Envestnet (NYSE:ENV) Rating Lowered to Neutral at DA Davidson

DA Davidson cut shares of Envestnet (NYSE:ENV) from a buy rating to a neutral rating in a research note published on Thursday morning, MarketBeat Ratings reports. They currently have $63.00 target price on the business services provider’s stock, down from their prior target price of $78.00.

Several other research firms have also recently weighed in on ENV. Raymond James lifted their price objective on shares of Envestnet from $52.00 to $60.00 and gave the stock an outperform rating in a research report on Tuesday, April 2nd. Jefferies Financial Group upgraded shares of Envestnet from an underperform rating to a hold rating and boosted their price target for the company from $47.00 to $59.00 in a report on Wednesday, May 8th. William Blair restated a market perform rating on shares of Envestnet in a report on Thursday, July 11th. StockNews.com cut shares of Envestnet from a hold rating to a sell rating in a report on Wednesday, July 10th. Finally, Royal Bank of Canada boosted their price target on shares of Envestnet from $56.00 to $64.00 and gave the company a sector perform rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Envestnet has an average rating of Hold and a consensus target price of $61.88.

Envestnet Price Performance

NYSE ENV opened at $61.60 on Thursday. Envestnet has a twelve month low of $33.12 and a twelve month high of $73.04. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 1.47. The firm’s 50 day moving average price is $63.86 and its two-hundred day moving average price is $58.25.

Envestnet (NYSE:ENV) last posted its quarterly earnings data on Tuesday, May 7th. The business services provider reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.01. Envestnet had a negative net margin of 15.33% and a positive return on equity of 14.75%. The firm had revenue of $324.95 million for the quarter, compared to analysts’ expectations of $324.85 million. As a group, sell-side analysts forecast that Envestnet will post 1.79 earnings per share for the current year.

Institutional Investors Weigh In On Envestnet

Several institutional investors and hedge funds have recently modified their holdings of the business. Oppenheimer Asset Management Inc. lifted its stake in shares of Envestnet by 2.0% in 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 purchasing an additional 543 shares during the last quarter. Natixis lifted its stake in shares of Envestnet by 12.9% in the 1st quarter. Natixis now owns 4,767 shares of the business services provider’s stock valued at $276,000 after purchasing an additional 544 shares during the last quarter. Illinois Municipal Retirement Fund lifted its stake in shares of Envestnet by 2.2% in the 1st quarter. Illinois Municipal Retirement Fund now owns 28,271 shares of the business services provider’s stock valued at $1,637,000 after purchasing an additional 619 shares during the last quarter. YHB Investment Advisors Inc. acquired a new stake in shares of Envestnet in the 1st quarter valued at $38,000. Finally, Texas Permanent School Fund Corp lifted its stake in shares of Envestnet by 1.6% in the 1st quarter. Texas Permanent School Fund Corp now owns 43,529 shares of the business services provider’s stock valued at $2,521,000 after purchasing an additional 688 shares during the last quarter.

About Envestnet

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.