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

Equities researchers at StockNews.com assumed coverage on shares of Envestnet (NYSE:ENV) in a research note issued on Friday. The firm set a “sell” rating on the business services provider’s stock.

Separately, DA Davidson reissued a “neutral” rating and issued a $63.00 price objective on shares of Envestnet in a report on Wednesday, September 18th. One investment 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.com, the stock has a consensus rating of “Hold” and an average target price of $61.88.

Envestnet Stock Performance

Shares of Envestnet stock opened at $63.14 on Friday. Envestnet has a 1 year low of $36.43 and a 1 year high of $73.04. The firm has a market cap of $3.49 billion, a PE ratio of -13.24 and a beta of 1.25. The stock has a fifty day moving average price of $62.86 and a 200-day moving average price of $62.94. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.59 and a quick ratio of 0.59.

Institutional Investors Weigh In On Envestnet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arizona State Retirement System grew its stake in shares of Envestnet by 2.5% in the second quarter. Arizona State Retirement System now owns 11,552 shares of the business services provider’s stock worth $723,000 after acquiring an additional 286 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of Envestnet by 8.2% during the third quarter. Farther Finance Advisors LLC now owns 5,803 shares of the business services provider’s stock valued at $363,000 after buying an additional 439 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in shares of Envestnet by 2.4% during the second quarter. Louisiana State Employees Retirement System now owns 25,200 shares of the business services provider’s stock valued at $1,577,000 after buying an additional 600 shares during the last quarter. Benjamin Edwards Inc. boosted its position in shares of Envestnet by 9.2% during the second quarter. Benjamin Edwards Inc. now owns 7,781 shares of the business services provider’s stock valued at $487,000 after buying an additional 658 shares during the last quarter. Finally, Innealta Capital LLC bought a new position in Envestnet in the second quarter valued at about $46,000.

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.