Buckingham Research initiated coverage on shares of Envestnet (NYSE:ENV) in a research note issued to investors on Thursday morning, Marketbeat reports. The firm issued a buy rating and a $63.00 target price on the business services provider’s stock.
A number of other analysts have also weighed in on the stock. UBS Group reduced their price objective on shares of Envestnet from $67.00 to $64.00 and set a buy rating on the stock in a research report on Tuesday. DA Davidson reduced their price objective on shares of Envestnet to $58.00 and set a buy rating on the stock in a research report on Friday, January 4th. Zacks Investment Research lowered shares of Envestnet from a hold rating to a sell rating in a research report on Friday, January 4th. ValuEngine lowered shares of Envestnet from a buy rating to a hold rating in a research report on Friday, January 4th. Finally, 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 report on Thursday, January 3rd. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Envestnet presently has a consensus rating of Buy and a consensus price target of $63.56.
Shares of NYSE ENV traded up $0.31 during mid-day trading on Thursday, hitting $52.36. 205,433 shares of the company’s stock traded hands, compared to its average volume of 215,179. 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 stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 59.50, a P/E/G ratio of 2.02 and a beta of 1.76. Envestnet has a 1 year low of $46.57 and a 1 year high of $64.80.
In other Envestnet news, COO Joshua Mayer sold 2,606 shares of the company’s stock in a transaction dated Thursday, November 8th. The shares were sold at an average price of $55.00, for a total value of $143,330.00. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.49% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. Contravisory Investment Management Inc. bought a new position in Envestnet in the 3rd quarter worth about $136,000. TRUE Private Wealth Advisors bought a new position in Envestnet in the 3rd quarter worth about $169,000. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in Envestnet in the 2nd quarter worth about $203,000. Engineers Gate Manager LP bought a new position in Envestnet in the 3rd quarter worth about $207,000. Finally, First Republic Investment Management Inc. bought a new position in Envestnet in the 3rd quarter worth about $209,000. Institutional investors and hedge funds own 97.79% of the company’s stock.
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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