Envestnet Inc. (ENV) Shares Up 1.4%
Shares of Envestnet Inc. (NYSE:ENV) shot up 1.4% during mid-day trading on Friday . The company traded as high as $40.34 and last traded at $39.75, with a volume of 288,388 shares changing hands. The stock had previously closed at $39.21.
A number of research firms recently issued reports on ENV. Zacks Investment Research downgraded Envestnet from a “hold” rating to a “sell” rating in a research report on Friday, August 19th. Jefferies Group set a $48.00 target price on Envestnet and gave the company a “buy” rating in a research report on Tuesday, August 16th. RBC Capital Markets reaffirmed a “sector perform” rating and issued a $40.00 target price (up previously from $37.00) on shares of Envestnet in a research report on Wednesday, August 10th. Avondale Partners downgraded Envestnet from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 9th. Finally, Royal Bank Of Canada lifted their target price on Envestnet from $37.00 to $40.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 9th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $36.19.
The stock’s market capitalization is $1.71 billion. The stock has a 50 day moving average price of $38.08 and a 200 day moving average price of $31.48.
Envestnet (NYSE:ENV) last released its quarterly earnings data on Monday, August 8th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.01. The company had revenue of $141.70 million for the quarter, compared to the consensus estimate of $139.12 million. Envestnet’s revenue for the quarter was up 38.0% compared to the same quarter last year. During the same period last year, the company earned $0.24 EPS. On average, equities analysts expect that Envestnet Inc. will post $0.99 EPS for the current year.
In related news, CFO Peter D’arrigo sold 12,294 shares of the firm’s stock in a transaction dated Friday, June 17th. The shares were sold at an average price of $35.68, for a total value of $438,649.92. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Shelly O’brien sold 8,000 shares of the firm’s stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $33.86, for a total transaction of $270,880.00. Following the completion of the transaction, the insider now directly owns 9,240 shares in the company, valued at approximately $312,866.40. The disclosure for this sale can be found here.
A number of institutional investors have made changes to their positions in ENV. Mutual of America Capital Management LLC boosted its position 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 during the last quarter. Rhumbline Advisers boosted its position 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 during the last quarter. Nicholas Co. Inc. WI boosted its position 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 during the last quarter. Airain ltd acquired a new position in shares of Envestnet during the fourth quarter valued at $1,040,000. Finally, Marshall Wace LLP boosted its position 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 during 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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