Envestnet (NYSE:ENV) Releases Q2 2024 Earnings Guidance

Envestnet (NYSE:ENV) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.600-0.650 for the period, compared to the consensus earnings per share estimate of 0.630. The company issued revenue guidance of $337.0 million-$345.0 million, compared to the consensus revenue estimate of $344.1 million.

Envestnet Stock Performance

ENV stock opened at $62.70 on Wednesday. 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 has a 50 day moving average of $57.80 and a two-hundred day moving average of $49.81. The company has a market capitalization of $3.44 billion, a price-to-earnings ratio of -14.35 and a beta of 1.26. Envestnet has a 12 month low of $33.12 and a 12 month high of $68.83.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on ENV shares. JMP Securities reiterated a market outperform rating and set a $79.00 target price on shares of Envestnet in a research note on Wednesday, April 17th. 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 research note on Tuesday, April 2nd. StockNews.com cut shares of Envestnet from a hold rating to a sell rating in a research note on Thursday, May 2nd. 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 research note on Tuesday, April 2nd. Finally, William Blair restated an outperform rating on shares of Envestnet in a research note on Wednesday, March 27th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Envestnet has a consensus rating of Hold and an average price target of $63.00.

Insider Buying and Selling

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

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.