Envestnet, Inc. (NYSE:ENV) Stock Position Reduced by Summit Creek Advisors LLC

Summit Creek Advisors LLC lowered its stake in Envestnet, Inc. (NYSE:ENV) by 6.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 302,485 shares of the business services provider’s stock after selling 21,062 shares during the quarter. Envestnet comprises approximately 2.6% of Summit Creek Advisors LLC’s holdings, making the stock its 9th largest holding. Summit Creek Advisors LLC owned 0.55% of Envestnet worth $18,933,000 as of its most recent filing with the Securities & Exchange Commission.

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

Envestnet Price Performance

Shares of ENV stock opened at $62.69 on Friday. 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 company has a market capitalization of $3.45 billion, a P/E ratio of -17.65 and a beta of 1.28. The company’s 50-day simple moving average is $62.29 and its two-hundred day simple moving average is $60.80. Envestnet, Inc. has a one year low of $33.12 and a one year high of $73.04.

Envestnet (NYSE:ENV) last released its quarterly earnings data on Friday, August 9th. The business services provider reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.07). Envestnet had a negative net margin of 19.33% and a positive return on equity of 17.02%. The business had revenue of $348.30 million for the quarter, compared to the consensus estimate of $342.90 million. During the same quarter in the prior year, the business posted $0.22 earnings per share. Envestnet’s revenue for the quarter was up 11.5% on a year-over-year basis. As a group, equities analysts anticipate that Envestnet, Inc. will post 1.76 EPS for the current year.

Wall Street Analyst Weigh In

ENV has been the topic of a number of recent analyst reports. William Blair reissued a “market perform” rating on shares of Envestnet in a research report on Thursday, July 11th. UBS Group reissued a “neutral” rating and issued a $63.15 price objective (down from $75.00) on shares of Envestnet in a research report on Tuesday, July 16th. StockNews.com initiated coverage on shares of Envestnet in a research report on Sunday, September 1st. They issued a “sell” rating on the stock. Raymond James lowered shares of Envestnet from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Finally, DA Davidson lowered shares of Envestnet from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $78.00 to $63.00 in a research report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $61.88.

Envestnet 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.