Envestnet (ENV) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Envestnet (NYSE:ENV) from a sell rating to a hold rating in a research report report published on Thursday morning.

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. “

Other equities analysts have also issued reports about the company. Buckingham Research assumed coverage on Envestnet in a research note on Thursday. They issued a buy rating and a $63.00 target price on the stock. Rosenblatt Securities started coverage on Envestnet in a report on Wednesday, December 5th. They set a buy rating and a $65.00 target price for the company. UBS Group dropped their target price on Envestnet from $67.00 to $64.00 and set a buy rating for the company in a report on Tuesday. ValuEngine cut Envestnet from a buy rating to a hold rating in a report on Friday, January 4th. Finally, TheStreet cut Envestnet from a b- rating to a c+ rating in a report on Wednesday, October 10th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Buy and a consensus target price of $63.56.

NYSE ENV traded up $0.27 during trading on Thursday, reaching $52.32. The company’s stock had a trading volume of 11,509 shares, compared to its average volume of 264,567. The firm has a market capitalization of $2.35 billion, a P/E ratio of 59.50, a P/E/G ratio of 2.02 and a beta of 1.76. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.57. Envestnet has a one year low of $46.57 and a one year high of $64.80.

Envestnet (NYSE:ENV) last announced its earnings results on Wednesday, November 7th. The business services provider reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.03. The business had revenue of $203.20 million for the quarter, compared to analyst estimates of $203.99 million. Envestnet had a return on equity of 11.32% and a net margin of 2.95%. The company’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.37 EPS. As a group, research analysts anticipate that Envestnet will post 1.29 EPS for the current fiscal year.

In related news, COO Joshua Mayer sold 2,606 shares of the stock in a transaction dated Thursday, November 8th. The stock was sold at an average price of $55.00, for a total transaction of $143,330.00. Following the completion of the sale, the chief operating officer now directly owns 35,771 shares in the company, valued at approximately $1,967,405. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.49% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc lifted its holdings in Envestnet by 2.9% in the 3rd quarter. Vanguard Group Inc now owns 3,942,847 shares of the business services provider’s stock worth $240,316,000 after buying an additional 112,801 shares during the period. Clearbridge Investments LLC boosted its stake in Envestnet by 1.4% during the 3rd quarter. Clearbridge Investments LLC now owns 888,199 shares of the business services provider’s stock valued at $54,136,000 after purchasing an additional 11,953 shares during the last quarter. Vanguard Group Inc. boosted its stake in Envestnet by 2.9% during the 3rd quarter. Vanguard Group Inc. now owns 3,942,847 shares of the business services provider’s stock valued at $240,316,000 after purchasing an additional 112,801 shares during the last quarter. Sawgrass Asset Management LLC boosted its stake in Envestnet by 202.0% during the 3rd quarter. Sawgrass Asset Management LLC now owns 31,300 shares of the business services provider’s stock valued at $1,908,000 after purchasing an additional 20,935 shares during the last quarter. Finally, Teachers Advisors LLC boosted its stake in Envestnet by 2.7% during the 3rd quarter. Teachers Advisors LLC now owns 83,501 shares of the business services provider’s stock valued at $5,089,000 after purchasing an additional 2,232 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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