California Public Employees Retirement System lessened its position in shares of Envestnet, Inc. (NYSE:ENV – Get Rating) by 8.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 106,815 shares of the business services provider’s stock after selling 10,432 shares during the period. California Public Employees Retirement System’s holdings in Envestnet were worth $5,637,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brown Advisory Inc. raised its stake in shares of Envestnet by 86.1% in the 2nd quarter. Brown Advisory Inc. now owns 1,319,537 shares of the business services provider’s stock valued at $69,772,000 after acquiring an additional 610,529 shares during the period. Fisher Asset Management LLC acquired a new position in shares of Envestnet during the first quarter worth about $37,976,000. Harbor Spring Capital LLC purchased a new stake in shares of Envestnet in the first quarter worth about $19,703,000. Frontier Capital Management Co. LLC purchased a new stake in shares of Envestnet during the 2nd quarter valued at about $9,520,000. Finally, CQS US LLC acquired a new position in Envestnet during the 1st quarter worth approximately $9,417,000.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on the stock. Raymond James dropped their price objective on shares of Envestnet from $68.00 to $63.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, November 9th. Jefferies Financial Group cut their price objective on shares of Envestnet from $71.00 to $40.00 in a report on Monday, November 7th. JMP Securities dropped their price objective on Envestnet from $82.00 to $80.00 and set a “market outperform” rating on the stock in a report on Wednesday, November 9th. StockNews.com cut Envestnet from a “hold” rating to a “sell” rating in a report on Saturday, November 19th. Finally, Royal Bank of Canada dropped their target price on shares of Envestnet from $79.00 to $67.00 and set a “sector perform” rating on the stock in a report on Monday, August 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $64.25.
Envestnet Price Performance
Envestnet Company Profile
Envestnet, Inc, together with its subsidiaries, provides wealth management software and services in the United States and internationally. It operates through Envestnet Wealth Solutions and Envestnet Data & Analytics segments. The company's Envestnet Wealth Solutions segment offers Envestnet | Enterprise, which provides an end-to-end open architecture wealth management platform, as well as offers 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; and Envestnet | MoneyGuide that provides goals-based financial planning solutions to the financial services industry.
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