Q1 2024 EPS Estimates for Envestnet, Inc. Reduced by Analyst (NYSE:ENV)

Envestnet, Inc. (NYSE:ENV) – William Blair cut their Q1 2024 earnings per share estimates for Envestnet in a report issued on Wednesday, April 10th. William Blair analyst J. Schmitt now forecasts that the business services provider will post earnings of $0.35 per share for the quarter, down from their prior forecast of $0.37. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Envestnet’s current full-year earnings is $1.78 per share. William Blair also issued estimates for Envestnet’s Q2 2024 earnings at $0.38 EPS, Q3 2024 earnings at $0.49 EPS, Q4 2024 earnings at $0.56 EPS, FY2024 earnings at $1.78 EPS and FY2025 earnings at $2.15 EPS.

Envestnet (NYSE:ENV) last released its earnings results on Thursday, February 22nd. The business services provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.33 by $0.10. The firm had revenue of $317.63 million during the quarter, compared to analyst estimates of $312.24 million. Envestnet had a positive return on equity of 12.27% and a negative net margin of 19.17%.

ENV has been the subject of several other reports. Raymond James upped their price target on Envestnet from $52.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 2nd. DA Davidson increased their target price on Envestnet from $62.00 to $67.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. StockNews.com raised Envestnet from a “sell” rating to a “hold” rating in a report on Monday, March 25th. JPMorgan Chase & Co. increased their price target on Envestnet from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Finally, Royal Bank of Canada increased their price target on Envestnet from $47.00 to $56.00 and gave the company a “sector perform” rating in a report on Friday, February 23rd. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $63.67.

Envestnet Stock Performance

Envestnet stock opened at $61.82 on Monday. The firm has a market capitalization of $3.39 billion, a P/E ratio of -14.15 and a beta of 1.31. The stock has a fifty day moving average price of $54.40 and a 200 day moving average price of $47.57. Envestnet has a 52 week low of $33.12 and a 52 week high of $68.83. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53.

Institutional Trading of Envestnet

Several institutional investors have recently bought and sold shares of ENV. Headlands Technologies LLC acquired a new stake in Envestnet in the 3rd quarter valued at $45,000. McIlrath & Eck LLC boosted its stake in Envestnet by 140.8% in the fourth quarter. McIlrath & Eck LLC now owns 802 shares of the business services provider’s stock worth $49,000 after purchasing an additional 469 shares in the last quarter. Quest Partners LLC bought a new stake in shares of Envestnet during the fourth quarter worth $58,000. State of Tennessee Treasury Department bought a new stake in shares of Envestnet during the second quarter worth $59,000. Finally, Covestor Ltd raised its position in shares of Envestnet by 86.2% during the first quarter. Covestor Ltd now owns 1,398 shares of the business services provider’s stock worth $104,000 after acquiring an additional 647 shares during the last quarter.

Insiders Place Their Bets

In other news, insider Matthew Majoros sold 700 shares of Envestnet stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $56.92, for a total transaction of $39,844.00. Following the completion of the sale, the insider now directly owns 15,212 shares in the company, valued at approximately $865,867.04. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Envestnet news, Director Lauren Taylor Wolfe purchased 1,670 shares of the company’s stock in a transaction on Friday, March 15th. The shares were bought at an average cost of $52.99 per share, with a total value of $88,493.30. Following the transaction, the director now directly owns 4,188,871 shares in the company, valued at approximately $221,968,274.29. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Matthew Majoros sold 700 shares of Envestnet stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $56.92, for a total value of $39,844.00. Following the completion of the transaction, the insider now directly owns 15,212 shares in the company, valued at $865,867.04. The disclosure for this sale can be found here. Corporate insiders own 8.90% of the company’s stock.

About Envestnet

Envestnet, Inc, through its subsidiaries, provides wealth management software and services in the United States and internationally. It operates through two segments: Envestnet Wealth Solutions and Envestnet Data & Analytics. The Envestnet Wealth Solutions segment offers Envestnet | Enterprise, an end-to-end open architecture wealth management platform, as well as offers data aggregation and reporting, data analytics, and digital advice capabilities; Envestnet | Wealth Analytics that transforms data into actionable intelligence; Envestnet | Tamarac which provides trading, rebalancing, portfolio accounting, performance reporting, and client relationship management software; and Envestnet | MoneyGuide that provides goals-based financial planning solutions to the financial services industry.