Envestnet, Inc (NYSE:ENV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm presently has a $61.00 price objective on the business services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.44% from the company’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. “
Several other analysts also recently commented on the company. DA Davidson started coverage on Envestnet in a research note on Thursday, July 6th. They set a “neutral” rating and a $42.00 target price on the stock. 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. BidaskClub upgraded Envestnet from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. William Blair reiterated a “buy” rating on shares of Envestnet in a research note on Wednesday, June 28th. Finally, Raymond James Financial, Inc. increased their target price on Envestnet from $44.00 to $48.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $52.25.
Envestnet (NYSE:ENV) last issued its earnings results on Tuesday, August 8th. The business services provider reported $0.17 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.01). Envestnet had a negative net margin of 8.93% and a positive return on equity of 7.78%. The business had revenue of $167.50 million for the quarter, compared to analysts’ expectations of $164.04 million. During the same quarter in the prior year, the business posted $0.21 earnings per share. The business’s revenue for the quarter was up 18.0% on a year-over-year basis. On average, equities research analysts predict that Envestnet will post $1.29 earnings per share for the current year.
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In other news, Director Gayle A. Crowell sold 746 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $51.20, for a total value of $38,195.20. Following the transaction, the director now directly owns 801 shares in the company, valued at approximately $41,011.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Shelly O’brien sold 2,000 shares of the firm’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $49.96, for a total value of $99,920.00. Following the completion of the transaction, the insider now owns 15,292 shares in the company, valued at $763,988.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,944 shares of company stock worth $1,933,230. Company insiders own 7.80% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in ENV. Janus Henderson Group PLC boosted its stake in shares of Envestnet by 559.6% in the 2nd quarter. Janus Henderson Group PLC now owns 4,017,706 shares of the business services provider’s stock worth $159,101,000 after buying an additional 3,408,580 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of Envestnet by 7,211.3% in the 2nd quarter. Royal Bank of Canada now owns 433,561 shares of the business services provider’s stock worth $17,169,000 after buying an additional 427,631 shares during the last quarter. OppenheimerFunds Inc. purchased a new position in shares of Envestnet in the 1st quarter worth $9,435,000. Cramer Rosenthal Mcglynn LLC boosted its stake in shares of Envestnet by 66.3% in the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 476,550 shares of the business services provider’s stock worth $18,871,000 after buying an additional 189,905 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Envestnet by 5.8% in the 2nd quarter. Vanguard Group Inc. now owns 3,454,623 shares of the business services provider’s stock worth $136,803,000 after buying an additional 188,892 shares during the last quarter. Hedge funds and other institutional investors own 95.51% of the company’s stock.
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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