Buckingham Research Cuts Envestnet (NYSE:ENV) Price Target to $68.00

Envestnet (NYSE:ENV) had its price target reduced by investment analysts at Buckingham Research from $71.00 to $68.00 in a research report issued on Friday, Stock Target Advisor reports. The brokerage presently has a “neutral” rating on the business services provider’s stock. Buckingham Research’s target price suggests a potential upside of 5.52% from the stock’s current price.

Several other analysts have also recently weighed in on the company. Zacks Investment Research cut Envestnet from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. DA Davidson raised Envestnet from a “neutral” rating to a “buy” rating and set a $67.00 price target for the company in a report on Tuesday, October 1st. ValuEngine cut Envestnet from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Finally, Raymond James lifted their price target on Envestnet from $82.00 to $83.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $74.00.

NYSE:ENV traded up $1.24 during mid-day trading on Friday, hitting $64.44. 762,836 shares of the stock were exchanged, compared to its average volume of 327,360. The stock has a market capitalization of $3.28 billion, a price-to-earnings ratio of 51.55, a price-to-earnings-growth ratio of 2.80 and a beta of 1.76. The firm’s 50-day simple moving average is $59.77 and its 200 day simple moving average is $64.58. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.54 and a current ratio of 0.54. Envestnet has a fifty-two week low of $46.57 and a fifty-two week high of $73.94.

Envestnet (NYSE:ENV) last released its quarterly earnings results on Thursday, November 7th. The business services provider reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.02. The business had revenue of $236.08 million during the quarter, compared to analysts’ expectations of $233.02 million. Envestnet had a positive return on equity of 9.15% and a negative net margin of 1.72%. The firm’s revenue for the quarter was up 16.2% compared to the same quarter last year. During the same period last year, the firm posted $0.53 EPS. On average, analysts predict that Envestnet will post 1.28 EPS for the current fiscal year.

In other Envestnet news, CFO Peter D’arrigo sold 5,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $62.81, for a total transaction of $314,050.00. Following the transaction, the chief financial officer now owns 57,747 shares in the company, valued at approximately $3,627,089.07. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider William Crager sold 18,500 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $58.13, for a total value of $1,075,405.00. Following the transaction, the insider now owns 243,512 shares in the company, valued at approximately $14,155,352.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 117,375 shares of company stock worth $6,795,807. Corporate insiders own 4.97% of the company’s stock.

A number of institutional investors have recently bought and sold shares of ENV. TRUE Private Wealth Advisors bought a new position in Envestnet during the 2nd quarter worth $27,000. DekaBank Deutsche Girozentrale bought a new position in shares of Envestnet in the 2nd quarter valued at $34,000. Hudock Capital Group LLC bought a new position in shares of Envestnet in the 2nd quarter valued at $46,000. Marshall Wace LLP bought a new position in shares of Envestnet in the 1st quarter valued at $50,000. Finally, SRS Capital Advisors Inc. bought a new position in shares of Envestnet in the 2nd quarter valued at $83,000. Hedge funds and other institutional investors own 89.78% of the company’s stock.

About Envestnet

Envestnet, Inc, together with its subsidiaries, provides intelligent systems for wealth management and financial wellness in the United States and internationally. It operates through Envestnet and Envestnet | Yodlee segments. The company's product and services suites include Envestnet | Enterprise, which provides an end-to-end open architecture wealth management platform, as well as sells data aggregation and reporting, data analytics, and digital advice capabilities; Envestnet | Tamarac that provides trading, rebalancing, portfolio accounting, performance reporting, and client relationship management software; Envestnet | Retirement Solutions, which offer a suite of services for advisor-sold retirement plans; and Envestnet | Portfolio Management Consultants that provide research, due diligence, and consulting services to assist advisors in creating investment solutions for their clients, and patented portfolio overlay and tax optimization services.

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