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

StockNews.com initiated coverage on shares of Envestnet (NYSE:ENV) in a report released on Wednesday morning. The firm issued a sell rating on the business services provider’s stock.

ENV has been the subject of several other reports. Raymond James cut shares of Envestnet from a moderate buy rating to a hold rating in a research report on Wednesday, July 17th. DA Davidson reiterated a neutral rating and issued a $63.00 price target on shares of Envestnet in a report on Wednesday, September 18th. William Blair reissued a market perform rating on shares of Envestnet in a research note on Thursday, July 11th. Finally, UBS Group reaffirmed a neutral rating and set a $63.15 target price (down from $75.00) on shares of Envestnet in a research report on Tuesday, July 16th. 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’s stock. Based on data from MarketBeat, Envestnet currently has a consensus rating of Hold and an average price target of $61.88.

Envestnet Price Performance

ENV stock opened at $62.61 on Wednesday. The stock has a market cap of $3.45 billion, a PE ratio of -17.59 and a beta of 1.25. Envestnet has a 12 month low of $33.12 and a 12 month high of $73.04. The company has a 50-day moving average price of $62.46 and a 200 day moving average price of $62.03. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.70.

Envestnet (NYSE:ENV) last issued its quarterly earnings results on Friday, August 9th. The business services provider reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.07). The business had revenue of $348.30 million for the quarter, compared to the consensus estimate of $342.90 million. Envestnet had a positive return on equity of 17.02% and a negative net margin of 19.33%. Envestnet’s revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.22 earnings per share. Equities research analysts anticipate that Envestnet will post 1.71 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Truist Financial Corp boosted its position in shares of Envestnet by 27.8% in the 2nd quarter. Truist Financial Corp now owns 15,489 shares of the business services provider’s stock worth $969,000 after purchasing an additional 3,370 shares in the last quarter. Algert Global LLC acquired a new stake in Envestnet in the second quarter worth about $260,000. Select Equity Group L.P. grew its stake in shares of Envestnet by 25.5% during the second quarter. Select Equity Group L.P. now owns 15,458 shares of the business services provider’s stock worth $968,000 after acquiring an additional 3,138 shares during the last quarter. Mackenzie Financial Corp acquired a new position in shares of Envestnet during the second quarter valued at about $212,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Envestnet by 3.7% during the second quarter. The Manufacturers Life Insurance Company now owns 29,643 shares of the business services provider’s stock valued at $1,855,000 after acquiring an additional 1,051 shares in the last quarter.

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.