Envestnet Inc (NYSE:ENV) – Stock analysts at Piper Sandler upped their Q3 2020 earnings per share (EPS) estimates for Envestnet in a research report issued on Friday, July 10th. Piper Sandler analyst C. Donat now forecasts that the business services provider will earn $0.39 per share for the quarter, up from their previous forecast of $0.37. Piper Sandler also issued estimates for Envestnet’s FY2020 earnings at $1.50 EPS, Q1 2021 earnings at $0.47 EPS, Q3 2021 earnings at $0.55 EPS, Q4 2021 earnings at $0.61 EPS and FY2021 earnings at $2.07 EPS.
Several other analysts have also issued reports on the company. JPMorgan Chase & Co. dropped their target price on Envestnet from $75.00 to $69.00 and set a “neutral” rating on the stock in a report on Wednesday, April 29th. JMP Securities upped their target price on Envestnet from $75.00 to $84.00 and gave the stock a “market outperform” rating in a report on Tuesday, July 7th. UBS Group upped their target price on Envestnet from $73.00 to $77.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Jefferies Financial Group upped their target price on Envestnet from $72.00 to $76.00 in a report on Tuesday, May 12th. Finally, Royal Bank of Canada reiterated a “hold” rating and set a $68.00 target price on shares of Envestnet in a report on Sunday, May 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $75.82.
Envestnet (NYSE:ENV) last issued its quarterly earnings results on Thursday, May 7th. The business services provider reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.12. Envestnet had a positive return on equity of 8.94% and a negative net margin of 0.66%. The company had revenue of $246.50 million for the quarter, compared to analyst estimates of $242.32 million. During the same period in the previous year, the company posted $0.39 earnings per share. The company’s quarterly revenue was up 23.4% compared to the same quarter last year.
Several hedge funds have recently modified their holdings of the stock. Contravisory Investment Management Inc. boosted its stake in shares of Envestnet by 8.0% in the second quarter. Contravisory Investment Management Inc. now owns 2,172 shares of the business services provider’s stock valued at $162,000 after buying an additional 160 shares during the period. Envestnet Asset Management Inc. lifted its stake in Envestnet by 51.2% during the second quarter. Envestnet Asset Management Inc. now owns 180,227 shares of the business services provider’s stock worth $13,254,000 after purchasing an additional 61,024 shares during the last quarter. Diversified Trust Co lifted its stake in Envestnet by 17.0% during the second quarter. Diversified Trust Co now owns 5,852 shares of the business services provider’s stock worth $430,000 after purchasing an additional 852 shares during the last quarter. Public Employees Retirement Association of Colorado lifted its stake in Envestnet by 122.8% during the first quarter. Public Employees Retirement Association of Colorado now owns 7,817 shares of the business services provider’s stock worth $420,000 after purchasing an additional 4,308 shares during the last quarter. Finally, Van Berkom & Associates Inc. lifted its stake in Envestnet by 7.6% during the first quarter. Van Berkom & Associates Inc. now owns 1,482,321 shares of the business services provider’s stock worth $79,719,000 after purchasing an additional 105,191 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.
In related news, CIO Brandon Thomas sold 3,367 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $75.68, for a total value of $254,814.56. Following the completion of the sale, the executive now directly owns 272,532 shares in the company, valued at $20,625,221.76. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO William Crager sold 9,092 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $64.91, for a total value of $590,161.72. Following the completion of the sale, the chief executive officer now owns 259,681 shares of the company’s stock, valued at $16,855,893.71. The disclosure for this sale can be found here. Insiders sold 38,409 shares of company stock worth $2,770,764 in the last ninety days. 2.44% of the stock is owned by company insiders.
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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