Envestnet (NYSE:ENV) Issues Q2 Earnings Guidance

Envestnet (NYSE:ENV – Get Rating) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.45-$0.46 for the period, compared to the consensus estimate of $0.54. The company issued revenue guidance of $324-$326 million, compared to the consensus revenue estimate of $331.01 million.Envestnet also updated its FY22 guidance to $2.17-$2.23 EPS.

ENV stock traded down $7.12 during midday trading on Friday, reaching $67.99. 1,711,590 shares of the company traded hands, compared to its average volume of 415,975. Envestnet has a 52-week low of $64.70 and a 52-week high of $85.99. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.96 and a current ratio of 1.96. The business has a 50 day moving average of $76.91 and a 200-day moving average of $77.16. The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of -242.81 and a beta of 1.07.

Envestnet (NYSE:ENV – Get Rating) last announced its quarterly earnings data on Thursday, May 5th. The business services provider reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.02. The company had revenue of $321.36 million for the quarter, compared to analysts’ expectations of $323.83 million. Envestnet had a return on equity of 10.86% and a net margin of 1.12%. Envestnet’s revenue was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.49 earnings per share. Research analysts anticipate that Envestnet will post 1.51 earnings per share for the current year.

ENV has been the subject of a number of research analyst reports. DA Davidson upgraded Envestnet from a neutral rating to a buy rating and set a $86.00 target price for the company in a research note on Friday, February 25th. JMP Securities lifted their price target on Envestnet from $97.00 to $101.00 and gave the company a market outperform rating in a research note on Monday, January 10th. Zacks Investment Research upgraded Envestnet from a sell rating to a hold rating and set a $87.00 price objective on the stock in a report on Tuesday, April 26th. Raymond James boosted their target price on Envestnet from $101.00 to $111.00 and gave the stock a strong-buy rating in a report on Friday, April 8th. Finally, Truist Financial lowered their target price on Envestnet from $95.00 to $90.00 and set a buy rating on the stock in a report on Monday, March 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Envestnet currently has an average rating of Buy and a consensus price target of $89.57.

In other news, insider Matthew Majoros sold 400 shares of the firm’s stock in a transaction on Monday, March 21st. The shares were sold at an average price of $75.33, for a total value of $30,132.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Barry D. Cooper sold 678 shares of Envestnet stock in a transaction on Friday, March 25th. The stock was sold at an average price of $73.73, for a total transaction of $49,988.94. The disclosure for this sale can be found here. Company insiders own 1.44% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of ENV. Schonfeld Strategic Advisors LLC bought a new stake in shares of Envestnet in the 4th quarter worth approximately $317,000. D. E. Shaw & Co. Inc. bought a new stake in Envestnet in the fourth quarter worth approximately $342,000. Marshall Wace LLP bought a new stake in shares of Envestnet during the 4th quarter worth $918,000. LPL Financial LLC boosted its holdings in shares of Envestnet by 59.1% during the 3rd quarter. LPL Financial LLC now owns 12,412 shares of the business services provider’s stock worth $995,000 after buying an additional 4,613 shares during the period. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of Envestnet by 1.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 14,408 shares of the business services provider’s stock worth $1,143,000 after buying an additional 158 shares during the period.

About Envestnet (Get Rating)

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 company's product and services include Envestnet | Enterprise, which provides an end-to-end open architecture wealth management platform, as well as offers 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.

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