Prudential Financial Inc. Reduces Holdings in Envestnet, Inc. (NYSE:ENV)

Prudential Financial Inc. lessened its position in shares of Envestnet, Inc. (NYSE:ENV) by 31.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 105,093 shares of the business services provider’s stock after selling 48,106 shares during the period. Prudential Financial Inc. owned 0.19% of Envestnet worth $7,591,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ENV. Marshall Wace LLP purchased a new position in shares of Envestnet during the 1st quarter valued at $50,000. Kingsview Wealth Management LLC purchased a new position in shares of Envestnet during the 4th quarter valued at $205,000. Skylands Capital LLC purchased a new position in shares of Envestnet during the 1st quarter valued at $209,000. Comerica Bank lifted its position in shares of Envestnet by 6.9% during the 1st quarter. Comerica Bank now owns 2,914 shares of the business services provider’s stock valued at $212,000 after buying an additional 187 shares during the last quarter. Finally, Diversified Trust Co lifted its position in shares of Envestnet by 24.4% during the 1st quarter. Diversified Trust Co now owns 4,075 shares of the business services provider’s stock valued at $294,000 after buying an additional 800 shares during the last quarter. 99.98% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Envestnet stock opened at $77.43 on Friday. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.14 and a quick ratio of 2.14. The company has a market cap of $4.21 billion, a price-to-earnings ratio of 227.74 and a beta of 1.30. The firm’s 50-day moving average price is $73.03. Envestnet, Inc. has a 12 month low of $61.00 and a 12 month high of $92.51.

Envestnet (NYSE:ENV) last announced its quarterly earnings data on Thursday, May 6th. The business services provider reported $0.64 EPS for the quarter, beating the consensus estimate of $0.61 by $0.03. The firm had revenue of $275.10 million for the quarter, compared to analyst estimates of $273.48 million. Envestnet had a return on equity of 11.50% and a net margin of 1.87%. The company’s revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.57 EPS. On average, analysts expect that Envestnet, Inc. will post 1.44 EPS for the current year.

ENV has been the topic of a number of recent research reports. Jefferies Financial Group reissued a “buy” rating and set a $95.00 price objective on shares of Envestnet in a report on Thursday, April 8th. Raymond James dropped their price objective on Envestnet from $91.00 to $86.00 and set a “strong-buy” rating on the stock in a report on Friday, May 7th. William Blair reissued an “outperform” rating on shares of Envestnet in a report on Friday, February 26th. Truist Securities dropped their price objective on Envestnet from $95.00 to $85.00 and set a “buy” rating on the stock in a report on Thursday, May 13th. Finally, Royal Bank of Canada dropped their price objective on Envestnet from $96.00 to $79.00 and set a “sector perform” rating on the stock in a report on Friday, February 26th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $89.00.

Envestnet Profile

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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Institutional Ownership by Quarter for Envestnet (NYSE:ENV)

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