Envestnet (NYSE:ENV) Coverage Initiated at StockNews.com

Posted by Defense World Staff on May 18th, 2023

Investment analysts at StockNews.com initiated coverage on shares of Envestnet (NYSE:ENV – Get Rating) in a research report issued on Thursday. The firm set a “sell” rating on the business services provider’s stock.

ENV has been the subject of a number of other research reports. JMP Securities restated a “market outperform” rating and issued a $80.00 target price on shares of Envestnet in a report on Monday, March 13th. JPMorgan Chase & Co. increased their price objective on Envestnet from $53.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, January 23rd. Jefferies Financial Group increased their price objective on Envestnet from $40.00 to $47.00 in a report on Tuesday, February 21st. Finally, Raymond James increased their price objective on Envestnet from $71.00 to $72.00 and gave the stock an “outperform” rating in a report on Monday, April 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $63.75.

Envestnet Stock Performance

ENV opened at $56.66 on Thursday. The business has a fifty day simple moving average of $59.06 and a 200-day simple moving average of $60.24. The firm has a market cap of $3.08 billion, a PE ratio of -26.23 and a beta of 1.22. Envestnet has a fifty-two week low of $41.72 and a fifty-two week high of $70.69. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 1.18.

Envestnet (NYSE:ENV – Get Rating) last released its 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). The business had revenue of $292.87 million during the quarter, compared to analysts’ expectations of $296.27 million. Envestnet had a negative net margin of 8.90% and a positive return on equity of 7.31%. As a group, equities analysts predict that Envestnet will post 1.23 EPS for the current fiscal year.

Insider Buying and Selling at Envestnet

In other Envestnet news, SVP Barry D. Cooper sold 530 shares of the firm’s stock in a transaction dated Thursday, March 30th. The stock was sold at an average price of $56.93, for a total transaction of $30,172.90. Following the transaction, the senior vice president now directly owns 30,242 shares in the company, valued at $1,721,677.06. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, SVP Barry D. Cooper sold 530 shares of the firm’s stock in a transaction dated Thursday, March 30th. The stock was sold at an average price of $56.93, for a total value of $30,172.90. Following the sale, the senior vice president now directly owns 30,242 shares of the company’s stock, valued at $1,721,677.06. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Shelly O’brien sold 8,800 shares of the firm’s stock in a transaction dated Thursday, March 30th. The shares were sold at an average price of $56.84, for a total value of $500,192.00. Following the completion of the sale, the insider now directly owns 23,709 shares in the company, valued at $1,347,619.56. The disclosure for this sale can be found here. Corporate insiders own 1.44% of the company’s stock.

Institutional Investors Weigh In On Envestnet

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Envestnet by 0.9% in the third quarter. Vanguard Group Inc. now owns 5,417,317 shares of the business services provider’s stock valued at $240,528,000 after purchasing an additional 49,658 shares during the last quarter. Impactive Capital LP grew its position in shares of Envestnet by 1.5% in the third quarter. Impactive Capital LP now owns 3,983,406 shares of the business services provider’s stock valued at $176,863,000 after purchasing an additional 60,321 shares during the last quarter. State Street Corp grew its position in shares of Envestnet by 2.7% in the first quarter. State Street Corp now owns 1,713,638 shares of the business services provider’s stock valued at $127,563,000 after purchasing an additional 44,600 shares during the last quarter. Earnest Partners LLC acquired a new stake in shares of Envestnet in the fourth quarter valued at about $101,951,000. Finally, Echo Street Capital Management LLC grew its position in shares of Envestnet by 5.4% in the third quarter. Echo Street Capital Management LLC now owns 1,503,759 shares of the business services provider’s stock valued at $66,767,000 after purchasing an additional 76,910 shares during the last quarter.

About Envestnet

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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.