Envestnet Inc (NYSE:ENV) Shares Acquired by Engineers Gate Manager LP
Engineers Gate Manager LP raised its stake in shares of Envestnet Inc (NYSE:ENV) by 123.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,848 shares of the business services provider’s stock after acquiring an additional 4,337 shares during the period. Engineers Gate Manager LP’s holdings in Envestnet were worth $422,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in ENV. Asset Management One Co. Ltd. acquired a new stake in shares of Envestnet during the first quarter valued at about $33,000. Keebeck Wealth Management LLC acquired a new stake in shares of Envestnet during the fourth quarter valued at about $47,000. Marshall Wace LLP acquired a new stake in shares of Envestnet during the first quarter valued at about $50,000. NumerixS Investment Technologies Inc increased its position in shares of Envestnet by 102.7% during the fourth quarter. NumerixS Investment Technologies Inc now owns 900 shares of the business services provider’s stock valued at $63,000 after acquiring an additional 456 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Envestnet during the first quarter valued at about $65,000. Institutional investors and hedge funds own 93.86% of the company’s stock.
ENV has been the subject of several recent research reports. Stifel Nicolaus lowered their price objective on shares of Envestnet from $80.00 to $72.00 and set a “buy” rating for the company in a research note on Monday, May 4th. Royal Bank of Canada reissued a “hold” rating and issued a $68.00 price objective on shares of Envestnet in a research note on Sunday, May 10th. Raymond James lowered their price objective on shares of Envestnet from $86.00 to $80.00 and set a “strong-buy” rating for the company in a research note on Friday, May 8th. DA Davidson lowered their price objective on shares of Envestnet from $76.00 to $68.00 in a research note on Friday, March 13th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Envestnet from $75.00 to $69.00 and set a “neutral” rating for the company in a research note on Wednesday, April 29th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $74.50.
Envestnet (NYSE:ENV) last issued its quarterly earnings results on Thursday, May 7th. The business services provider reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.12. Envestnet had a negative net margin of 0.66% and a positive return on equity of 8.94%. The company had revenue of $246.50 million during the quarter, compared to the consensus estimate of $242.32 million. During the same quarter in the previous year, the firm earned $0.39 earnings per share. The firm’s quarterly revenue was up 23.4% on a year-over-year basis. As a group, research analysts anticipate that Envestnet Inc will post 1.25 earnings per share for the current fiscal year.
In other news, CIO Brandon Thomas sold 3,367 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $75.68, for a total transaction of $254,814.56. Following the completion of the sale, the executive now owns 272,532 shares in the company, valued at approximately $20,625,221.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Crager sold 9,094 shares of the business’s stock in a transaction that occurred on Monday, April 13th. The stock was sold at an average price of $55.67, for a total transaction of $506,262.98. Following the sale, the chief executive officer now owns 244,395 shares of the company’s stock, valued at approximately $13,605,469.65. The disclosure for this sale can be found here. Insiders sold 47,653 shares of company stock valued at $3,284,644 in the last quarter. 2.44% of the stock is owned by insiders.
Envestnet Company Profile
Envestnet, Inc, together with its subsidiaries, provides intelligent systems for wealth management and financial wellness in the United States and internationally. It operates through Envestnet and Envestnet | Yodlee segments. The company's product and services suites include Envestnet | Enterprise, which provides an end-to-end open architecture wealth management platform, as well as sells data aggregation and reporting, data analytics, and digital advice capabilities; Envestnet | Tamarac that provides trading, rebalancing, portfolio accounting, performance reporting, and client relationship management software; Envestnet | Retirement Solutions, which offer a suite of services for advisor-sold retirement plans; and Envestnet | Portfolio Management Consultants that provide 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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