Envestnet (ENV) Downgraded to Hold at Zacks Investment Research

Envestnet (NYSE:ENV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday, November 16th.

According to Zacks, “Envestnet, Inc. is an independent provider of technology-enabled, Web-based investment solutions and services to financial advisors. The Company’s technology platform allows financial advisors to provide their clients with a wide range of investment solutions and services. It offers risk assessment and selection of investment strategies, asset allocation models, research and due diligence, portfolio construction, proposal generation and paperwork preparation, model management and account rebalancing, account monitoring, customized fee billing, overlay services covering asset allocation, tax management and socially responsible investing, aggregated multi-custodian performance reporting and communication tools, as well as access to a range of third-party asset custodians. Envestnet focuses its technology development efforts and its sales and marketing approach on addressing financial advisors’ front, middle and back office needs. Envestnet, Inc. is headquartered in Chicago, Illinois. “

Other analysts also recently issued research reports about the stock. William Blair reissued an “ourperform” rating on shares of Envestnet in a research note on Tuesday, September 26th. Stifel Nicolaus reissued a “buy” rating and issued a $52.00 price objective (up previously from $45.00) on shares of Envestnet in a research note on Thursday, August 10th. BidaskClub downgraded shares of Envestnet from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Raymond James Financial raised their price objective on shares of Envestnet from $44.00 to $48.00 and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $48.00 price objective on shares of Envestnet in a research note on Thursday, October 5th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Envestnet presently has a consensus rating of “Buy” and an average price target of $55.13.

Envestnet (NYSE:ENV) opened at $48.55 on Thursday. The company has a market capitalization of $2,177.63, a PE ratio of 63.01, a P/E/G ratio of 3.65 and a beta of 1.92. Envestnet has a 12-month low of $30.80 and a 12-month high of $55.15. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.90 and a quick ratio of 0.90.

Envestnet (NYSE:ENV) last released its quarterly earnings results on Wednesday, November 8th. The business services provider reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.02. The company had revenue of $175.61 million during the quarter, compared to analyst estimates of $171.57 million. Envestnet had a positive return on equity of 8.92% and a negative net margin of 8.15%. The firm’s revenue was up 17.7% on a year-over-year basis. During the same quarter last year, the business posted $0.28 earnings per share. analysts expect that Envestnet will post 0.9 EPS for the current year.

In other news, Director Gayle A. Crowell sold 746 shares of Envestnet stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $51.20, for a total transaction of $38,195.20. Following the completion of the sale, the director now owns 801 shares of the company’s stock, valued at $41,011.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President William Crager sold 5,000 shares of Envestnet stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $53.31, for a total transaction of $266,550.00. Following the sale, the president now directly owns 150,555 shares of the company’s stock, valued at approximately $8,026,087.05. The disclosure for this sale can be found here. Insiders have sold 192,328 shares of company stock valued at $9,810,203 in the last ninety days. Insiders own 7.80% of the company’s stock.

A number of hedge funds have recently modified their holdings of ENV. Teachers Advisors LLC increased its holdings in Envestnet by 4.0% during the first quarter. Teachers Advisors LLC now owns 70,453 shares of the business services provider’s stock valued at $2,276,000 after buying an additional 2,683 shares during the period. Vanguard Group Inc. increased its holdings in Envestnet by 4.8% during the first quarter. Vanguard Group Inc. now owns 3,265,731 shares of the business services provider’s stock valued at $105,483,000 after buying an additional 150,179 shares during the period. Geode Capital Management LLC increased its holdings in Envestnet by 8.5% during the first quarter. Geode Capital Management LLC now owns 328,766 shares of the business services provider’s stock valued at $10,618,000 after buying an additional 25,755 shares during the period. Renaissance Technologies LLC purchased a new position in Envestnet during the first quarter valued at approximately $2,018,000. Finally, KCG Holdings Inc. increased its holdings in Envestnet by 26.3% during the first quarter. KCG Holdings Inc. now owns 9,485 shares of the business services provider’s stock valued at $306,000 after buying an additional 1,977 shares during the period. 94.92% of the stock is currently owned by institutional investors.

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About Envestnet

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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