Envestnet Inc. (ENV) Stock Price Down 9.7%
Envestnet Inc. (NYSE:ENV) was down 9.7% during mid-day trading on Tuesday . The stock traded as low as $33.88 and last traded at $36.89, with a volume of 756,165 shares changing hands. The stock had previously closed at $40.87.
Several equities research analysts have issued reports on ENV shares. Zacks Investment Research raised shares of Envestnet from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a report on Thursday, July 14th. JMP Securities reissued a “buy” rating and issued a $9.50 price target (down previously from $36.00) on shares of Envestnet in a report on Thursday, June 23rd. Royal Bank Of Canada boosted their price target on shares of Envestnet from $26.00 to $33.00 and gave the company a “sector perform” rating in a report on Monday, May 9th. Jefferies Group reissued a “buy” rating on shares of Envestnet in a report on Wednesday, August 3rd. Finally, Avondale Partners lowered shares of Envestnet from an “outperform” rating to a “market perform” rating in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Envestnet currently has a consensus rating of “Buy” and an average price target of $36.94.
The stock’s market cap is $1.58 billion. The firm has a 50 day moving average of $36.33 and a 200-day moving average of $29.96.
Envestnet (NYSE:ENV) last announced its quarterly earnings results on Monday, August 8th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.01. During the same period in the prior year, the business earned $0.24 EPS. The business had revenue of $141.70 million for the quarter, compared to analyst estimates of $139.12 million. The company’s revenue for the quarter was up 38.0% compared to the same quarter last year. On average, equities research analysts expect that Envestnet Inc. will post $1.02 earnings per share for the current year.
In other Envestnet news, insider Shelly O’brien sold 8,000 shares of the firm’s stock in a transaction on Thursday, June 2nd. The stock was sold at an average price of $33.86, for a total transaction of $270,880.00. Following the completion of the sale, the insider now owns 9,240 shares of the company’s stock, valued at approximately $312,866.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anil Arora sold 5,250 shares of the firm’s stock in a transaction on Thursday, June 2nd. The shares were sold at an average price of $35.20, for a total value of $184,800.00. Following the sale, the director now directly owns 96,238 shares of the company’s stock, valued at approximately $3,387,577.60. The disclosure for this sale can be found here.
A number of large investors have made changes to their positions in the stock. Nicholas Co. Inc. WI increased its stake in shares of Envestnet by 10.2% in the fourth quarter. Nicholas Co. Inc. WI now owns 108,190 shares of the company’s stock valued at $3,229,000 after buying an additional 10,000 shares in the last quarter. Airain ltd acquired a new stake in shares of Envestnet during the fourth quarter valued at about $1,040,000. Marshall Wace LLP increased its stake in shares of Envestnet by 348.1% in the fourth quarter. Marshall Wace LLP now owns 76,406 shares of the company’s stock valued at $2,281,000 after buying an additional 59,353 shares in the last quarter. Mutual of America Capital Management LLC increased its stake in shares of Envestnet by 0.6% in the fourth quarter. Mutual of America Capital Management LLC now owns 36,470 shares of the company’s stock valued at $1,089,000 after buying an additional 217 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in shares of Envestnet by 21.2% in the fourth quarter. Rhumbline Advisers now owns 38,703 shares of the company’s stock valued at $1,155,000 after buying an additional 6,769 shares in the last quarter.
Envestnet, Inc (Envestnet) provides wealth management software and services to financial advisors and institutions. The Company works with Independent Registered Investment Advisors and advisors associated with financial institutions. The Company’s technology platform services include risk assessment and selection of investment strategies and solutions, asset allocation models, research and due diligence, portfolio construction, proposal generation and paperwork preparation, model management and account rebalancing, account monitoring, customized fee billing, overlay services covering asset allocation, tax management and socially responsible investing, aggregated multi-custodian performance reporting and communication tools, as well as access to a wide range of leading third-party asset custodians.
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