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

Equities research analysts at StockNews.com initiated coverage on shares of Envestnet (NYSE:ENV) in a report released on Wednesday. The firm 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 report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $61.88.

Envestnet Trading Up 0.1 %

Envestnet stock opened at $63.15 on Wednesday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.59 and a current ratio of 0.59. The firm’s 50-day moving average is $62.74 and its 200-day moving average is $63.11. The company has a market cap of $3.50 billion, a P/E ratio of -13.24 and a beta of 1.25. Envestnet has a 1 year low of $36.43 and a 1 year high of $73.04.

Institutional Investors Weigh In On Envestnet

Hedge funds have recently made changes to their positions in the company. Westchester Capital Management LLC purchased a new stake in shares of Envestnet in the third quarter valued at $45,746,000. Engaged Capital LLC raised its position in Envestnet by 479.8% during the second quarter. Engaged Capital LLC now owns 692,483 shares of the business services provider’s stock valued at $43,343,000 after buying an additional 573,049 shares during the period. Alpine Associates Management Inc. purchased a new position in Envestnet during the 3rd quarter valued at about $25,205,000. Tokio Marine Asset Management Co. Ltd. acquired a new position in shares of Envestnet in the 3rd quarter valued at about $8,472,000. Finally, Centiva Capital LP purchased a new stake in shares of Envestnet in the third quarter worth approximately $6,957,000.

Envestnet Company 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.