Envestnet (ENV) Upgraded to “Strong-Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Envestnet (NYSE:ENV) from a hold rating to a strong-buy rating in a report published on Tuesday morning. Zacks Investment Research currently has $60.00 price target on the business services provider’s stock.
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 reports. UBS Group reaffirmed a buy rating and set a $63.00 price target (up from $50.00) on shares of Envestnet in a research note on Monday, October 9th. Jefferies Group raised their price target on shares of Envestnet from $47.00 to $65.00 and gave the stock a buy rating in a research note on Tuesday, October 17th. Royal Bank of Canada reaffirmed a hold rating on shares of Envestnet in a research note on Monday, September 11th. Stifel Nicolaus reaffirmed a buy rating and set a $52.00 price target on shares of Envestnet in a research note on Tuesday, September 26th. Finally, JMP Securities raised their price target on shares of Envestnet from $48.00 to $56.00 and gave the stock an outperform rating in a research note on Tuesday, September 26th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $55.00.
Envestnet (NYSE:ENV) last issued its quarterly earnings results on Wednesday, November 8th. The business services provider reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.02. The company had revenue of $175.61 million during the quarter, compared to analysts’ expectations of $171.57 million. Envestnet had a negative net margin of 8.15% and a positive return on equity of 8.92%. The business’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period last year, the business earned $0.28 EPS. equities research analysts forecast that Envestnet will post 0.89 EPS for the current year.
In other news, COO Joshua Mayer sold 30,800 shares of the stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $52.06, for a total value of $1,603,448.00. Following the completion of the sale, the chief operating officer now owns 51,207 shares of the company’s stock, valued at approximately $2,665,836.42. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Shelly O’brien sold 3,000 shares of the stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $53.48, for a total value of $160,440.00. Following the completion of the sale, the insider now directly owns 10,292 shares of the company’s stock, valued at approximately $550,416.16. The disclosure for this sale can be found here. In the last three months, insiders sold 287,585 shares of company stock valued at $14,592,961. 5.58% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in the business. Janus Henderson Group PLC lifted its holdings in Envestnet by 559.6% during 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 purchasing an additional 3,408,580 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Envestnet by 5.8% during 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 purchasing an additional 188,892 shares during the last quarter. BlackRock Inc. lifted its holdings in Envestnet by 3.1% during the 2nd quarter. BlackRock Inc. now owns 2,662,809 shares of the business services provider’s stock valued at $105,446,000 after purchasing an additional 81,056 shares during the last quarter. Wasatch Advisors Inc. lifted its holdings in Envestnet by 3.0% during 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 purchasing an additional 57,555 shares during the last quarter. Finally, Stephens Investment Management Group LLC lifted its holdings in Envestnet by 6.3% during 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 purchasing an additional 85,642 shares during the last quarter. 94.90% of the stock is owned by institutional investors and hedge funds.
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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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