Envestnet (NYSE:ENV) Releases Earnings Results, Beats Estimates By $0.03 EPS

Envestnet (NYSE:ENVGet Rating) issued its quarterly earnings results on Thursday. The business services provider reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03, Briefing.com reports. Envestnet had a positive return on equity of 7.48% and a negative net margin of 2.42%. The business had revenue of $318.90 million for the quarter, compared to the consensus estimate of $324.02 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. Envestnet’s revenue for the quarter was up 10.5% compared to the same quarter last year.

Envestnet Price Performance

Shares of ENV stock traded down $2.84 during trading hours on Friday, hitting $54.90. The company had a trading volume of 908,792 shares, compared to its average volume of 394,527. Envestnet has a 12 month low of $49.08 and a 12 month high of $85.99. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of -99.82 and a beta of 1.16. The firm’s fifty day moving average is $55.85 and its 200 day moving average is $67.19. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.82 and a current ratio of 1.82.

Insider Activity

In other Envestnet news, CEO William Crager bought 920 shares of Envestnet stock in a transaction dated Wednesday, June 29th. The shares were acquired at an average cost of $53.79 per share, with a total value of $49,486.80. Following the acquisition, the chief executive officer now directly owns 306,241 shares of the company’s stock, valued at $16,472,703.39. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.44% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Eaton Vance Management lifted its stake in shares of Envestnet by 9.3% in the 1st quarter. Eaton Vance Management now owns 920,714 shares of the business services provider’s stock valued at $68,537,000 after purchasing an additional 78,656 shares during the period. Verition Fund Management LLC increased its position in shares of Envestnet by 400.0% in the 1st quarter. Verition Fund Management LLC now owns 66,664 shares of the business services provider’s stock valued at $4,962,000 after buying an additional 53,331 shares in the last quarter. State Street Corp increased its position in shares of Envestnet by 2.7% in the 1st quarter. State Street Corp now owns 1,713,638 shares of the business services provider’s stock valued at $127,563,000 after buying an additional 44,600 shares in the last quarter. Walleye Capital LLC bought a new stake in shares of Envestnet in the 1st quarter valued at $3,007,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Envestnet in the 1st quarter valued at $1,318,000.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ENV shares. DA Davidson lowered their price target on Envestnet from $86.00 to $70.00 and set a “buy” rating on the stock in a report on Friday, July 1st. Royal Bank of Canada reduced their price objective on Envestnet from $79.00 to $67.00 and set a “sector perform” rating for the company in a research report on Monday, August 1st. Raymond James reduced their price objective on Envestnet from $90.00 to $73.00 and set a “strong-buy” rating for the company in a research report on Friday, July 8th. Piper Sandler reduced their price objective on Envestnet from $73.00 to $54.00 and set a “neutral” rating for the company in a research report on Friday, June 17th. Finally, William Blair reaffirmed an “outperform” rating on shares of Envestnet in a research report on Monday, July 25th. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $72.33.

Envestnet Company Profile

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Envestnet, Inc, together with its subsidiaries, provides wealth management software and services in the United States and internationally. It operates through Envestnet Wealth Solutions and Envestnet Data & Analytics segments. The company's product and services include Envestnet | Enterprise, which provides an end-to-end open architecture wealth management platform, as well as offers 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; and Envestnet | MoneyGuide that provides goals-based financial planning solutions to the financial services industry.

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Earnings History for Envestnet (NYSE:ENV)

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