Envestnet, Inc. (NYSE:ENV) Sees Large Decrease in Short Interest

Envestnet, Inc. (NYSE:ENV) was the target of a significant decline in short interest in the month of June. As of June 15th, there was short interest totalling 3,670,000 shares, a decline of 7.3% from the May 31st total of 3,960,000 shares. Based on an average daily trading volume, of 532,000 shares, the short-interest ratio is presently 6.9 days. Approximately 6.8% of the company’s shares are short sold.

Envestnet Stock Performance

ENV opened at $63.15 on Thursday. Envestnet has a twelve month low of $33.12 and a twelve month high of $73.04. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.19 and a current ratio of 1.19. The company has a 50-day moving average price of $64.18 and a 200 day moving average price of $57.12.

Envestnet (NYSE:ENV) last released its quarterly 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. Envestnet had a negative net margin of 15.33% and a positive return on equity of 14.75%. The firm had revenue of $324.95 million during the quarter, compared to the consensus estimate of $324.85 million. Equities research analysts predict that Envestnet will post 1.78 EPS for the current year.

Institutional Trading of Envestnet

A number of hedge funds have recently bought and sold shares of the business. UBS Group AG boosted its position in shares of Envestnet by 234.5% during the 3rd quarter. UBS Group AG now owns 59,039 shares of the business services provider’s stock worth $2,599,000 after purchasing an additional 41,388 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Envestnet by 19.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 4,930 shares of the business services provider’s stock worth $217,000 after purchasing an additional 802 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Envestnet by 113.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 163,161 shares of the business services provider’s stock worth $7,184,000 after purchasing an additional 86,585 shares during the period. Qube Research & Technologies Ltd purchased a new position in shares of Envestnet during the 3rd quarter worth approximately $5,604,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Envestnet by 75.3% during the 3rd quarter. Tower Research Capital LLC TRC now owns 6,788 shares of the business services provider’s stock worth $299,000 after purchasing an additional 2,915 shares during the period.

Wall Street Analysts Forecast Growth

ENV has been the subject of several research analyst reports. JMP Securities reaffirmed a “market outperform” rating and set a $79.00 price target on shares of Envestnet in a research note on Wednesday, April 17th. Jefferies Financial Group raised shares of Envestnet from an “underperform” rating to a “hold” rating and lifted their price target for the company from $47.00 to $59.00 in a research note on Wednesday, May 8th. DA Davidson lifted their price target on shares of Envestnet from $62.00 to $67.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. StockNews.com raised shares of Envestnet from a “sell” rating to a “hold” rating in a research note on Friday, May 10th. Finally, Royal Bank of Canada lifted their price target on shares of Envestnet from $56.00 to $64.00 and gave the company a “sector perform” rating in a research note on Wednesday, May 8th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Envestnet currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.14.

Envestnet Company Profile

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.