.68. The company’s market capitalization is $1.93 billion.
Envestnet (NYSE:ENV) last released its quarterly earnings data on Tuesday, August 8th. The business services provider reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $167.50 million during the quarter, compared to the consensus estimate of $164.04 million. Envestnet had a positive return on equity of 7.72% and a negative net margin of 8.93%. The business’s revenue was up 18.0% on a year-over-year basis. During the same period last year, the company earned $0.21 EPS. On average, equities research analysts anticipate that Envestnet, Inc will post $1.27 earnings per share for the current fiscal year.
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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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