Zacks Investment Research Lowers Envestnet (ENV) to Hold

Zacks Investment Research downgraded shares of Envestnet (NYSE:ENV) from a strong-buy rating to a hold rating in a research report released on Thursday.

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. “

A number of other equities analysts also recently issued reports on ENV. UBS Group raised their price objective on shares of Envestnet from $62.00 to $68.00 and gave the stock a buy rating in a report on Friday, August 10th. JMP Securities dropped their price objective on shares of Envestnet from $76.00 to $67.00 and set a market outperform rating on the stock in a report on Tuesday, November 13th. DA Davidson raised shares of Envestnet from a neutral rating to a buy rating in a report on Thursday, November 8th. Finally, TheStreet downgraded shares of Envestnet from a b- rating to a c+ rating in a report on Wednesday, October 10th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $64.33.

ENV opened at $54.64 on Thursday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $2.50 billion, a P/E ratio of 47.93, a price-to-earnings-growth ratio of 3.01 and a beta of 1.89. Envestnet has a 12-month low of $47.45 and a 12-month high of $64.80.

Envestnet (NYSE:ENV) last posted its quarterly earnings data on Wednesday, November 7th. The business services provider reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.03. The company had revenue of $203.20 million for the quarter, compared to the consensus estimate of $203.99 million. Envestnet had a net margin of 2.95% and a return on equity of 11.32%. The firm’s revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.37 earnings per share. On average, equities research analysts predict that Envestnet will post 1.27 earnings per share for the current year.

In other Envestnet news, COO Joshua Mayer sold 2,606 shares of Envestnet stock in a transaction that occurred on Thursday, November 8th. The shares were sold at an average price of $55.00, for a total transaction of $143,330.00. Following the transaction, the chief operating officer now owns 35,771 shares of the company’s stock, valued at $1,967,405. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anil Arora sold 567 shares of Envestnet stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $62.41, for a total transaction of $35,386.47. The disclosure for this sale can be found here. Insiders have sold 20,043 shares of company stock worth $1,214,050 in the last ninety days. Insiders own 7.80% of the company’s stock.

Large investors have recently modified their holdings of the business. Contravisory Investment Management Inc. purchased a new position in Envestnet during the third quarter valued at approximately $136,000. TRUE Private Wealth Advisors purchased a new position in shares of Envestnet in the third quarter worth $169,000. Engineers Gate Manager LP purchased a new position in shares of Envestnet in the third quarter worth $207,000. First Republic Investment Management Inc. purchased a new position in shares of Envestnet in the third quarter worth $209,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new position in shares of Envestnet in the second quarter worth $203,000. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Envestnet Company Profile

Envestnet, Inc, together with its subsidiaries, provides intelligent systems for wealth management and financial wellness in the United States and internationally. It operates through Envestnet and Envestnet | Yodlee business segments. The company's product and services suites include Envestnet | Enterprise, which provides an end-to-end open architecture wealth management platform, as well as sells 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; Envestnet | Retirement Solutions, which offer a suite of services for advisor-sold retirement plans; and Envestnet | Portfolio Management Consultants that provide research, due diligence, and consulting services to assist advisors in creating investment solutions for their clients, and patented portfolio overlay and tax optimization services.

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