Echo Street Capital Management LLC cut its holdings in shares of Envestnet, Inc. (NYSE:ENV – Get Rating) by 1.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,563,311 shares of the business services provider's stock after selling 16,387 shares during the quarter. Echo Street Capital Management LLC owned approximately 2.83% of Envestnet worth $116,373,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the business. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Envestnet by 71.3% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 40,600 shares of the business services provider's stock worth $3,022,000 after acquiring an additional 16,900 shares during the last quarter. Swiss National Bank boosted its stake in Envestnet by 7.6% in the 1st quarter. Swiss National Bank now owns 129,200 shares of the business services provider's stock worth $9,618,000 after purchasing an additional 9,100 shares during the period. PEAK6 Investments LLC bought a new position in Envestnet in the 4th quarter worth about $337,000. US Bancorp DE boosted its stake in Envestnet by 6.2% in the 1st quarter. US Bancorp DE now owns 46,181 shares of the business services provider's stock worth $3,438,000 after purchasing an additional 2,688 shares during the period. Finally, Teacher Retirement System of Texas boosted its stake in Envestnet by 21.4% in the 4th quarter. Teacher Retirement System of Texas now owns 10,554 shares of the business services provider's stock worth $837,000 after purchasing an additional 1,858 shares during the period.
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Envestnet Price Performance
NYSE:ENV traded up $1.23 during mid-day trading on Friday, reaching $53.25. The stock had a trading volume of 308,784 shares, compared to its average volume of 281,600. The firm has a 50 day moving average price of $54.76 and a two-hundred day moving average price of $64.61. The stock has a market capitalization of $2.94 billion, a P/E ratio of -96.82 and a beta of 1.19. Envestnet, Inc. has a one year low of $49.08 and a one year high of $85.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.77 and a current ratio of 0.77.
Envestnet (NYSE:ENV – Get Rating) last released its earnings results on Thursday, August 4th. The business services provider reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $0.03. The company had revenue of $318.90 million during the quarter, compared to the consensus estimate of $324.02 million. Envestnet had a positive return on equity of 7.52% and a negative net
margin of 2.42%. Envestnet's quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.35 EPS. As a group, analysts expect that Envestnet, Inc. will post 1.07 earnings per share for the current year.
Analyst Upgrades and Downgrades
Several research analysts have commented on the company. William Blair restated an "outperform" rating on shares of Envestnet in a research note on Monday, July 25th. Royal Bank of Canada cut their target price on Envestnet from $79.00 to $67.00 and set a "sector perform" rating for the company in a research note on Monday, August 1st. StockNews.com downgraded Envestnet from a "hold" rating to a "sell" rating in a research note on Thursday, August 11th. TheStreet downgraded Envestnet from a "c-" rating to a "d+" rating in a research report on Friday, June 17th. Finally, DA Davidson dropped their price target on Envestnet from $86.00 to $70.00 and set a "buy" rating for the company in a research report on Friday, July 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Envestnet presently has an average rating of "Moderate Buy" and an average target price of $72.33.
Insider Buying and Selling
In related news, SVP Barry D. Cooper sold 1,290 shares of the business's stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $56.43, for a total value of $72,794.70. Following the completion of the sale, the senior vice president now owns 25,997 shares in the company, valued at approximately $1,467,010.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Envestnet news, SVP Barry D. Cooper sold 1,290 shares of Envestnet stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $56.43, for a total value of $72,794.70. Following the transaction, the senior vice president now directly owns 25,997 shares of the company's stock, valued at approximately $1,467,010.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Crager purchased 920 shares of the firm's stock in a transaction on Wednesday, June 29th. The stock was bought at an average cost of $53.79 per share, for a total transaction of $49,486.80. Following the completion of the purchase, the chief executive officer now directly owns 306,241 shares in the company, valued at $16,472,703.39. The disclosure for this purchase can be found here. 1.44% of the stock is currently owned by corporate insiders.
Envestnet Company Profile
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Envestnet, Inc, together with its subsidiaries, provides wealth management software and services in the United States and internationally. It operates through Envestnet Wealth Solutions and Envestnet Data & Analytics segments. The company's product and services include Envestnet | Enterprise, which provides an end-to-end open architecture wealth management platform, as well as offers 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; and Envestnet | MoneyGuide that provides goals-based financial planning solutions to the financial services industry.
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