Envestnet (NYSE:ENV) Sees Large Volume Increase

Envestnet, Inc. (NYSE:ENV) saw an uptick in trading volume on Thursday . 2,047,027 shares traded hands during mid-day trading, an increase of 197% from the previous session’s volume of 689,787 shares.The stock last traded at $63.00 and had previously closed at $63.00.

Analysts Set New Price Targets

A number of brokerages have weighed in on ENV. Raymond James cut shares of Envestnet from a “moderate buy” rating to a “hold” rating in a report on Wednesday, July 17th. UBS Group restated a “neutral” rating and issued a $63.15 price target (down previously from $75.00) on shares of Envestnet in a research note on Tuesday, July 16th. William Blair reiterated a “market perform” rating on shares of Envestnet in a research note on Thursday, July 11th. Jefferies Financial Group raised Envestnet from an “underperform” rating to a “hold” rating and increased their target price for the stock from $47.00 to $59.00 in a research note on Wednesday, May 8th. Finally, Royal Bank of Canada lifted their price target on Envestnet from $56.00 to $64.00 and gave the stock a “sector perform” rating in a research report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $61.88.

Envestnet Price Performance

The stock has a market capitalization of $3.45 billion, a P/E ratio of -17.60 and a beta of 1.28. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.19 and a current ratio of 1.19. The firm has a fifty day moving average price of $62.01 and a two-hundred day moving average price of $59.73.

Envestnet (NYSE:ENV) last posted its earnings results on Friday, August 9th. The business services provider reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.07). The firm had revenue of $348.30 million during the quarter, compared to the consensus estimate of $342.90 million. Envestnet had a negative net margin of 15.33% and a positive return on equity of 14.75%. The firm’s revenue was up 11.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.22 EPS. As a group, analysts expect that Envestnet, Inc. will post 1.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Envestnet

A number of institutional investors and hedge funds have recently made changes to their positions in ENV. New York State Teachers Retirement System boosted its stake in shares of Envestnet by 50.3% during the 4th quarter. New York State Teachers Retirement System now owns 12,621 shares of the business services provider’s stock worth $625,000 after acquiring an additional 4,221 shares during the last quarter. Louisiana State Employees Retirement System bought a new stake in Envestnet during the fourth quarter valued at about $1,233,000. Handelsbanken Fonder AB grew its holdings in Envestnet by 156.0% during the fourth quarter. Handelsbanken Fonder AB now owns 17,723 shares of the business services provider’s stock valued at $878,000 after purchasing an additional 10,800 shares during the period. Illinois Municipal Retirement Fund purchased a new stake in Envestnet in the fourth quarter worth about $1,369,000. Finally, Yousif Capital Management LLC raised its stake in shares of Envestnet by 7.2% in the fourth quarter. Yousif Capital Management LLC now owns 24,597 shares of the business services provider’s stock worth $1,218,000 after buying an additional 1,650 shares during the period.

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.