Envestnet (NYSE:ENV) Coverage Initiated by Analysts at StockNews.com

StockNews.com assumed coverage on shares of Envestnet (NYSE:ENV) in a research report released on Monday morning. The firm issued a sell rating on the business services provider’s stock.

Several other brokerages have also issued reports on ENV. William Blair reiterated a market perform rating on shares of Envestnet in a research note on Thursday, July 11th. UBS Group reiterated a neutral rating and issued a $63.15 price target (down previously from $75.00) on shares of Envestnet in a research note on Tuesday, July 16th. Raymond James lowered Envestnet from a moderate buy rating to a hold rating in a research note on Wednesday, July 17th. Finally, DA Davidson lowered Envestnet from a buy rating to a neutral rating and decreased their price target for the company from $78.00 to $63.00 in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average price target of $61.88.

Envestnet Price Performance

Envestnet stock opened at $62.77 on Monday. The stock’s fifty day moving average price is $62.33 and its two-hundred day moving average price is $61.14. Envestnet has a one year low of $33.12 and a one 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. The firm has a market cap of $3.47 billion, a PE ratio of -17.63 and a beta of 1.25.

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

Institutional Investors Weigh In On Envestnet

Several hedge funds have recently modified their holdings of the company. Truist Financial Corp boosted its holdings in shares of Envestnet by 27.8% during the 2nd quarter. Truist Financial Corp now owns 15,489 shares of the business services provider’s stock valued at $969,000 after acquiring an additional 3,370 shares in the last quarter. Algert Global LLC acquired a new stake in shares of Envestnet during the 2nd quarter valued at $260,000. Select Equity Group L.P. boosted its holdings in shares of Envestnet by 25.5% during the 2nd quarter. Select Equity Group L.P. now owns 15,458 shares of the business services provider’s stock valued at $968,000 after acquiring an additional 3,138 shares in the last quarter. Mackenzie Financial Corp acquired a new position in Envestnet during the 2nd quarter worth about $212,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in Envestnet by 3.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,643 shares of the business services provider’s stock worth $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.