Envestnet (ENV) Given New $64.00 Price Target at UBS Group
Envestnet (NYSE:ENV) had its price objective lowered by UBS Group from $67.00 to $64.00 in a research note released on Tuesday, www.benzinga.com reports. The brokerage currently has a buy rating on the business services provider’s stock.
A number of other equities analysts have also recently issued reports on ENV. ValuEngine cut shares of Envestnet from a buy rating to a hold rating in a research note on Friday, January 4th. DA Davidson reduced their price objective on shares of Envestnet to $58.00 and set a buy rating on the stock in a research note on Friday, January 4th. Zacks Investment Research cut shares of Envestnet from a hold rating to a sell rating in a research note on Friday, January 4th. Raymond James reduced their price objective on shares of Envestnet from $71.00 to $60.00 and set a strong-buy rating on the stock in a research note on Thursday, January 3rd. Finally, Rosenblatt Securities began coverage on shares of Envestnet in a research note on Wednesday, December 5th. They issued a buy rating and a $65.00 price objective on the stock. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $63.56.
Shares of ENV traded up $0.68 during mid-day trading on Tuesday, hitting $52.73. 8,265 shares of the company traded hands, compared to its average volume of 264,567. Envestnet has a one year low of $46.57 and a one year high of $64.80. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a market capitalization of $2.35 billion, a P/E ratio of 60.15, a price-to-earnings-growth ratio of 2.02 and a beta of 1.76.
In other news, COO Joshua Mayer sold 2,606 shares of Envestnet stock in a transaction 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 directly owns 35,771 shares of the company’s stock, valued at $1,967,405. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 5.49% of the company’s stock.
Several large investors have recently modified their holdings of the stock. Metropolitan Life Insurance Co. NY raised its holdings in shares of Envestnet by 6.3% during the second quarter. Metropolitan Life Insurance Co. NY now owns 14,445 shares of the business services provider’s stock worth $794,000 after acquiring an additional 854 shares during the period. United Services Automobile Association increased its stake in Envestnet by 13.2% in the 2nd quarter. United Services Automobile Association now owns 7,421 shares of the business services provider’s stock valued at $408,000 after buying an additional 866 shares during the last quarter. US Bancorp DE increased its stake in Envestnet by 11.5% in the 2nd quarter. US Bancorp DE now owns 9,593 shares of the business services provider’s stock valued at $527,000 after buying an additional 989 shares during the last quarter. SG Americas Securities LLC increased its stake in Envestnet by 10.8% in the 3rd quarter. SG Americas Securities LLC now owns 13,512 shares of the business services provider’s stock valued at $824,000 after buying an additional 1,315 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in Envestnet by 1.1% in the 3rd quarter. American Century Companies Inc. now owns 157,552 shares of the business services provider’s stock valued at $9,603,000 after buying an additional 1,784 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.
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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