First Trust Advisors LP trimmed its stake in Envestnet Inc (NYSE:ENV) by 16.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 55,035 shares of the business services provider’s stock after selling 10,671 shares during the quarter. First Trust Advisors LP’s holdings in Envestnet were worth $3,354,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Wells Fargo & Company MN grew its holdings in shares of Envestnet by 5.8% in the 2nd quarter. Wells Fargo & Company MN now owns 3,651,578 shares of the business services provider’s stock worth $200,655,000 after acquiring an additional 198,782 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Envestnet by 16.7% in the 2nd quarter. BlackRock Inc. now owns 3,150,212 shares of the business services provider’s stock worth $173,104,000 after acquiring an additional 451,887 shares during the last quarter. Wasatch Advisors Inc. grew its holdings in shares of Envestnet by 38.6% in the 2nd quarter. Wasatch Advisors Inc. now owns 2,489,378 shares of the business services provider’s stock worth $136,791,000 after acquiring an additional 692,878 shares during the last quarter. Van Berkom & Associates Inc. grew its holdings in shares of Envestnet by 0.7% in the 2nd quarter. Van Berkom & Associates Inc. now owns 1,297,378 shares of the business services provider’s stock worth $71,291,000 after acquiring an additional 9,308 shares during the last quarter. Finally, Voya Investment Management LLC grew its holdings in shares of Envestnet by 26.8% in the 2nd quarter. Voya Investment Management LLC now owns 780,575 shares of the business services provider’s stock worth $42,894,000 after acquiring an additional 164,976 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.
Shares of ENV stock opened at $50.73 on Monday. Envestnet Inc has a 1-year low of $47.45 and a 1-year high of $64.80. 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 firm has a market cap of $2.32 billion, a PE ratio of 44.50, a price-to-earnings-growth ratio of 2.79 and a beta of 1.89.
In other Envestnet news, Director Charles Roame sold 7,481 shares of the business’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $62.86, for a total value of $470,255.66. Following the transaction, the director now owns 1,782 shares in the company, valued at $112,016.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President William Crager sold 12,000 shares of the business’s stock in a transaction dated Thursday, September 27th. The shares were sold at an average price of $60.99, for a total value of $731,880.00. Following the completion of the transaction, the president now owns 212,252 shares in the company, valued at approximately $12,945,249.48. The disclosure for this sale can be found here. Insiders have sold 27,524 shares of company stock worth $1,684,306 in the last quarter. 5.49% of the stock is currently owned by corporate insiders.
ENV has been the topic of a number of recent research reports. UBS Group lifted their target price on Envestnet from $62.00 to $68.00 and gave the stock a “buy” rating in a report on Friday, August 10th. Zacks Investment Research upgraded Envestnet from a “sell” rating to a “hold” rating in a report on Monday, August 13th. TheStreet cut Envestnet from a “b-” rating to a “c+” rating in a report on Wednesday, October 10th. DA Davidson upgraded Envestnet from a “neutral” rating to a “buy” rating in a report on Thursday, November 8th. Finally, JMP Securities lowered their price target on Envestnet from $76.00 to $67.00 and set a “market outperform” rating on the stock in a report on Tuesday, November 13th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $64.33.
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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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