Short Interest in Envestnet, Inc. (NYSE:ENV) Declines By 7.3%

Envestnet, Inc. (NYSE:ENV) was the recipient of a significant decline in short interest in the month of June. As of June 15th, there was short interest totalling 3,670,000 shares, a decline of 7.3% from the May 31st total of 3,960,000 shares. Based on an average trading volume of 532,000 shares, the short-interest ratio is presently 6.9 days. Approximately 6.8% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Jefferies Financial Group upgraded shares of Envestnet from an “underperform” rating to a “hold” rating and raised their price target for the company from $47.00 to $59.00 in a report on Wednesday, May 8th. Raymond James lifted their target price on shares of Envestnet from $52.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, April 2nd. StockNews.com upgraded Envestnet from a “sell” rating to a “hold” rating in a report on Friday, May 10th. William Blair restated an “outperform” rating on shares of Envestnet in a research note on Wednesday, March 27th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $79.00 target price on shares of Envestnet in a research note on Wednesday, April 17th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Envestnet presently has an average rating of “Moderate Buy” and a consensus target price of $64.14.

Envestnet Stock Up 1.6 %

Shares of NYSE:ENV traded up $0.99 during trading on Tuesday, hitting $62.12. The company’s stock had a trading volume of 323,613 shares, compared to its average volume of 479,190. The company has a market capitalization of $3.42 billion, a PE ratio of -17.45 and a beta of 1.29. Envestnet has a fifty-two week low of $33.12 and a fifty-two week high of $73.04. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.19 and a current ratio of 1.19. The stock’s 50-day moving average price is $64.17 and its two-hundred day moving average price is $57.08.

Envestnet (NYSE:ENV) last announced its earnings results on Tuesday, May 7th. The business services provider reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. Envestnet had a positive return on equity of 14.75% and a negative net margin of 15.33%. The company had revenue of $324.95 million for the quarter, compared to analyst estimates of $324.85 million. As a group, sell-side analysts expect that Envestnet will post 1.78 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Cetera Advisors LLC bought a new stake in shares of Envestnet in the 1st quarter valued at approximately $222,000. Impactive Capital LP boosted its holdings in Envestnet by 0.8% in the first quarter. Impactive Capital LP now owns 4,183,865 shares of the business services provider’s stock worth $242,288,000 after purchasing an additional 32,832 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Envestnet by 45.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 154,843 shares of the business services provider’s stock valued at $8,968,000 after purchasing an additional 48,057 shares during the last quarter. Natixis raised its holdings in shares of Envestnet by 12.9% during the first 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. Finally, CANADA LIFE ASSURANCE Co lifted its position in shares of Envestnet by 17.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 46,018 shares of the business services provider’s stock worth $2,664,000 after buying an additional 6,997 shares during the last quarter.

Envestnet Company 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.