Clearbridge Investments LLC Sells 8,048 Shares of Envestnet, Inc. (NYSE:ENV)

Clearbridge Investments LLC lessened its stake in shares of Envestnet, Inc. (NYSE:ENV) by 0.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,194,878 shares of the business services provider’s stock after selling 8,048 shares during the period. Clearbridge Investments LLC’s holdings in Envestnet were worth $74,787,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Arizona State Retirement System increased its holdings in Envestnet by 2.5% during the 2nd quarter. Arizona State Retirement System now owns 11,552 shares of the business services provider’s stock worth $723,000 after purchasing an additional 286 shares during the period. Oppenheimer Asset Management Inc. lifted its stake in Envestnet by 2.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 28,201 shares of the business services provider’s stock worth $1,633,000 after acquiring an additional 543 shares during the period. Natixis grew its holdings in Envestnet by 12.9% during the 1st quarter. Natixis now owns 4,767 shares of the business services provider’s stock worth $276,000 after acquiring an additional 544 shares in the last quarter. Louisiana State Employees Retirement System increased its position in Envestnet by 2.4% during the 2nd quarter. Louisiana State Employees Retirement System now owns 25,200 shares of the business services provider’s stock valued at $1,577,000 after purchasing an additional 600 shares during the period. Finally, Illinois Municipal Retirement Fund raised its holdings in shares of Envestnet by 2.2% in the 1st quarter. Illinois Municipal Retirement Fund now owns 28,271 shares of the business services provider’s stock valued at $1,637,000 after purchasing an additional 619 shares in the last quarter.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Raymond James downgraded shares of Envestnet from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, July 17th. William Blair reiterated a “market perform” rating on shares of Envestnet in a report on Thursday, July 11th. UBS Group restated a “neutral” rating and set a $63.15 price objective (down from $75.00) on shares of Envestnet in a research note on Tuesday, July 16th. StockNews.com started coverage on Envestnet in a research note on Thursday. They issued a “sell” rating on the stock. Finally, DA Davidson reiterated a “neutral” rating and issued a $63.00 target price on shares of Envestnet in a report on Wednesday, September 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $61.88.

Envestnet Price Performance

Shares of ENV stock opened at $62.59 on Thursday. Envestnet, Inc. has a fifty-two week low of $33.12 and a fifty-two week high of $73.04. The company has a debt-to-equity ratio of 1.70, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a market capitalization of $3.45 billion, a price-to-earnings ratio of -17.58 and a beta of 1.25. The stock’s 50-day simple moving average is $62.49 and its 200-day simple moving average is $62.26.

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 the consensus estimate of $0.62 by ($0.07). The company had revenue of $348.30 million for the quarter, compared to analysts’ expectations of $342.90 million. Envestnet had a positive return on equity of 17.02% and a negative net margin of 19.33%. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.22 EPS. As a group, equities analysts forecast that Envestnet, Inc. will post 1.71 earnings per share for the current fiscal year.

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.