StockNews.com Begins Coverage on Envestnet (NYSE:ENV)

StockNews.com started coverage on shares of Envestnet (NYSE:ENV) in a research report sent to investors on Sunday morning. The brokerage issued a sell rating on the business services provider’s stock.

ENV has been the topic of several other reports. Jefferies Financial Group upgraded shares of Envestnet from an underperform rating to a hold rating and boosted their price objective for the company from $47.00 to $59.00 in a report on Wednesday, May 8th. UBS Group reiterated a neutral rating and issued a $63.15 target price (down previously from $75.00) on shares of Envestnet in a report on Tuesday, July 16th. Royal Bank of Canada raised their price target on Envestnet from $56.00 to $64.00 and gave the stock a sector perform rating in a research report on Wednesday, May 8th. William Blair restated a market perform rating on shares of Envestnet in a report on Thursday, July 11th. Finally, Raymond James lowered shares of Envestnet from a moderate buy rating to a hold rating in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $61.88.

Envestnet Stock Performance

ENV opened at $62.85 on Friday. Envestnet has a twelve month low of $33.12 and a twelve month high of $73.04. The firm has a market capitalization of $3.46 billion, a PE ratio of -17.65 and a beta of 1.28. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.70. The firm’s 50-day moving average price is $62.28 and its 200 day moving average price is $60.79.

Envestnet (NYSE:ENV) last issued its earnings results on Friday, August 9th. The business services provider reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.07). Envestnet had a positive return on equity of 17.02% and a negative net margin of 19.33%. The company had revenue of $348.30 million for the quarter, compared to analyst estimates of $342.90 million. During the same quarter in the prior year, the firm earned $0.22 earnings per share. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. As a group, sell-side analysts expect that Envestnet will post 1.76 EPS for the current fiscal year.

Hedge Funds Weigh In On Envestnet

Several large investors have recently bought and sold shares of ENV. Arizona State Retirement System boosted its position in shares of Envestnet by 2.5% during the 2nd quarter. Arizona State Retirement System now owns 11,552 shares of the business services provider’s stock worth $723,000 after acquiring an additional 286 shares in the last quarter. Oppenheimer Asset Management Inc. increased its stake in Envestnet by 2.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 28,201 shares of the business services provider’s stock valued at $1,633,000 after purchasing an additional 543 shares during the last quarter. Natixis raised its holdings in Envestnet by 12.9% during the first quarter. Natixis now owns 4,767 shares of the business services provider’s stock worth $276,000 after purchasing an additional 544 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in shares of Envestnet by 2.4% during the 2nd quarter. Louisiana State Employees Retirement System now owns 25,200 shares of the business services provider’s stock worth $1,577,000 after buying an additional 600 shares during the last quarter. Finally, Illinois Municipal Retirement Fund boosted its holdings in shares of Envestnet by 2.2% in the 1st quarter. Illinois Municipal Retirement Fund now owns 28,271 shares of the business services provider’s stock valued at $1,637,000 after buying an additional 619 shares in the last quarter.

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.