Summit Creek Advisors LLC raised its stake in shares of Envestnet Inc (NYSE:ENV) by 15.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 289,651 shares of the business services provider’s stock after purchasing an additional 38,080 shares during the quarter. Envestnet accounts for about 3.4% of Summit Creek Advisors LLC’s investment portfolio, making the stock its 3rd biggest position. Summit Creek Advisors LLC owned about 0.59% of Envestnet worth $18,940,000 as of its most recent filing with the SEC.
Other large investors also recently bought and sold shares of the company. Norges Bank bought a new stake in Envestnet in the fourth quarter valued at about $25,851,000. Dimensional Fund Advisors LP increased its stake in Envestnet by 88.7% in the third quarter. Dimensional Fund Advisors LP now owns 363,129 shares of the business services provider’s stock valued at $22,133,000 after acquiring an additional 170,702 shares during the period. BlackRock Inc. increased its stake in Envestnet by 4.8% in the fourth quarter. BlackRock Inc. now owns 3,352,246 shares of the business services provider’s stock valued at $164,898,000 after acquiring an additional 152,126 shares during the period. Putnam Investments LLC increased its stake in Envestnet by 262.5% in the third quarter. Putnam Investments LLC now owns 188,073 shares of the business services provider’s stock valued at $11,463,000 after acquiring an additional 136,190 shares during the period. Finally, Vanguard Group Inc increased its stake in Envestnet by 2.9% in the third quarter. Vanguard Group Inc now owns 3,942,847 shares of the business services provider’s stock valued at $240,316,000 after acquiring an additional 112,801 shares during the period. Institutional investors own 93.86% of the company’s stock.
In other Envestnet news, CTO Scott D. Grinis sold 10,162 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $66.29, for a total value of $673,638.98. Following the completion of the sale, the chief technology officer now owns 192,004 shares of the company’s stock, valued at $12,727,945.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stuart Depina sold 18,168 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $65.13, for a total transaction of $1,183,281.84. Following the completion of the sale, the insider now directly owns 50,968 shares of the company’s stock, valued at approximately $3,319,545.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 72,505 shares of company stock valued at $4,645,164. 5.49% of the stock is currently owned by insiders.
Envestnet (NYSE:ENV) last announced its earnings results on Thursday, February 21st. The business services provider reported $0.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.18. Envestnet had a net margin of 0.71% and a return on equity of 11.51%. The company had revenue of $210.08 million for the quarter, compared to analyst estimates of $210.52 million. On average, research analysts expect that Envestnet Inc will post 1.53 EPS for the current fiscal year.
ENV has been the topic of a number of analyst reports. Raymond James lowered their target price on shares of Envestnet from $71.00 to $60.00 and set a “strong-buy” rating on the stock in a research note on Thursday, January 3rd. ValuEngine cut shares of Envestnet from a “buy” rating to a “hold” rating in a research note on Friday, January 4th. Zacks Investment Research cut shares of Envestnet from a “hold” rating to a “sell” rating in a research note on Friday, January 4th. DA Davidson lowered their target price on shares of Envestnet to $58.00 and set a “buy” rating on the stock in a research note on Friday, January 4th. Finally, UBS Group reduced their price target on shares of Envestnet from $67.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday, January 8th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Envestnet has a consensus rating of “Buy” and an average price target of $68.38.
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Envestnet Company Profile
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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