Shares of Envestnet, Inc. (NYSE:ENV – Get Free Report) gapped down before the market opened on Friday after Raymond James lowered their price target on the stock from $74.00 to $72.00. The stock had previously closed at $59.81, but opened at $56.99. Raymond James currently has an outperform rating on the stock. Envestnet shares last traded at $57.36, with a volume of 57,981 shares.
Other research analysts also recently issued research reports about the company. StockNews.com initiated coverage on Envestnet in a report on Thursday, May 18th. They set a “sell” rating on the stock. JMP Securities reiterated a “market outperform” rating and issued a $80.00 price objective on shares of Envestnet in a research report on Friday, June 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Envestnet presently has an average rating of “Hold” and a consensus price target of $64.83.
Insiders Place Their Bets
In related news, CEO William Crager sold 7,250 shares of the business’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $53.68, for a total transaction of $389,180.00. Following the completion of the transaction, the chief executive officer now owns 325,356 shares in the company, valued at $17,465,110.08. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO William Crager sold 7,250 shares of Envestnet stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $53.68, for a total transaction of $389,180.00. Following the transaction, the chief executive officer now owns 325,356 shares in the company, valued at approximately $17,465,110.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Barry D. Cooper sold 690 shares of the stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $58.19, for a total value of $40,151.10. Following the sale, the senior vice president now directly owns 29,175 shares of the company’s stock, valued at $1,697,693.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,940 shares of company stock worth $648,291. Insiders own 9.20% of the company’s stock.
Hedge Funds Weigh In On Envestnet
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Scissortail Wealth Management LLC acquired a new stake in Envestnet in the 1st quarter valued at approximately $1,936,921,000. Benjamin Edwards Inc. increased its position in shares of Envestnet by 135.3% during the 1st quarter. Benjamin Edwards Inc. now owns 734 shares of the business services provider’s stock worth $43,000 after purchasing an additional 422 shares during the last quarter. McIlrath & Eck LLC raised its stake in shares of Envestnet by 140.8% during the 4th quarter. McIlrath & Eck LLC now owns 802 shares of the business services provider’s stock worth $49,000 after purchasing an additional 469 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Envestnet by 88.7% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,319 shares of the business services provider’s stock valued at $77,000 after buying an additional 620 shares during the last quarter. Finally, Covestor Ltd lifted its stake in Envestnet by 86.2% in the first quarter. Covestor Ltd now owns 1,398 shares of the business services provider’s stock valued at $104,000 after acquiring an additional 647 shares during the last quarter.
Envestnet Trading Down 10.4 %
The company has a market cap of $2.92 billion, a P/E ratio of -24.59 and a beta of 1.25. The business’s 50-day moving average price is $57.33 and its 200 day moving average price is $59.88. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.75 and a current ratio of 0.75.
Envestnet (NYSE:ENV – Get Free Report) last announced its quarterly earnings results on Thursday, August 3rd. The business services provider reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.02. Envestnet had a positive return on equity of 7.31% and a negative net margin of 8.90%. The firm had revenue of $312.43 million for the quarter, compared to the consensus estimate of $315.10 million. As a group, analysts expect that Envestnet, Inc. will post 1.24 earnings per share for the current year.
Envestnet Company Profile
Envestnet, Inc, together with its subsidiaries, provides wealth management software and services in the United States and internationally. It operates through Envestnet Wealth Solutions and Envestnet Data & Analytics segments. The Envestnet Wealth Solutions segment offers Envestnet | Enterprise, which provides an end-to-end open architecture wealth management platform, as well as 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; and Envestnet | MoneyGuide that provides goals-based financial planning solutions to the financial services industry.