Envestnet (NYSE:ENV) Given New $64.00 Price Target at Royal Bank of Canada

Envestnet (NYSE:ENV) had its target price hoisted by analysts at Royal Bank of Canada from $56.00 to $64.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “sector perform” rating on the business services provider’s stock. Royal Bank of Canada’s price target points to a potential downside of 3.44% from the company’s previous close.

ENV has been the subject of a number of other research reports. JPMorgan Chase & Co. boosted their target price on shares of Envestnet from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Friday, February 23rd. William Blair reiterated an “outperform” rating on shares of Envestnet in a report on Wednesday, March 27th. JMP Securities reissued a “market outperform” rating and set a $79.00 target price on shares of Envestnet in a research report on Wednesday, April 17th. StockNews.com downgraded Envestnet from a “hold” rating to a “sell” rating in a report on Thursday, May 2nd. Finally, Raymond James raised their price objective on shares of Envestnet from $52.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, April 2nd. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $64.14.

Envestnet Price Performance

Shares of ENV opened at $66.28 on Wednesday. The company has a market cap of $3.63 billion, a P/E ratio of -15.17 and a beta of 1.26. Envestnet has a fifty-two week low of $33.12 and a fifty-two week high of $68.83. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.53. The firm’s 50 day moving average price is $58.35 and its 200 day moving average price is $50.02.

Envestnet (NYSE:ENV) last issued its quarterly earnings results on Thursday, February 22nd. The business services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.10. The company had revenue of $317.63 million for the quarter, compared to the consensus estimate of $312.24 million. Envestnet had a positive return on equity of 12.27% and a negative net margin of 19.17%. On average, research analysts forecast that Envestnet will post 1.78 earnings per share for the current fiscal year.

Insider Transactions at Envestnet

In other Envestnet news, Director Lauren Taylor Wolfe purchased 1,670 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was purchased at an average price of $52.99 per share, for a total transaction of $88,493.30. Following the purchase, the director now directly owns 4,188,871 shares in the company, valued at $221,968,274.29. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Matthew Majoros sold 700 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $56.92, for a total value of $39,844.00. Following the transaction, the insider now owns 15,212 shares of the company’s stock, valued at $865,867.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lauren Taylor Wolfe purchased 1,670 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were bought at an average cost of $52.99 per share, with a total value of $88,493.30. Following the completion of the acquisition, the director now owns 4,188,871 shares of the company’s stock, valued at $221,968,274.29. The disclosure for this purchase can be found here. Insiders own 8.90% of the company’s stock.

Hedge Funds Weigh In On Envestnet

A number of large investors have recently bought and sold shares of the company. New York State Common Retirement Fund boosted its position in Envestnet by 2.1% during the 3rd quarter. New York State Common Retirement Fund now owns 20,063 shares of the business services provider’s stock worth $883,000 after purchasing an additional 409 shares during the period. Oppenheimer Asset Management Inc. lifted its stake in shares of Envestnet by 2.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 28,201 shares of the business services provider’s stock worth $1,633,000 after purchasing an additional 543 shares in the last quarter. Illinois Municipal Retirement Fund grew its stake in shares of Envestnet by 2.2% in the first quarter. Illinois Municipal Retirement Fund now owns 28,271 shares of the business services provider’s stock valued at $1,637,000 after buying an additional 619 shares in the last quarter. YHB Investment Advisors Inc. purchased a new position in Envestnet in the 1st quarter worth approximately $38,000. Finally, Texas Permanent School Fund Corp grew its position in Envestnet by 1.6% in the first quarter. Texas Permanent School Fund Corp now owns 43,529 shares of the business services provider’s stock valued at $2,521,000 after acquiring an additional 688 shares in the last quarter.

About Envestnet

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.