Envestnet, Inc (ENV) Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Envestnet, Inc (NYSE:ENV) from a buy rating to a hold rating in a report issued on Monday.

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 several other research reports. BidaskClub lowered Envestnet from a buy rating to a hold rating in a research note on Friday, August 4th. Jefferies Group LLC reaffirmed a buy rating and issued a $48.00 target price on shares of Envestnet in a research note on Friday, July 14th. Royal Bank Of Canada reaffirmed a hold rating and issued a $40.00 target price on shares of Envestnet in a research note on Thursday, May 11th. William Blair reaffirmed a buy rating on shares of Envestnet in a research note on Wednesday, June 28th. Finally, DA Davidson began coverage on Envestnet in a research note on Thursday, July 6th. They issued a neutral rating and a $42.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $45.50.

Envestnet (NYSE:ENV) traded up 1.27% during midday trading on Monday, hitting $43.95. 77,306 shares of the stock were exchanged. The company’s 50 day moving average is $39.42 and its 200 day moving average is $36.81. Envestnet has a 1-year low of $30.80 and a 1-year high of $45.17. The company’s market capitalization is $1.93 billion.

Envestnet (NYSE:ENV) last issued its quarterly earnings data on Tuesday, August 8th. The business services provider reported $0.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by $0.01. The business had revenue of $167.50 million for the quarter, compared to analysts’ expectations of $164.04 million. Envestnet had a positive return on equity of 7.78% and a negative net margin of 8.93%. The firm’s revenue for the quarter was up 18.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.21 EPS. Analysts predict that Envestnet will post $1.27 earnings per share for the current fiscal year.

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In other Envestnet news, Director Gayle A. Crowell sold 746 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $39.20, for a total value of $29,243.20. Following the completion of the transaction, the director now owns 801 shares in the company, valued at $31,399.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Charles Roame acquired 1,473 shares of the firm’s stock in a transaction on Wednesday, May 31st. The stock was purchased at an average price of $35.38 per share, with a total value of $52,114.74. Following the acquisition, the director now owns 1,729 shares of the company’s stock, valued at approximately $61,172.02. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 32,972 shares of company stock valued at $1,300,284. 5.58% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of ENV. Ameritas Investment Partners Inc. purchased a new position in Envestnet during the first quarter worth about $116,000. D.A. Davidson & CO. increased its position in Envestnet by 13.0% in the second quarter. D.A. Davidson & CO. now owns 3,286 shares of the business services provider’s stock worth $130,000 after buying an additional 379 shares during the period. Parallel Advisors LLC purchased a new position in Envestnet during the first quarter worth about $131,000. Gradient Investments LLC purchased a new position in Envestnet during the second quarter worth about $191,000. Finally, CI Investments Inc. purchased a new position in Envestnet during the first quarter worth about $194,000.

Envestnet Company Profile

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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