StockNews.com upgraded shares of Envestnet (NYSE:ENV – Get Rating) from a sell rating to a hold rating in a research report sent to investors on Tuesday.
A number of other research analysts have also recently issued reports on the company. TheStreet cut Envestnet from a c- rating to a d+ rating in a research note on Friday, June 17th. William Blair reissued an outperform rating on shares of Envestnet in a research note on Monday, July 25th. JMP Securities cut their target price on Envestnet from $97.00 to $80.00 and set a market outperform rating on the stock in a research note on Tuesday, July 12th. Piper Sandler cut their target price on Envestnet from $73.00 to $54.00 and set a neutral rating on the stock in a research note on Friday, June 17th. Finally, Raymond James cut their target price on Envestnet from $90.00 to $73.00 and set a strong-buy rating on the stock in a research note on Friday, July 8th. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $72.33.
Get Envestnet alerts:Envestnet Stock Down 3.8 %
ENV opened at $51.60 on Tuesday. The stock has a market cap of $2.85 billion, a PE ratio of -93.82 and a beta of 1.19. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.54. Envestnet has a 52 week low of $49.08 and a 52 week high of $85.99. The business's fifty day simple moving average is $54.74 and its 200 day simple moving average is $64.29.
Envestnet (NYSE:ENV – Get Rating) last announced its quarterly earnings data on Thursday, August 4th. The business services provider reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.03. Envestnet had a positive return on equity of 7.52% and a negative net margin of 2.42%. The firm had revenue of $318.90 million for the quarter, compared to analysts' expectations of $324.02 million. During the same period last year, the firm earned $0.35 earnings per share. The company's revenue for the quarter was up 10.5% compared to the same quarter last year. As a group, research analysts expect that Envestnet will post 1.07 earnings per share for the current fiscal year.Insiders Place Their Bets
In related news, CEO William Crager acquired 920 shares of the stock in a transaction on Wednesday, June 29th. The stock was acquired at an average cost of $53.79 per share, for a total transaction of $49,486.80. Following the completion of the acquisition, the chief executive officer now directly owns 306,241 shares of the company's stock, valued at approximately $16,472,703.39. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO William Crager acquired 920 shares of the stock in a transaction on Wednesday, June 29th. The stock was acquired at an average cost of $53.79 per share, for a total transaction of $49,486.80. Following the completion of the acquisition, the chief executive officer now directly owns 306,241 shares of the company's stock, valued at approximately $16,472,703.39. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Barry D. Cooper sold 1,290 shares of the firm's stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $56.43, for a total transaction of $72,794.70. Following the completion of the sale, the senior vice president now owns 25,997 shares of the company's stock, valued at $1,467,010.71. The disclosure for this sale can be found here. 1.44% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Envestnet
Several large investors have recently made changes to their positions in the business. State Street Corp lifted its holdings in shares of Envestnet by 2.7% during the first quarter. State Street Corp now owns 1,713,638 shares of the business services provider's stock valued at $127,563,000 after purchasing an additional 44,600 shares during the last quarter. Brown Advisory Inc. lifted its holdings in shares of Envestnet by 87.4% during the second quarter. Brown Advisory Inc. now owns 1,325,941 shares of the business services provider's stock valued at $69,969,000 after purchasing an additional 618,360 shares during the last quarter. Stephens Investment Management Group LLC lifted its holdings in shares of Envestnet by 1.4% during the first quarter. Stephens Investment Management Group LLC now owns 1,195,483 shares of the business services provider's stock valued at $88,992,000 after purchasing an additional 16,715 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Envestnet by 0.3% during the first quarter. Clearbridge Investments LLC now owns 1,164,284 shares of the business services provider's stock valued at $86,669,000 after purchasing an additional 3,450 shares during the last quarter. Finally, Van Berkom & Associates Inc. lifted its holdings in shares of Envestnet by 7.4% during the second quarter. Van Berkom & Associates Inc. now owns 1,129,044 shares of the business services provider's stock valued at $59,580,000 after purchasing an additional 77,467 shares during the last quarter.
About Envestnet
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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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