Envestnet (ENV) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Envestnet (NYSE:ENV) from a sell rating to a hold rating in a report released on Thursday morning.

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. “

ENV has been the subject of several other research reports. Buckingham Research began coverage on shares of Envestnet in a research note on Thursday. They issued a buy rating and a $63.00 price objective for the company. ValuEngine cut shares of Envestnet from a buy rating to a hold rating in a research note on Friday, January 4th. DA Davidson dropped their price objective on shares of Envestnet to $58.00 and set a buy rating for the company in a research note on Friday, January 4th. TheStreet cut shares of Envestnet from a b- rating to a c+ rating in a research note on Wednesday, October 10th. Finally, Raymond James dropped their price objective on shares of Envestnet from $71.00 to $60.00 and set a strong-buy rating for the company in a research note on Thursday, January 3rd. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Envestnet currently has a consensus rating of Buy and an average price target of $63.56.

Shares of Envestnet stock opened at $52.36 on Thursday. Envestnet has a twelve month low of $46.57 and a twelve month high of $64.80. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 59.50, a price-to-earnings-growth ratio of 2.02 and a beta of 1.76.

Envestnet (NYSE:ENV) last issued its quarterly earnings data on Wednesday, November 7th. The business services provider reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.03. Envestnet had a net margin of 2.95% and a return on equity of 11.32%. The business had revenue of $203.20 million during the quarter, compared to analysts’ expectations of $203.99 million. During the same quarter in the previous year, the company earned $0.37 EPS. The business’s revenue was up 15.7% on a year-over-year basis. As a group, equities research analysts expect that Envestnet will post 1.29 EPS for the current fiscal year.

In other news, COO Joshua Mayer sold 2,606 shares of the business’s stock in a transaction that occurred on Thursday, November 8th. The shares were sold at an average price of $55.00, for a total value of $143,330.00. Following the completion of the transaction, the chief operating officer now directly owns 35,771 shares in the company, valued at approximately $1,967,405. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.49% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of ENV. BlackRock Inc. raised its position in shares of Envestnet by 16.7% in the 2nd 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 in the last quarter. Victory Capital Management Inc. raised its position in shares of Envestnet by 39.8% in the 3rd quarter. Victory Capital Management Inc. now owns 659,518 shares of the business services provider’s stock valued at $40,198,000 after buying an additional 187,607 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Envestnet by 88.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 363,129 shares of the business services provider’s stock valued at $22,133,000 after buying an additional 170,702 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Envestnet in the 3rd quarter valued at approximately $9,087,000. Finally, Putnam Investments LLC raised its position in shares of Envestnet by 262.5% in the 3rd quarter. Putnam Investments LLC now owns 188,073 shares of the business services provider’s stock valued at $11,463,000 after buying an additional 136,190 shares in the last quarter. Institutional investors own 97.79% 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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