StockNews.com Initiates Coverage on Envestnet (NYSE:ENV)

Equities researchers at StockNews.com assumed coverage on shares of Envestnet (NYSE:ENV) in a report released on Sunday. The brokerage set a “sell” rating on the business services provider’s stock.

Separately, DA Davidson reaffirmed a “neutral” rating and issued a $63.00 price objective on shares of Envestnet in a research note on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $61.88.

Envestnet Stock Performance

Shares of NYSE ENV opened at $63.14 on Friday. The company has a 50 day simple moving average of $62.99 and a two-hundred day simple moving average of $62.57. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of -13.24 and a beta of 1.25. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.07. Envestnet has a 12 month low of $36.43 and a 12 month high of $73.04.

Institutional Investors Weigh In On Envestnet

Several large investors have recently made changes to their positions in ENV. Geode Capital Management LLC raised its stake in shares of Envestnet by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,134,530 shares of the business services provider’s stock valued at $71,058,000 after purchasing an additional 9,735 shares during the period. Dimensional Fund Advisors LP boosted its position in Envestnet by 7.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,039,402 shares of the business services provider’s stock worth $65,057,000 after acquiring an additional 73,751 shares during the last quarter. Geneva Capital Management LLC grew its stake in shares of Envestnet by 0.5% during the 3rd quarter. Geneva Capital Management LLC now owns 863,398 shares of the business services provider’s stock worth $54,066,000 after acquiring an additional 4,042 shares in the last quarter. Westchester Capital Management LLC acquired a new stake in shares of Envestnet in the third quarter valued at approximately $45,746,000. Finally, Engaged Capital LLC lifted its position in shares of Envestnet by 479.8% in the second quarter. Engaged Capital LLC now owns 692,483 shares of the business services provider’s stock worth $43,343,000 after purchasing an additional 573,049 shares in 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.