Short Interest in Envestnet, Inc. (NYSE:ENV) Drops By 35.6%

Envestnet, Inc. (NYSE:ENV) was the target of a large decline in short interest in the month of July. As of July 15th, there was short interest totalling 2,320,000 shares, a decline of 35.6% from the June 30th total of 3,600,000 shares. Based on an average trading volume of 842,300 shares, the short-interest ratio is presently 2.8 days.

Envestnet Stock Up 0.2 %

ENV stock traded up $0.13 during trading on Friday, hitting $62.00. 769,602 shares of the company’s stock were exchanged, compared to its average volume of 1,775,953. The business has a 50-day moving average price of $63.38 and a two-hundred day moving average price of $58.56. The stock has a market capitalization of $3.42 billion, a price-to-earnings ratio of -17.42 and a beta of 1.28. Envestnet has a 52-week low of $33.12 and a 52-week high of $73.04. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 1.47.

Envestnet (NYSE:ENV) last posted its earnings results on Tuesday, May 7th. The business services provider reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.01. The firm had revenue of $324.95 million during the quarter, compared to analysts’ expectations of $324.85 million. Envestnet had a positive return on equity of 14.75% and a negative net margin of 15.33%. As a group, equities research analysts expect that Envestnet will post 1.79 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Royal Bank of Canada boosted their price objective on shares of Envestnet from $56.00 to $64.00 and gave the company a “sector perform” rating in a report on Wednesday, May 8th. UBS Group restated a “neutral” rating and issued a $63.15 price objective (down from $75.00) on shares of Envestnet in a report on Tuesday, July 16th. William Blair restated a “market perform” rating on shares of Envestnet in a report on Thursday, July 11th. Raymond James lowered shares of Envestnet from a “moderate buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, JMP Securities restated a “market outperform” rating and issued a $79.00 price objective on shares of Envestnet in a report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $61.88.

Institutional Investors Weigh In On Envestnet

Several institutional investors have recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. lifted its stake in Envestnet by 2.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 28,201 shares of the business services provider’s stock valued at $1,633,000 after buying an additional 543 shares during the last quarter. Natixis lifted its stake in Envestnet by 12.9% in the first quarter. Natixis now owns 4,767 shares of the business services provider’s stock valued at $276,000 after buying an additional 544 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in Envestnet by 2.4% in the second quarter. Louisiana State Employees Retirement System now owns 25,200 shares of the business services provider’s stock valued at $1,577,000 after buying an additional 600 shares during the last quarter. Illinois Municipal Retirement Fund lifted its stake in Envestnet by 2.2% in the first quarter. Illinois Municipal Retirement Fund now owns 28,271 shares of the business services provider’s stock valued at $1,637,000 after buying an additional 619 shares during the last quarter. Finally, YHB Investment Advisors Inc. purchased a new stake in Envestnet in the first quarter valued at approximately $38,000.

About Envestnet

Envestnet, Inc, through its subsidiaries, provides wealth management software and services in the United States and internationally. It operates through two segments: Envestnet Wealth Solutions and Envestnet Data & Analytics. The Envestnet Wealth Solutions segment offers Envestnet | Enterprise, an end-to-end open architecture wealth management platform, as well as offers data aggregation and reporting, data analytics, and digital advice capabilities; Envestnet | Wealth Analytics that transforms data into actionable intelligence; Envestnet | Tamarac which provides trading, rebalancing, portfolio accounting, performance reporting, and client relationship management software; and Envestnet | MoneyGuide that provides goals-based financial planning solutions to the financial services industry.