Envestnet (ENV) Upgraded to “Buy” at DA Davidson

Envestnet (NYSE:ENV) was upgraded by stock analysts at DA Davidson from a “neutral” rating to a “buy” rating in a research report issued on Thursday, The Fly reports.

Several other brokerages have also recently commented on ENV. Zacks Investment Research upgraded shares of Envestnet from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a research note on Thursday, October 4th. UBS Group raised their price objective on shares of Envestnet from $62.00 to $68.00 and gave the company a “buy” rating in a research note on Friday, August 10th. JPMorgan Chase & Co. started coverage on shares of Envestnet in a research note on Thursday, July 12th. They issued an “overweight” rating and a $70.00 price objective for the company. Finally, TheStreet cut shares of Envestnet from a “b-” rating to a “c+” rating in a research note on Wednesday, October 10th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $63.80.

Shares of NYSE:ENV traded down $3.28 during midday trading on Thursday, hitting $54.40. The stock had a trading volume of 708,958 shares, compared to its average volume of 309,999. The company has a market cap of $2.40 billion, a price-to-earnings ratio of 61.82, a PEG ratio of 2.97 and a beta of 1.89. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.90. Envestnet has a 1 year low of $47.45 and a 1 year high of $64.80.

Envestnet (NYSE:ENV) last issued its earnings results on Wednesday, November 7th. The business services provider reported $0.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.03. The business had revenue of $203.20 million for the quarter, compared to the consensus estimate of $203.99 million. Envestnet had a net margin of 2.95% and a return on equity of 11.61%. The business’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.37 earnings per share. On average, research analysts forecast that Envestnet will post 1.25 EPS for the current year.

In other Envestnet news, insider Anil Arora sold 4,551 shares of Envestnet stock in a transaction dated Friday, October 5th. The shares were sold at an average price of $62.40, for a total transaction of $283,982.40. Following the completion of the transaction, the insider now owns 75,388 shares in the company, valued at $4,704,211.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Judson Bergman sold 25,000 shares of Envestnet stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $59.04, for a total transaction of $1,476,000.00. Following the transaction, the chief executive officer now owns 730,673 shares of the company’s stock, valued at approximately $43,138,933.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,678 shares of company stock valued at $3,360,422. 7.80% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its position in shares of Envestnet by 16.7% in the second quarter. BlackRock Inc. now owns 3,150,212 shares of the business services provider’s stock valued at $173,104,000 after buying an additional 451,887 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Envestnet by 6.9% in the second quarter. Renaissance Technologies LLC now owns 509,392 shares of the business services provider’s stock valued at $27,991,000 after buying an additional 33,100 shares during the last quarter. Oak Ridge Investments LLC raised its position in shares of Envestnet by 22.1% in the second quarter. Oak Ridge Investments LLC now owns 341,535 shares of the business services provider’s stock valued at $18,767,000 after buying an additional 61,746 shares during the last quarter. Putnam Investments LLC raised its position in shares of Envestnet by 28.6% in the second quarter. Putnam Investments LLC now owns 51,883 shares of the business services provider’s stock valued at $2,851,000 after buying an additional 11,526 shares during the last quarter. Finally, Van Berkom & Associates Inc. raised its position in shares of Envestnet by 0.7% in the second quarter. Van Berkom & Associates Inc. now owns 1,297,378 shares of the business services provider’s stock valued at $71,291,000 after buying an additional 9,308 shares during the last quarter. Institutional investors own 96.71% of the company’s stock.

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 business 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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