Zacks: Brokerages Anticipate Envestnet, Inc (ENV) Will Announce Quarterly Sales of $164.26 Million
Wall Street analysts forecast that Envestnet, Inc (NYSE:ENV) will report $164.26 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Envestnet’s earnings, with the highest sales estimate coming in at $165.10 million and the lowest estimate coming in at $163.77 million. Envestnet posted sales of $141.71 million during the same quarter last year, which would indicate a positive year over year growth rate of 15.9%. The firm is expected to report its next quarterly earnings results on Monday, August 14th.
According to Zacks, analysts expect that Envestnet will report full-year sales of $164.26 million for the current year, with estimates ranging from $660.91 million to $667.30 million. For the next financial year, analysts expect that the firm will report sales of $752.89 million per share, with estimates ranging from $745.10 million to $759.70 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Envestnet.
Envestnet (NYSE:ENV) last announced its quarterly earnings data on Wednesday, May 10th. The business services provider reported $0.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.01. The company had revenue of $157.80 million during the quarter, compared to analyst estimates of $155.56 million. Envestnet had a negative net margin of 9.55% and a positive return on equity of 5.86%. The firm’s revenue for the quarter was up 19.5% compared to the same quarter last year. During the same period last year, the business earned $0.18 EPS.
ENV has been the subject of several research analyst reports. Zacks Investment Research cut shares of Envestnet from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 25th. Royal Bank Of Canada reiterated a “hold” rating and set a $40.00 target price on shares of Envestnet in a research note on Thursday, May 11th. Jefferies Group LLC reiterated a “buy” rating and set a $48.00 target price on shares of Envestnet in a research note on Friday, March 24th. BidaskClub upgraded shares of Envestnet from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Finally, DA Davidson initiated coverage on shares of Envestnet in a research note on Thursday, July 6th. They set a “neutral” rating and a $42.00 target price for the company. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Envestnet has a consensus rating of “Buy” and an average price target of $43.60.
Shares of Envestnet (NYSE:ENV) traded down 0.13% on Wednesday, reaching $39.20. 150,304 shares of the company’s stock traded hands. Envestnet has a 52 week low of $30.80 and a 52 week high of $41.47. The company’s 50-day moving average is $38.22 and its 200-day moving average is $36.39. The firm’s market capitalization is $1.72 billion.
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In other news, CFO Peter D’arrigo sold 7,500 shares of the stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $39.20, for a total value of $294,000.00. Following the completion of the transaction, the chief financial officer now owns 19,976 shares in the company, valued at approximately $783,059.20. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Shelly O’brien sold 1,000 shares of the stock in a transaction on Tuesday, April 25th. The shares were sold at an average price of $35.00, for a total transaction of $35,000.00. Following the completion of the transaction, the insider now owns 11,751 shares of the company’s stock, valued at approximately $411,285. The disclosure for this sale can be found here. In the last 90 days, insiders bought 3,968 shares of company stock valued at $145,287 and sold 24,246 shares valued at $946,841. Corporate insiders own 7.80% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Van Berkom & Associates Inc. boosted its position in shares of Envestnet by 24.9% in the first quarter. Van Berkom & Associates Inc. now owns 1,519,842 shares of the business services provider’s stock worth $49,091,000 after buying an additional 303,286 shares in the last quarter. OppenheimerFunds Inc. acquired a new position in shares of Envestnet during the first quarter worth about $9,435,000. TimesSquare Capital Management LLC boosted its position in shares of Envestnet by 14.1% in the first quarter. TimesSquare Capital Management LLC now owns 2,235,015 shares of the business services provider’s stock worth $72,191,000 after buying an additional 275,955 shares in the last quarter. Norges Bank acquired a new position in shares of Envestnet during the fourth quarter worth about $5,831,000. Finally, Summit Creek Advisors LLC boosted its position in shares of Envestnet by 82.5% in the second quarter. Summit Creek Advisors LLC now owns 341,273 shares of the business services provider’s stock worth $13,514,000 after buying an additional 154,324 shares in the last quarter. Institutional investors own 98.64% of the company’s stock.
Envestnet, Inc is a provider of financial and wealth management technology and services to financial advisors, investors and financial service providers. The Company’s segments are Envestnet and Envestnet Yodlee. Its Envestnet segment provides unified wealth management software and services empowering financial advisors and institutions.
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