Envestnet, Inc. (NYSE:ENV) is Summit Creek Advisors LLC’s 9th Largest Position

Summit Creek Advisors LLC decreased its stake in Envestnet, Inc. (NYSE:ENV) by 6.5% during the 2nd quarter, Holdings Channel reports. The firm owned 302,485 shares of the business services provider’s stock after selling 21,062 shares during the quarter. Envestnet makes up approximately 2.6% of Summit Creek Advisors LLC’s investment portfolio, making the stock its 9th largest position. Summit Creek Advisors LLC’s holdings in Envestnet were worth $18,933,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ENV. Hsbc Holdings PLC boosted its position in Envestnet by 20,229.7% during the fourth quarter. Hsbc Holdings PLC now owns 1,824,997 shares of the business services provider’s stock worth $90,027,000 after acquiring an additional 1,816,020 shares during the last quarter. Vanguard Group Inc. raised its stake in Envestnet by 12.9% during the fourth quarter. Vanguard Group Inc. now owns 6,015,454 shares of the business services provider’s stock worth $297,885,000 after purchasing an additional 687,202 shares during the period. Norges Bank purchased a new position in Envestnet during the fourth quarter worth about $25,319,000. Schroder Investment Management Group purchased a new position in Envestnet during the fourth quarter worth about $21,829,000. Finally, One Fin Capital Management LP purchased a new position in Envestnet during the fourth quarter worth about $14,336,000.

Analysts Set New Price Targets

A number of brokerages have commented on ENV. StockNews.com began coverage on shares of Envestnet in a research note on Sunday, September 1st. They set a “sell” rating on the stock. UBS Group reaffirmed a “neutral” rating and set a $63.15 target price (down from $75.00) on shares of Envestnet in a research note on Tuesday, July 16th. Raymond James downgraded shares of Envestnet from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, July 17th. DA Davidson downgraded shares of Envestnet from a “buy” rating to a “neutral” rating and reduced their price target for the company from $78.00 to $63.00 in a research note on Thursday, July 18th. Finally, William Blair reissued a “market perform” rating on shares of Envestnet in a research note on Thursday, July 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $61.88.

Envestnet Price Performance

Shares of ENV opened at $62.69 on Friday. Envestnet, Inc. has a fifty-two week low of $33.12 and a fifty-two week high of $73.04. The firm’s 50 day moving average price is $62.29 and its 200 day moving average price is $60.80. The company has a market cap of $3.45 billion, a P/E ratio of -17.65 and a beta of 1.28. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.70.

Envestnet (NYSE:ENV) last announced its earnings results on Friday, August 9th. The business services provider reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.07). Envestnet had a positive return on equity of 17.02% and a negative net margin of 19.33%. The business had revenue of $348.30 million for the quarter, compared to analysts’ expectations of $342.90 million. During the same period in the previous year, the company earned $0.22 earnings per share. Envestnet’s quarterly revenue was up 11.5% on a year-over-year basis. On average, research analysts forecast that Envestnet, Inc. will post 1.76 earnings per share for the current fiscal year.

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.