Brokerages forecast that Envestnet, Inc. (NYSE:ENV) will post $299.69 million in sales for the current quarter, Zacks reports. Five analysts have made estimates for Envestnet’s earnings, with the lowest sales estimate coming in at $297.00 million and the highest estimate coming in at $302.10 million. Envestnet posted sales of $252.56 million in the same quarter last year, which suggests a positive year-over-year growth rate of 18.7%. The firm is scheduled to announce its next quarterly earnings results on Thursday, November 4th.
According to Zacks, analysts expect that Envestnet will report full year sales of $1.17 billion for the current financial year, with estimates ranging from $1.15 billion to $1.18 billion. For the next fiscal year, analysts anticipate that the company will report sales of $1.32 billion, with estimates ranging from $1.27 billion to $1.35 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Envestnet.
Several research firms have weighed in on ENV. Raymond James boosted their target price on shares of Envestnet from $86.00 to $87.00 and gave the company a “strong-buy” rating in a research note on Friday, August 6th. Jefferies Financial Group downgraded shares of Envestnet from a “buy” rating to an “underperform” rating and lowered their price objective for the company from $95.00 to $63.00 in a research report on Thursday, July 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Envestnet currently has a consensus rating of “Buy” and a consensus price target of $81.67.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Marshall Wace LLP acquired a new stake in Envestnet in the 1st quarter valued at approximately $50,000. First Trust Advisors LP increased its holdings in shares of Envestnet by 8.5% during the first quarter. First Trust Advisors LP now owns 55,508 shares of the business services provider’s stock valued at $3,630,000 after purchasing an additional 4,339 shares during the period. Comerica Bank increased its holdings in shares of Envestnet by 6.9% during the first quarter. Comerica Bank now owns 2,914 shares of the business services provider’s stock valued at $212,000 after purchasing an additional 187 shares during the period. CWM Advisors LLC raised its stake in shares of Envestnet by 15.6% during the first quarter. CWM Advisors LLC now owns 5,376 shares of the business services provider’s stock valued at $388,000 after purchasing an additional 726 shares in the last quarter. Finally, Virginia Retirement Systems ET AL lifted its holdings in Envestnet by 24.5% in the first quarter. Virginia Retirement Systems ET AL now owns 13,700 shares of the business services provider’s stock worth $990,000 after purchasing an additional 2,700 shares during the period.
Envestnet, Inc engages in the provision of intelligent systems for wealth management and financial wellness. It operates through the following segments: Envestnet Wealth Solutions and Envestnet Data & Analytics. The Envestnet Wealth Solutions segment provides unified wealth management software and services to empower financial advisors and institutions.
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