Cramer Rosenthal Mcglynn LLC trimmed its holdings in Envestnet Inc (NYSE:ENV) by 2.2% in the second quarter, HoldingsChannel reports. The fund owned 274,038 shares of the business services provider’s stock after selling 6,275 shares during the period. Cramer Rosenthal Mcglynn LLC’s holdings in Envestnet were worth $18,736,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in ENV. TimesSquare Capital Management LLC bought a new stake in shares of Envestnet in the 1st quarter worth approximately $30,983,000. GW&K Investment Management LLC purchased a new position in shares of Envestnet in the second quarter worth $19,343,000. Fort Washington Investment Advisors Inc. OH purchased a new position in shares of Envestnet in the first quarter worth $14,386,000. Champlain Investment Partners LLC increased its stake in shares of Envestnet by 21.1% in the first quarter. Champlain Investment Partners LLC now owns 766,335 shares of the business services provider’s stock worth $50,111,000 after buying an additional 133,585 shares during the period. Finally, Fiera Capital Corp increased its stake in shares of Envestnet by 20.2% in the first quarter. Fiera Capital Corp now owns 766,325 shares of the business services provider’s stock worth $50,110,000 after buying an additional 128,805 shares during the period. Hedge funds and other institutional investors own 89.92% of the company’s stock.
Envestnet stock traded up $0.60 during mid-day trading on Friday, reaching $57.44. 2,431 shares of the company traded hands, compared to its average volume of 333,189. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.54 and a quick ratio of 0.54. The firm’s 50 day moving average price is $61.12 and its 200 day moving average price is $66.07. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 46.30, a P/E/G ratio of 2.59 and a beta of 1.74. Envestnet Inc has a 52-week low of $46.57 and a 52-week high of $73.94.
Several research analysts recently commented on the stock. ValuEngine downgraded shares of Envestnet from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Raymond James lifted their target price on shares of Envestnet from $82.00 to $83.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 11th. Finally, Zacks Investment Research downgraded shares of Envestnet from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $73.30.
In other Envestnet news, CEO Judson Bergman sold 15,000 shares of the business’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $69.91, for a total transaction of $1,048,650.00. Following the transaction, the chief executive officer now directly owns 812,099 shares of the company’s stock, valued at approximately $56,773,841.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Joshua Mayer sold 6,881 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $56.15, for a total transaction of $386,368.15. Following the transaction, the chief operating officer now directly owns 20,190 shares in the company, valued at $1,133,668.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 136,197 shares of company stock worth $9,230,994. Insiders own 4.97% of the company’s stock.
Envestnet Company Profile
Envestnet, Inc, together with its subsidiaries, provides intelligent systems for wealth management and financial wellness in the United States and internationally. It operates through Envestnet and Envestnet | Yodlee segments. The company's product and services suites include Envestnet | Enterprise, which provides an end-to-end open architecture wealth management platform, as well as sells data aggregation and reporting, data analytics, and digital advice capabilities; Envestnet | Tamarac that provides trading, rebalancing, portfolio accounting, performance reporting, and client relationship management software; Envestnet | Retirement Solutions, which offer a suite of services for advisor-sold retirement plans; and Envestnet | Portfolio Management Consultants that provide research, due diligence, and consulting services to assist advisors in creating investment solutions for their clients, and patented portfolio overlay and tax optimization services.
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