Jefferies Group reiterated their buy rating on shares of Financial Engines (NASDAQ:FNGN) in a research note issued to investors on Wednesday, January 17th. The firm currently has a $38.00 price objective on the asset manager’s stock. Jefferies Group also issued estimates for Financial Engines’ FY2017 earnings at $1.03 EPS, Q1 2018 earnings at $0.33 EPS, Q2 2018 earnings at $0.33 EPS, Q3 2018 earnings at $0.35 EPS, Q4 2018 earnings at $0.38 EPS, FY2018 earnings at $1.40 EPS and FY2019 earnings at $1.69 EPS.
Other analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Financial Engines from a hold rating to a buy rating and set a $41.00 target price on the stock in a report on Tuesday, October 10th. DA Davidson restated a buy rating and set a $38.00 target price on shares of Financial Engines in a report on Monday, November 6th. Northland Securities reiterated a buy rating on shares of Financial Engines in a report on Friday, November 3rd. BidaskClub upgraded Financial Engines from a hold rating to a buy rating in a report on Wednesday, January 3rd. Finally, TheStreet cut Financial Engines from a b- rating to a c rating in a report on Friday, November 24th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Financial Engines has an average rating of Hold and an average target price of $35.75.
Financial Engines (NASDAQ:FNGN) opened at $28.00 on Wednesday. Financial Engines has a 12 month low of $24.45 and a 12 month high of $45.75. The stock has a market capitalization of $1,753.89, a price-to-earnings ratio of 36.36, a price-to-earnings-growth ratio of 1.49 and a beta of 1.89.
Financial Engines announced that its board has approved a share buyback program on Thursday, November 2nd that allows the company to buyback $60.00 million in outstanding shares. This buyback authorization allows the asset manager to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
In other Financial Engines news, CEO Lawrence M. Raffone purchased 15,000 shares of the company’s stock in a transaction dated Thursday, December 7th. The shares were bought at an average price of $28.54 per share, with a total value of $428,100.00. Following the completion of the transaction, the chief executive officer now directly owns 66,540 shares in the company, valued at approximately $1,899,051.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Blake R. Grossman bought 18,000 shares of the company’s stock in a transaction that occurred on Thursday, December 7th. The stock was purchased at an average cost of $28.71 per share, for a total transaction of $516,780.00. Following the transaction, the director now owns 43,726 shares in the company, valued at approximately $1,255,373.46. The disclosure for this purchase can be found here. Company insiders own 9.27% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Bamco Inc. NY increased its position in shares of Financial Engines by 6.3% during the 3rd quarter. Bamco Inc. NY now owns 4,581,002 shares of the asset manager’s stock worth $159,190,000 after purchasing an additional 269,500 shares during the last quarter. Janus Henderson Group PLC acquired a new position in shares of Financial Engines during the 2nd quarter worth approximately $106,955,000. State Street Corp increased its position in shares of Financial Engines by 8.6% during the 2nd quarter. State Street Corp now owns 1,441,265 shares of the asset manager’s stock worth $52,751,000 after purchasing an additional 114,580 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Financial Engines by 10.9% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 286,959 shares of the asset manager’s stock worth $9,972,000 after purchasing an additional 28,182 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Financial Engines by 5.3% during the 2nd quarter. Vanguard Group Inc. now owns 5,221,858 shares of the asset manager’s stock worth $191,120,000 after purchasing an additional 261,539 shares during the last quarter.
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About Financial Engines
Financial Engines, Inc is a provider of independent, technology-enabled financial advisory services, discretionary portfolio management, personalized investment advice, financial and retirement income planning, and financial education and guidance. The Company offers personalized plans for saving, investing, and generating retirement income, as well as by providing assessments of retirement income needs and readiness.
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