Park Avenue Securities LLC Decreases Holdings in Envestnet, Inc. (NYSE:ENV)

Park Avenue Securities LLC lowered its stake in shares of Envestnet, Inc. (NYSE:ENV) by 8.2% in the first quarter, Holdings Channel reports. The firm owned 5,935 shares of the business services provider’s stock after selling 528 shares during the period. Park Avenue Securities LLC’s holdings in Envestnet were worth $344,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Nomura Holdings Inc. purchased a new position in shares of Envestnet in the fourth quarter valued at approximately $432,000. Quadrature Capital Ltd acquired a new stake in Envestnet during the 4th quarter worth $236,000. Vanguard Group Inc. grew its holdings in shares of Envestnet by 12.9% during the fourth quarter. Vanguard Group Inc. now owns 6,015,454 shares of the business services provider’s stock worth $297,885,000 after buying an additional 687,202 shares in the last quarter. One Fin Capital Management LP acquired a new stake in shares of Envestnet in the fourth quarter valued at about $14,336,000. Finally, Comerica Bank lifted its stake in shares of Envestnet by 8.5% in the fourth quarter. Comerica Bank now owns 32,788 shares of the business services provider’s stock worth $1,624,000 after buying an additional 2,558 shares in the last quarter.

Envestnet Stock Performance

NYSE ENV opened at $62.59 on Monday. The stock has a fifty day simple moving average of $64.19 and a 200-day simple moving average of $56.88. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 1.47. The stock has a market cap of $3.45 billion, a PE ratio of -17.58 and a beta of 1.28. Envestnet, Inc. has a twelve month low of $33.12 and a twelve month high of $73.04.

Envestnet (NYSE:ENV) last posted its earnings results on Tuesday, May 7th. The business services provider reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. Envestnet had a negative net margin of 15.33% and a positive return on equity of 14.75%. The company had revenue of $324.95 million for the quarter, compared to analysts’ expectations of $324.85 million. Equities analysts anticipate that Envestnet, Inc. will post 1.78 earnings per share for the current year.

Analysts Set New Price Targets

ENV has been the subject of a number of recent research reports. Royal Bank of Canada increased 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. Raymond James lifted their price objective on Envestnet from $52.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 2nd. William Blair restated an “outperform” rating on shares of Envestnet in a report on Wednesday, March 27th. Jefferies Financial Group upgraded Envestnet from an “underperform” rating to a “hold” rating and lifted their price target for the stock from $47.00 to $59.00 in a report on Wednesday, May 8th. Finally, JMP Securities reissued a “market outperform” rating and issued a $79.00 price objective on shares of Envestnet in a report on Wednesday, April 17th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $64.14.

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.