Envestnet Asset Management Inc. Cuts Stake in Envestnet, Inc. (NYSE:ENV)

Envestnet Asset Management Inc. lessened its stake in shares of Envestnet, Inc. (NYSE:ENV) by 29.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 139,443 shares of the business services provider’s stock after selling 58,246 shares during the period. Envestnet Asset Management Inc. owned about 0.25% of Envestnet worth $8,728,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in ENV. Arizona State Retirement System raised its holdings in shares of Envestnet by 2.5% in the 2nd quarter. Arizona State Retirement System now owns 11,552 shares of the business services provider’s stock worth $723,000 after purchasing an additional 286 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in shares of Envestnet by 2.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 28,201 shares of the business services provider’s stock worth $1,633,000 after buying an additional 543 shares in the last quarter. Natixis grew its stake in Envestnet by 12.9% during the first quarter. Natixis now owns 4,767 shares of the business services provider’s stock valued at $276,000 after acquiring an additional 544 shares in the last quarter. Louisiana State Employees Retirement System boosted its holdings in Envestnet by 2.4% in the 2nd quarter. Louisiana State Employees Retirement System now owns 25,200 shares of the business services provider’s stock valued at $1,577,000 after purchasing an additional 600 shares during the period. Finally, Illinois Municipal Retirement Fund grew its position in Envestnet by 2.2% during the first quarter. Illinois Municipal Retirement Fund now owns 28,271 shares of the business services provider’s stock worth $1,637,000 after buying an additional 619 shares in the last quarter.

Analysts Set New Price Targets

Several brokerages have issued reports on ENV. DA Davidson reiterated a “neutral” rating and set a $63.00 target price on shares of Envestnet in a research report on Wednesday, September 18th. William Blair restated a “market perform” rating on shares of Envestnet in a research report on Thursday, July 11th. Raymond James downgraded Envestnet from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, July 17th. StockNews.com initiated coverage on shares of Envestnet in a report on Wednesday. They issued a “sell” rating on the stock. Finally, UBS Group reissued a “neutral” rating and issued a $63.15 target price (down from $75.00) on shares of Envestnet in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $61.88.

Envestnet Trading Up 0.1 %

Envestnet stock opened at $62.61 on Friday. Envestnet, Inc. has a one year low of $33.12 and a one year high of $73.04. The business’s fifty day moving average is $62.46 and its 200 day moving average is $62.03. The company has a debt-to-equity ratio of 1.70, a current ratio of 1.14 and a quick ratio of 1.14. The stock has a market capitalization of $3.45 billion, a PE ratio of -17.59 and a beta of 1.25.

Envestnet (NYSE:ENV) last announced its earnings results on Friday, August 9th. The business services provider reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate 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 negative net margin of 19.33% and a positive return on equity of 17.02%. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.22 earnings per share. On average, sell-side analysts predict that Envestnet, Inc. will post 1.71 EPS for the current year.

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.