Xact Kapitalforvaltning AB Takes $225,000 Position in Envestnet (ENV)
Xact Kapitalforvaltning AB purchased a new stake in shares of Envestnet (NYSE:ENV) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 4,523 shares of the business services provider’s stock, valued at approximately $225,000.
Several other hedge funds have also added to or reduced their stakes in ENV. Ameriprise Financial Inc. raised its stake in shares of Envestnet by 33.8% during the third quarter. Ameriprise Financial Inc. now owns 127,868 shares of the business services provider’s stock valued at $6,521,000 after acquiring an additional 32,310 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Envestnet by 16.5% during the third quarter. Legal & General Group Plc now owns 18,188 shares of the business services provider’s stock valued at $925,000 after acquiring an additional 2,576 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Envestnet by 10.0% during the third quarter. Schwab Charles Investment Management Inc. now owns 204,030 shares of the business services provider’s stock valued at $10,406,000 after acquiring an additional 18,533 shares during the last quarter. Royce & Associates LP bought a new position in shares of Envestnet during the third quarter valued at $306,000. Finally, First Republic Investment Management Inc. bought a new position in shares of Envestnet during the third quarter valued at $204,000. 93.20% of the stock is owned by hedge funds and other institutional investors.
ENV opened at $54.70 on Tuesday. Envestnet has a twelve month low of $33.30 and a twelve month high of $60.28. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.55. The firm has a market cap of $2,412.90, a PE ratio of 62.01, a PEG ratio of 2.78 and a beta of 1.76.
Several equities analysts have recently issued reports on ENV shares. Zacks Investment Research raised shares of Envestnet from a “hold” rating to a “strong-buy” rating and set a $60.00 price target for the company in a research note on Tuesday, January 9th. ValuEngine upgraded shares of Envestnet from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Finally, Sandler O’Neill reiterated a “hold” rating and set a $56.00 price objective on shares of Envestnet in a research report on Tuesday, April 10th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $55.11.
In other Envestnet news, CTO Scott D. Grinis sold 40,000 shares of the firm’s stock in a transaction on Thursday, March 22nd. The shares were sold at an average price of $59.75, for a total value of $2,390,000.00. Following the completion of the sale, the chief technology officer now directly owns 205,340 shares in the company, valued at $12,269,065. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anil Arora sold 557 shares of the firm’s stock in a transaction on Monday, March 5th. The stock was sold at an average price of $57.40, for a total transaction of $31,971.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 63,767 shares of company stock valued at $3,711,157. 5.58% of the stock is currently owned by corporate insiders.
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Envestnet, Inc, together with its subsidiaries, provides financial and wealth management software and services in the United States and internationally. It operates through Envestnet and Envestnet | Yodlee business segments. The company's product and services suites include Envestnet | Enterprise, which provides an end-to-end open architecture wealth management platform, and sells data aggregation and reporting, data analytics, and digital advice capabilities; Envestnet | Tamarac that provides a portfolio of accounting, rebalancing, trading, performance reporting, and client relationship management software, primarily to high-end registered investment advisers; Envestnet | Retirement Solutions, which offers a suite of services for advisor-sold retirement plans; and Envestnet | Portfolio Management Consultants that provides research, due diligence, and consulting services to assist advisors in creating investment solutions for their clients, and patented portfolio overlay and tax optimization services.
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