Envestnet (ENV) Rating Increased to Strong-Buy at Zacks Investment Research

Envestnet (NYSE:ENV) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $60.00 price objective on the business services provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 14.39% from the company’s previous close.

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 issued reports on ENV. Royal Bank of Canada reaffirmed a “hold” rating on shares of Envestnet in a report on Monday, September 11th. JMP Securities upped their target price on shares of Envestnet from $48.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, September 26th. They noted that the move was a valuation call. William Blair reiterated an “ourperform” rating on shares of Envestnet in a research note on Tuesday, September 26th. Stifel Nicolaus reiterated a “buy” rating and set a $52.00 target price on shares of Envestnet in a research note on Tuesday, September 26th. Finally, UBS Group reiterated a “buy” rating and set a $63.00 target price (up from $50.00) on shares of Envestnet in a research note on Monday, October 9th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $55.00.

Envestnet (NYSE ENV) traded up $0.35 during midday trading on Tuesday, hitting $52.45. 195,800 shares of the company traded hands, compared to its average volume of 219,900. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.63. The company has a market cap of $2,290.00, a P/E ratio of -42.30, a P/E/G ratio of 2.81 and a beta of 1.90. Envestnet has a fifty-two week low of $30.80 and a fifty-two week high of $55.15.

Envestnet (NYSE:ENV) last posted its quarterly earnings data on Wednesday, November 8th. The business services provider reported $0.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.02. The business had revenue of $175.61 million during the quarter, compared to the consensus estimate of $171.57 million. Envestnet had a negative net margin of 8.15% and a positive return on equity of 8.92%. Envestnet’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.28 EPS. sell-side analysts anticipate that Envestnet will post 0.89 earnings per share for the current fiscal year.

In other news, Director Gayle A. Crowell sold 746 shares of the stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $53.60, for a total value of $39,985.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Peter D’arrigo sold 20,000 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $48.11, for a total transaction of $962,200.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 287,585 shares of company stock valued at $14,592,961. Corporate insiders own 5.58% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Janus Henderson Group PLC raised 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 valued at $159,101,000 after buying an additional 3,408,580 shares in the last quarter. Vanguard Group Inc. raised 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 valued at $136,803,000 after buying an additional 188,892 shares in the last quarter. BlackRock Inc. raised its stake in shares of Envestnet by 3.1% in the 2nd quarter. BlackRock Inc. now owns 2,662,809 shares of the business services provider’s stock valued at $105,446,000 after buying an additional 81,056 shares in the last quarter. Wasatch Advisors Inc. raised its stake in shares of Envestnet by 3.0% in the 2nd quarter. Wasatch Advisors Inc. now owns 1,985,952 shares of the business services provider’s stock valued at $78,644,000 after buying an additional 57,555 shares in the last quarter. Finally, Stephens Investment Management Group LLC raised its stake in shares of Envestnet by 6.3% in the 3rd quarter. Stephens Investment Management Group LLC now owns 1,434,756 shares of the business services provider’s stock valued at $73,173,000 after buying an additional 85,642 shares in the last quarter. Institutional investors own 94.90% of the company’s stock.

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About Envestnet

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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