Envestnet (NYSE:ENV) Earns Neutral Rating from DA Davidson

DA Davidson reissued their neutral rating on shares of Envestnet (NYSE:ENV) in a report published on Wednesday, Benzinga reports. They currently have a $63.00 price objective on the business services provider’s stock.

A number of other research firms also recently weighed in on ENV. Raymond James downgraded Envestnet from a moderate buy rating to a hold rating in a research report on Wednesday, July 17th. William Blair reiterated a market perform rating on shares of Envestnet in a research report on Thursday, July 11th. StockNews.com assumed coverage on Envestnet in a report on Tuesday. They set a sell rating for the company. Finally, UBS Group reissued a neutral rating and set a $63.15 price target (down previously from $75.00) on shares of Envestnet in a report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Envestnet currently has a consensus rating of Hold and a consensus price target of $61.88.

Envestnet Stock Performance

ENV opened at $62.69 on Wednesday. The business has a fifty day simple moving average of $62.37 and a 200 day simple moving average of $61.70. The company has a market capitalization of $3.45 billion, a PE ratio of -17.61 and a beta of 1.25. Envestnet has a 1 year low of $33.12 and a 1 year high of $73.04. The company has a debt-to-equity ratio of 1.70, a current ratio of 1.14 and a quick ratio of 1.14.

Envestnet (NYSE:ENV) last released its earnings results on Friday, August 9th. The business services provider reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.07). The company had revenue of $348.30 million for the quarter, compared to the consensus estimate of $342.90 million. Envestnet had a negative net margin of 19.33% and a positive return on equity of 17.02%. The business’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.22 earnings per share. Research analysts expect that Envestnet will post 1.71 EPS for the current year.

Hedge Funds Weigh In On Envestnet

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Truist Financial Corp increased its holdings in Envestnet by 27.8% in the 2nd quarter. Truist Financial Corp now owns 15,489 shares of the business services provider’s stock worth $969,000 after purchasing an additional 3,370 shares in the last quarter. Algert Global LLC acquired a new position in Envestnet in the 2nd quarter worth about $260,000. Select Equity Group L.P. increased its stake in shares of Envestnet by 25.5% in the second quarter. Select Equity Group L.P. now owns 15,458 shares of the business services provider’s stock valued at $968,000 after buying an additional 3,138 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of Envestnet in the second quarter valued at about $212,000. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Envestnet by 3.7% in the second quarter. The Manufacturers Life Insurance Company now owns 29,643 shares of the business services provider’s stock valued at $1,855,000 after buying an additional 1,051 shares during the period.

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.