Analysts Set Expectations for Envestnet, Inc.’s Q1 2024 Earnings (NYSE:ENV)

Envestnet, Inc. (NYSE:ENV) – Research analysts at William Blair lowered their Q1 2024 earnings estimates for Envestnet in a report released on Wednesday, April 10th. William Blair analyst J. Schmitt now forecasts that the business services provider will earn $0.35 per share for the quarter, down from their prior estimate of $0.37. William Blair has a “Outperform” rating on the stock. The consensus estimate for Envestnet’s current full-year earnings is $1.78 per share. William Blair also issued estimates for Envestnet’s Q2 2024 earnings at $0.38 EPS, Q3 2024 earnings at $0.49 EPS, Q4 2024 earnings at $0.56 EPS, FY2024 earnings at $1.78 EPS and FY2025 earnings at $2.15 EPS.

Several other research firms also recently issued reports on ENV. DA Davidson increased their price objective on shares of Envestnet from $62.00 to $67.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd. Royal Bank of Canada increased their price objective on shares of Envestnet from $47.00 to $56.00 and gave the company a “sector perform” rating in a report on Friday, February 23rd. Raymond James increased their price objective on shares of Envestnet from $52.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, April 2nd. StockNews.com raised shares of Envestnet from a “sell” rating to a “hold” rating in a report on Monday, March 25th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Envestnet from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $63.67.

Envestnet Stock Performance

Shares of NYSE ENV opened at $57.30 on Monday. The company’s fifty day moving average price is $54.10 and its 200 day moving average price is $47.35. Envestnet has a 1 year low of $33.12 and a 1 year high of $66.50. The company has a market capitalization of $3.14 billion, a PE ratio of -13.11 and a beta of 1.31. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 0.90.

Envestnet (NYSE:ENV) last announced its quarterly earnings results on Thursday, February 22nd. The business services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.10. Envestnet had a negative net margin of 19.17% and a positive return on equity of 12.27%. The firm had revenue of $317.63 million for the quarter, compared to the consensus estimate of $312.24 million.

Institutional Investors Weigh In On Envestnet

Institutional investors have recently made changes to their positions in the stock. Headlands Technologies LLC acquired a new stake in shares of Envestnet during the third quarter valued at about $45,000. McIlrath & Eck LLC increased its position in shares of Envestnet by 140.8% during the fourth quarter. McIlrath & Eck LLC now owns 802 shares of the business services provider’s stock valued at $49,000 after acquiring an additional 469 shares during the last quarter. Quest Partners LLC purchased a new position in shares of Envestnet in the fourth quarter valued at approximately $58,000. State of Tennessee Treasury Department purchased a new position in shares of Envestnet in the second quarter valued at approximately $59,000. Finally, Covestor Ltd boosted its stake in shares of 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 purchasing an additional 647 shares during the period.

Insider Transactions at Envestnet

In other news, insider Matthew Majoros sold 700 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $56.92, for a total value of $39,844.00. Following the transaction, the insider now directly owns 15,212 shares of the company’s stock, valued at $865,867.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Matthew Majoros sold 700 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $56.92, for a total transaction of $39,844.00. Following the completion of the sale, the insider now directly owns 15,212 shares in the company, valued at $865,867.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lauren Taylor Wolfe acquired 1,670 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were purchased at an average price of $52.99 per share, with a total value of $88,493.30. Following the completion of the transaction, the director now owns 4,188,871 shares of the company’s stock, valued at approximately $221,968,274.29. The disclosure for this purchase can be found here. Insiders own 9.20% of the company’s stock.

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.