Envestnet, Inc. Forecasted to Earn Q2 2023 Earnings of $0.32 Per Share (NYSE:ENV)

Posted by on Apr 24th, 2023

Envestnet, Inc. (NYSE:ENV – Get Rating) – Research analysts at William Blair increased their Q2 2023 EPS estimates for Envestnet in a note issued to investors on Wednesday, April 19th. William Blair analyst J. Schmitt now anticipates that the business services provider will earn $0.32 per share for the quarter, up from their prior forecast of $0.30. The consensus estimate for Envestnet’s current full-year earnings is $1.22 per share. William Blair also issued estimates for Envestnet’s Q3 2023 earnings at $0.40 EPS, FY2023 earnings at $1.30 EPS and FY2024 earnings at $1.79 EPS.

Envestnet (NYSE:ENV – Get Rating) last released its quarterly earnings results on Thursday, February 23rd. The business services provider reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.07). Envestnet had a positive return on equity of 6.63% and a negative net margin of 6.53%. The company had revenue of $292.87 million during the quarter, compared to the consensus estimate of $296.27 million.

Other equities analysts also recently issued research reports about the stock. Jefferies Financial Group raised their target price on shares of Envestnet from $40.00 to $47.00 in a research note on Tuesday, February 21st. Raymond James raised their price target on shares of Envestnet from $71.00 to $72.00 and gave the company an “outperform” rating in a research report on Monday, April 3rd. DA Davidson raised their price target on shares of Envestnet from $70.00 to $74.00 in a research report on Wednesday, January 4th. JMP Securities reissued a “market outperform” rating and set a $80.00 price target on shares of Envestnet in a research report on Monday, March 13th. Finally, StockNews.com assumed coverage on shares of Envestnet in a research report on Thursday, March 16th. They set a “sell” rating for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $63.75.

Envestnet Price Performance

Shares of NYSE ENV opened at $66.31 on Monday. Envestnet has a fifty-two week low of $41.72 and a fifty-two week high of $83.30. The company has a 50 day simple moving average of $60.39 and a two-hundred day simple moving average of $58.60. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of -40.19 and a beta of 1.22. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.93 and a current ratio of 0.93.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ENV. Earnest Partners LLC purchased a new position in shares of Envestnet during the 4th quarter worth $101,951,000. RGM Capital LLC bought a new stake in shares of Envestnet during the 4th quarter valued at $56,607,000. Norges Bank bought a new stake in shares of Envestnet during the 4th quarter valued at $24,777,000. Bank of Montreal Can raised its position in shares of Envestnet by 3,828.1% during the 4th quarter. Bank of Montreal Can now owns 369,278 shares of the business services provider’s stock valued at $23,080,000 after purchasing an additional 359,877 shares during the period. Finally, New York State Common Retirement Fund raised its position in shares of Envestnet by 791.4% during the 4th quarter. New York State Common Retirement Fund now owns 367,743 shares of the business services provider’s stock valued at $22,690,000 after purchasing an additional 326,487 shares during the period.

Insider Buying and Selling

In related news, SVP Barry D. Cooper sold 530 shares of the firm’s stock in a transaction that occurred on Thursday, March 30th. The shares were sold at an average price of $56.93, for a total value of $30,172.90. Following the sale, the senior vice president now owns 30,242 shares in the company, valued at $1,721,677.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Barry D. Cooper sold 530 shares of Envestnet stock in a transaction on Thursday, March 30th. The shares were sold at an average price of $56.93, for a total transaction of $30,172.90. Following the transaction, the senior vice president now owns 30,242 shares in the company, valued at approximately $1,721,677.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Shelly O’brien sold 8,800 shares of Envestnet stock in a transaction on Thursday, March 30th. The stock was sold at an average price of $56.84, for a total transaction of $500,192.00. Following the transaction, the insider now owns 23,709 shares in the company, valued at approximately $1,347,619.56. The disclosure for this sale can be found here. 1.44% of the stock is currently owned by corporate insiders.

Envestnet Company Profile

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Envestnet, Inc engages in the provision of intelligent systems for wealth management and financial wellness. It operates through Envestnet Wealth Solutions and Envestnet Data and Analytics segments. The Envestnet Wealth Solutions segment provides unified wealth management software and services to empower financial advisors and institutions.

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