Principal Financial Group Inc. Sells 11,448 Shares of Envestnet, Inc. (NYSE:ENV)

Principal Financial Group Inc. trimmed its stake in shares of Envestnet, Inc. (NYSE:ENV) by 5.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 216,008 shares of the business services provider’s stock after selling 11,448 shares during the quarter. Principal Financial Group Inc. owned approximately 0.40% of Envestnet worth $12,820,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in ENV. Vanguard Group Inc. increased its holdings in Envestnet by 0.9% in the third quarter. Vanguard Group Inc. now owns 5,417,317 shares of the business services provider’s stock worth $240,528,000 after purchasing an additional 49,658 shares in the last quarter. State Street Corp increased its holdings in Envestnet by 2.7% in the first quarter. State Street Corp now owns 1,713,638 shares of the business services provider’s stock worth $127,563,000 after purchasing an additional 44,600 shares in the last quarter. Brown Advisory Inc. grew its stake in Envestnet by 0.9% in the first quarter. Brown Advisory Inc. now owns 1,379,173 shares of the business services provider’s stock valued at $80,916,000 after acquiring an additional 12,672 shares during the period. Stephens Investment Management Group LLC grew its stake in Envestnet by 0.3% in the first quarter. Stephens Investment Management Group LLC now owns 1,330,307 shares of the business services provider’s stock valued at $78,049,000 after acquiring an additional 4,145 shares during the period. Finally, Van Berkom & Associates Inc. grew its stake in Envestnet by 4.7% in the second quarter. Van Berkom & Associates Inc. now owns 1,323,508 shares of the business services provider’s stock valued at $78,550,000 after acquiring an additional 59,866 shares during the period.

Envestnet Stock Performance

NYSE:ENV opened at $37.82 on Friday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.75 and a current ratio of 0.75. Envestnet, Inc. has a 52-week low of $33.12 and a 52-week high of $69.22. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of -20.22 and a beta of 1.30. The business’s fifty day moving average is $41.62 and its 200 day moving average is $51.08.

Wall Street Analyst Weigh In

ENV has been the subject of a number of research reports. TheStreet cut Envestnet from a “c-” rating to a “d+” rating in a research note on Tuesday, September 19th. UBS Group cut their target price on Envestnet from $78.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday, November 9th. DA Davidson cut their target price on Envestnet from $72.00 to $66.00 and set a “buy” rating on the stock in a research report on Wednesday, October 4th. JMP Securities cut their price objective on Envestnet from $78.00 to $76.00 and set a “market outperform” rating on the stock in a research report on Friday, November 10th. Finally, StockNews.com raised Envestnet from a “sell” rating to a “hold” rating in a research report on Thursday. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.57.

About Envestnet

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.