Family Management Corp raised its stake in Envestnet Inc (NYSE:ENV) by 1.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,860 shares of the business services provider’s stock after purchasing an additional 696 shares during the period. Family Management Corp owned 0.08% of Envestnet worth $2,725,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Keybank National Association OH grew its stake in shares of Envestnet by 3.9% in the second quarter. Keybank National Association OH now owns 4,373 shares of the business services provider’s stock valued at $299,000 after acquiring an additional 166 shares in the last quarter. Zions Bancorporation N.A. grew its stake in shares of Envestnet by 6.4% in the second quarter. Zions Bancorporation N.A. now owns 4,209 shares of the business services provider’s stock valued at $288,000 after acquiring an additional 254 shares in the last quarter. LPL Financial LLC grew its stake in shares of Envestnet by 4.1% in the second quarter. LPL Financial LLC now owns 6,462 shares of the business services provider’s stock valued at $442,000 after acquiring an additional 254 shares in the last quarter. Pittenger & Anderson Inc. grew its stake in shares of Envestnet by 37.5% in the first quarter. Pittenger & Anderson Inc. now owns 1,375 shares of the business services provider’s stock valued at $90,000 after acquiring an additional 375 shares in the last quarter. Finally, TRUE Private Wealth Advisors acquired a new position in shares of Envestnet in the second quarter valued at about $27,000. Hedge funds and other institutional investors own 89.44% of the company’s stock.
Several research firms recently commented on ENV. ValuEngine downgraded shares of Envestnet from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Zacks Investment Research cut shares of Envestnet from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th. Finally, Raymond James upped their price objective on shares of Envestnet from $82.00 to $83.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $73.30.
Envestnet (NYSE:ENV) last posted its earnings results on Wednesday, August 7th. The business services provider reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.02). The company had revenue of $227.90 million during the quarter, compared to the consensus estimate of $225.34 million. Envestnet had a positive return on equity of 9.15% and a negative net margin of 1.72%. The firm’s revenue was up 13.3% compared to the same quarter last year. During the same period last year, the company posted $0.41 EPS. Sell-side analysts anticipate that Envestnet Inc will post 1.28 EPS for the current fiscal year.
In other news, insider William Crager sold 72,750 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $57.16, for a total value of $4,158,390.00. Following the completion of the transaction, the insider now owns 297,054 shares of the company’s stock, valued at $16,979,606.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Judson Bergman sold 15,000 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $72.46, for a total transaction of $1,086,900.00. Following the completion of the transaction, the chief executive officer now directly owns 828,323 shares of the company’s stock, valued at approximately $60,020,284.58. The disclosure for this sale can be found here. Insiders sold 190,782 shares of company stock valued at $12,119,817 in the last three months. Company insiders own 4.97% of the company’s stock.
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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