Short Interest in Envestnet, Inc. (NYSE:ENV) Declines By 7.3%

Envestnet, Inc. (NYSE:ENV) was the target of a significant decrease in short interest in June. As of June 15th, there was short interest totalling 3,670,000 shares, a decrease of 7.3% from the May 31st total of 3,960,000 shares. Based on an average daily trading volume, of 532,000 shares, the days-to-cover ratio is presently 6.9 days. Currently, 6.8% of the company’s stock are sold short.

Institutional Investors Weigh In On Envestnet

Several institutional investors have recently made changes to their positions in ENV. Vanguard Group Inc. grew its stake in Envestnet by 1.4% during the first quarter. Vanguard Group Inc. now owns 6,098,535 shares of the business services provider’s stock valued at $353,166,000 after acquiring an additional 83,081 shares in the last quarter. Impactive Capital LP grew its position in shares of Envestnet by 0.8% during the 1st quarter. Impactive Capital LP now owns 4,183,865 shares of the business services provider’s stock valued at $242,288,000 after purchasing an additional 32,832 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of Envestnet by 20,229.7% in the fourth quarter. Hsbc Holdings PLC now owns 1,824,997 shares of the business services provider’s stock worth $90,027,000 after purchasing an additional 1,816,020 shares during the period. Stephens Investment Management Group LLC raised its position in shares of Envestnet by 14.4% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,651,081 shares of the business services provider’s stock worth $81,762,000 after buying an additional 207,632 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its stake in Envestnet by 0.9% during the fourth quarter. Clearbridge Investments LLC now owns 1,203,280 shares of the business services provider’s stock valued at $59,586,000 after buying an additional 10,360 shares during the period.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ENV. Jefferies Financial Group raised shares of Envestnet from an “underperform” rating to a “hold” rating and raised their price target for the company from $47.00 to $59.00 in a research report on Wednesday, May 8th. DA Davidson boosted their target price on Envestnet from $62.00 to $67.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. Royal Bank of Canada upped their price objective on Envestnet from $56.00 to $64.00 and gave the company a “sector perform” rating in a research note on Wednesday, May 8th. Raymond James lifted their target price on Envestnet from $52.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 2nd. Finally, JMP Securities restated a “market outperform” rating and set a $79.00 price target on shares of Envestnet in a research report on Wednesday, April 17th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Envestnet has an average rating of “Moderate Buy” and an average price target of $64.14.

Envestnet Stock Performance

Shares of ENV stock traded up $0.99 on Tuesday, hitting $62.12. 323,613 shares of the stock were exchanged, compared to its average volume of 479,190. Envestnet has a one year low of $33.12 and a one year high of $73.04. The firm’s 50 day moving average is $64.17 and its two-hundred day moving average is $57.08. The firm has a market capitalization of $3.42 billion, a PE ratio of -17.45 and a beta of 1.29. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 1.47.

Envestnet (NYSE:ENV) last posted its quarterly earnings results on Tuesday, May 7th. The business services provider reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.01. The company had revenue of $324.95 million for the quarter, compared to analyst estimates of $324.85 million. Envestnet had a negative net margin of 15.33% and a positive return on equity of 14.75%. Sell-side analysts expect that Envestnet will post 1.78 earnings per share for the current fiscal year.

Envestnet Company Profile

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.