Envestnet Inc. (ENV) Stock Price Down 9.7%
Envestnet Inc. (NYSE:ENV)’s share price traded down 9.7% during trading on Tuesday . The company traded as low as $33.88 and last traded at $36.89, with a volume of 756,165 shares trading hands. The stock had previously closed at $40.87.
A number of equities analysts have recently commented on the stock. Jefferies Group restated a “buy” rating on shares of Envestnet in a research report on Sunday, May 8th. RBC Capital Markets restated a “sector perform” rating and issued a $40.00 price objective (up from $37.00) on shares of Envestnet in a research report on Wednesday. Avondale Partners lowered shares of Envestnet from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Royal Bank Of Canada raised their price objective on shares of Envestnet from $26.00 to $33.00 and gave the company a “sector perform” rating in a research report on Monday, May 9th. Finally, JMP Securities restated a “buy” rating and issued a $9.50 price objective (down from $36.00) on shares of Envestnet in a research report on Thursday, June 23rd. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $37.28.
The firm’s market capitalization is $1.62 billion. The firm has a 50 day moving average price of $36.44 and a 200 day moving average price of $30.12.
Envestnet (NYSE:ENV) last released its earnings results on Monday, August 8th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The firm earned $141.70 million during the quarter, compared to analysts’ expectations of $139.12 million. The company’s revenue was up 38.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 earnings per share. Equities research analysts predict that Envestnet Inc. will post $1.01 earnings per share for the current year.
In related news, insider Shelly O’brien sold 1,000 shares of the stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $40.00, for a total value of $40,000.00. Following the completion of the sale, the insider now directly owns 6,740 shares of the company’s stock, valued at approximately $269,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anil Arora sold 5,250 shares of the stock in a transaction that occurred on Thursday, June 2nd. The stock was sold at an average price of $35.20, for a total transaction of $184,800.00. Following the completion of the sale, the director now directly owns 96,238 shares of the company’s stock, valued at $3,387,577.60. The disclosure for this sale can be found here.
A number of large investors have recently added to or reduced their stakes in ENV. Airain ltd purchased a new stake in Envestnet during the fourth quarter valued at about $1,040,000. Mutual of America Capital Management LLC raised 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 worth $1,089,000 after buying an additional 217 shares during the period. Rhumbline Advisers raised 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 worth $1,155,000 after buying an additional 6,769 shares during the period. Swiss National Bank raised its stake in shares of Envestnet by 10.9% in the fourth quarter. Swiss National Bank now owns 45,900 shares of the company’s stock worth $1,370,000 after buying an additional 4,500 shares during the period. Finally, Marshall Wace LLP raised 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 worth $2,281,000 after buying an additional 59,353 shares during the period.
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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