PNC Financial Services Group Inc. Sells 1,364 Shares of Envestnet, Inc. (NYSE:ENV)

PNC Financial Services Group Inc. reduced its position in shares of Envestnet, Inc. (NYSE:ENV) by 27.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,566 shares of the business services provider’s stock after selling 1,364 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Envestnet were worth $177,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ENV. Hsbc Holdings PLC raised its stake in shares of Envestnet by 20,229.7% in the fourth quarter. Hsbc Holdings PLC now owns 1,824,997 shares of the business services provider’s stock worth $90,027,000 after buying an additional 1,816,020 shares during the period. Vanguard Group Inc. increased its holdings in Envestnet by 12.9% in the 4th quarter. Vanguard Group Inc. now owns 6,015,454 shares of the business services provider’s stock worth $297,885,000 after acquiring an additional 687,202 shares in the last quarter. Norges Bank bought a new stake in Envestnet during the 4th quarter worth approximately $25,319,000. Schroder Investment Management Group purchased a new position in Envestnet during the fourth quarter valued at approximately $21,829,000. Finally, One Fin Capital Management LP bought a new position in shares of Envestnet in the fourth quarter worth approximately $14,336,000.

Envestnet Stock Up 1.7 %

Shares of NYSE ENV opened at $63.15 on Thursday. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of -17.74 and a beta of 1.29. Envestnet, Inc. has a 12-month low of $33.12 and a 12-month 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. The firm’s 50-day moving average price is $64.18 and its 200-day moving average price is $57.12.

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

Analyst Upgrades and Downgrades

ENV has been the topic of a number of analyst reports. JMP Securities restated a “market outperform” rating and set a $79.00 target price on shares of Envestnet in a research note on Wednesday, April 17th. Raymond James boosted their price objective on Envestnet from $52.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, April 2nd. William Blair reiterated an “outperform” rating on shares of Envestnet in a research report on Wednesday, March 27th. DA Davidson boosted their price target on Envestnet from $62.00 to $67.00 and gave the stock a “buy” rating in a report on Tuesday, April 2nd. Finally, StockNews.com raised shares of Envestnet from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Envestnet currently 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.