Wall Street analysts expect that Envestnet, Inc (NYSE:ENV) will report $164.26 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have made estimates for Envestnet’s earnings, with the highest sales estimate coming in at $165.10 million and the lowest estimate coming in at $163.77 million. Envestnet reported sales of $141.71 million in the same quarter last year, which indicates a positive year over year growth rate of 15.9%. The business is scheduled to issue its next quarterly earnings results on Monday, August 14th.
According to Zacks, analysts expect that Envestnet will report full-year sales of $164.26 million for the current fiscal year, with estimates ranging from $660.91 million to $667.30 million. For the next financial year, analysts forecast that the firm will report sales of $752.89 million per share, with estimates ranging from $745.10 million to $759.70 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Envestnet.
Envestnet (NYSE:ENV) last announced its earnings results on Wednesday, May 10th. The business services provider reported $0.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.01. The company had revenue of $157.80 million during the quarter, compared to analysts’ expectations of $155.56 million. Envestnet had a negative net margin of 9.55% and a positive return on equity of 5.86%. Envestnet’s quarterly revenue was up 19.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.18 earnings per share.
Several research firms have recently weighed in on ENV. Zacks Investment Research upgraded Envestnet from a “strong sell” rating to a “buy” rating and set a $43.00 price target for the company in a research note on Tuesday, July 11th. Jefferies Group LLC reiterated a “buy” rating and set a $48.00 price target on shares of Envestnet in a research note on Friday, July 14th. William Blair reiterated a “buy” rating on shares of Envestnet in a research note on Wednesday, June 28th. DA Davidson began coverage on Envestnet in a research note on Thursday, July 6th. They set a “neutral” rating and a $42.00 price target for the company. Finally, BidaskClub upgraded Envestnet from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Envestnet has an average rating of “Buy” and an average price target of $43.60.
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In other Envestnet news, insider Shelly O’brien sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, April 25th. The stock was sold at an average price of $35.00, for a total value of $35,000.00. Following the sale, the insider now owns 11,751 shares of the company’s stock, valued at approximately $411,285. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Charles Roame purchased 1,473 shares of the stock in a transaction on Wednesday, May 31st. The stock was acquired at an average cost of $35.38 per share, for a total transaction of $52,114.74. Following the acquisition, the director now owns 1,729 shares in the company, valued at $61,172.02. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 3,968 shares of company stock valued at $145,287 and sold 24,246 shares valued at $946,841. 5.58% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. State Street Corp boosted its stake in Envestnet by 3.8% in the fourth quarter. State Street Corp now owns 715,452 shares of the business services provider’s stock valued at $25,221,000 after buying an additional 26,079 shares during the last quarter. Norges Bank purchased a new position in shares of Envestnet during the fourth quarter worth $5,831,000. Teachers Advisors LLC boosted its position in shares of Envestnet by 1.1% in the fourth quarter. Teachers Advisors LLC now owns 67,770 shares of the business services provider’s stock worth $2,389,000 after buying an additional 741 shares in the last quarter. Nationwide Fund Advisors boosted its position in shares of Envestnet by 21.4% in the first quarter. Nationwide Fund Advisors now owns 281,018 shares of the business services provider’s stock worth $9,077,000 after buying an additional 49,532 shares in the last quarter. Finally, First Mercantile Trust Co. boosted its position in shares of Envestnet by 22.9% in the first quarter. First Mercantile Trust Co. now owns 14,708 shares of the business services provider’s stock worth $475,000 after buying an additional 2,742 shares in the last quarter. 98.64% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Envestnet (ENV) traded up 0.26% during midday trading on Wednesday, hitting $38.85. 102,829 shares of the stock were exchanged. Envestnet has a 1-year low of $30.80 and a 1-year high of $41.47. The firm’s market capitalization is $1.70 billion. The stock’s 50-day moving average price is $38.02 and its 200-day moving average price is $36.35.
Envestnet, Inc is a provider of financial and wealth management technology and services to financial advisors, investors and financial service providers. The Company’s segments are Envestnet and Envestnet Yodlee. Its Envestnet segment provides unified wealth management software and services empowering financial advisors and institutions.
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