Short Interest in Envestnet, Inc. (NYSE:ENV) Drops By 35.6%

Envestnet, Inc. (NYSE:ENV) was the target of a significant drop in short interest in July. As of July 15th, there was short interest totalling 2,320,000 shares, a drop of 35.6% from the June 30th total of 3,600,000 shares. Based on an average daily trading volume, of 842,300 shares, the days-to-cover ratio is presently 2.8 days.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. grew its position in shares of Envestnet by 2.0% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 28,201 shares of the business services provider’s stock worth $1,633,000 after acquiring an additional 543 shares in the last quarter. Natixis grew 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 worth $276,000 after acquiring an additional 544 shares in the last quarter. Louisiana State Employees Retirement System grew its position in shares of 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 acquiring an additional 600 shares in the last quarter. Illinois Municipal Retirement Fund grew its position in shares of Envestnet by 2.2% in the 1st quarter. Illinois Municipal Retirement Fund now owns 28,271 shares of the business services provider’s stock worth $1,637,000 after acquiring an additional 619 shares in the last quarter. Finally, YHB Investment Advisors Inc. acquired a new position in shares of Envestnet in the 1st quarter worth approximately $38,000.

Envestnet Stock Up 0.2 %

NYSE ENV traded up $0.13 during mid-day trading on Friday, reaching $62.00. 769,602 shares of the company’s stock traded hands, compared to its average volume of 1,775,953. Envestnet has a 1-year low of $33.12 and a 1-year high of $73.04. The company has a fifty day simple moving average of $63.38 and a 200-day simple moving average of $58.56. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 1.47. The company has a market cap of $3.42 billion, a price-to-earnings ratio of -17.42 and a beta of 1.28.

Envestnet (NYSE:ENV) last issued its quarterly earnings data on Tuesday, May 7th. The business services provider reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. Envestnet had a positive return on equity of 14.75% and a negative net margin of 15.33%. The firm had revenue of $324.95 million during the quarter, compared to analyst estimates of $324.85 million. As a group, equities research analysts expect that Envestnet will post 1.79 EPS for the current year.

Wall Street Analysts Forecast Growth

ENV has been the subject of a number of recent research reports. JMP Securities reiterated a “market outperform” rating and issued a $79.00 target price on shares of Envestnet in a research note on Wednesday, April 17th. DA Davidson lowered Envestnet from a “buy” rating to a “neutral” rating and lowered their target price for the company from $78.00 to $63.00 in a research note on Thursday, July 18th. Jefferies Financial Group upgraded Envestnet from an “underperform” rating to a “hold” rating and increased their target price for the company from $47.00 to $59.00 in a research note on Wednesday, May 8th. Royal Bank of Canada increased their target price on Envestnet from $56.00 to $64.00 and gave the company a “sector perform” rating in a research note on Wednesday, May 8th. Finally, UBS Group reiterated a “neutral” rating and issued a $63.15 target price (down previously from $75.00) on shares of Envestnet in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Envestnet currently has a consensus rating of “Hold” and a consensus price target of $61.88.

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.