AQR Capital Management LLC Takes Position in Envestnet, Inc. (NYSE:ENV)

AQR Capital Management LLC bought a new position in Envestnet, Inc. (NYSE:ENV) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 3,486 shares of the business services provider’s stock, valued at approximately $218,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ENV. Arizona State Retirement System increased its holdings 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 valued at $723,000 after buying an additional 286 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in shares of Envestnet by 2.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 28,201 shares of the business services provider’s stock valued at $1,633,000 after purchasing an additional 543 shares during the last quarter. Natixis boosted its position in shares of Envestnet by 12.9% in the 1st quarter. Natixis now owns 4,767 shares of the business services provider’s stock valued at $276,000 after purchasing an additional 544 shares during the period. Louisiana State Employees Retirement System increased its stake in Envestnet by 2.4% in the 2nd quarter. Louisiana State Employees Retirement System now owns 25,200 shares of the business services provider’s stock worth $1,577,000 after purchasing an additional 600 shares in the last quarter. Finally, Illinois Municipal Retirement Fund raised its holdings in Envestnet by 2.2% during the 1st quarter. Illinois Municipal Retirement Fund now owns 28,271 shares of the business services provider’s stock worth $1,637,000 after buying an additional 619 shares during the period.

Wall Street Analysts Forecast Growth

ENV has been the subject of several recent analyst reports. DA Davidson reissued a “neutral” rating and issued a $63.00 target price on shares of Envestnet in a research report on Wednesday, September 18th. StockNews.com initiated coverage on shares of Envestnet in a research note on Friday, October 11th. They set a “sell” rating on the stock. UBS Group restated a “neutral” rating and issued a $63.15 target price (down previously from $75.00) on shares of Envestnet in a report on Tuesday, July 16th. Raymond James downgraded Envestnet from a “moderate buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, William Blair reissued a “market perform” rating on shares of Envestnet in a research note on Thursday, July 11th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Envestnet presently has an average rating of “Hold” and an average target price of $61.88.

Envestnet Price Performance

ENV opened at $62.73 on Friday. The stock has a fifty day moving average price of $62.66 and a 200 day moving average price of $62.68. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.70. Envestnet, Inc. has a 1 year low of $33.12 and a 1 year high of $73.04. The stock has a market cap of $3.46 billion, a price-to-earnings ratio of -17.62 and a beta of 1.25.

Envestnet (NYSE:ENV) last announced its quarterly earnings results on Friday, August 9th. The business services provider reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.07). Envestnet had a negative net margin of 19.33% and a positive return on equity of 17.02%. The firm had revenue of $348.30 million for the quarter, compared to analyst estimates of $342.90 million. During the same quarter in the prior year, the firm earned $0.22 earnings per share. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. Analysts forecast that Envestnet, Inc. will post 1.71 EPS for the current fiscal year.

Envestnet Profile

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.