Westchester Capital Management LLC Purchases New Shares in Envestnet, Inc. (NYSE:ENV)

Westchester Capital Management LLC acquired a new position in Envestnet, Inc. (NYSE:ENV) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 730,537 shares of the business services provider’s stock, valued at approximately $45,746,000. Envestnet makes up approximately 2.0% of Westchester Capital Management LLC’s investment portfolio, making the stock its 13th biggest position. Westchester Capital Management LLC owned 1.32% of Envestnet at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of ENV. O Shaughnessy Asset Management LLC bought a new stake in shares of Envestnet during the 1st quarter valued at $228,000. Price T Rowe Associates Inc. MD lifted its position in Envestnet by 45.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 154,843 shares of the business services provider’s stock worth $8,968,000 after purchasing an additional 48,057 shares during the period. Cetera Advisors LLC acquired a new stake in Envestnet during the first quarter worth about $222,000. Harbor Capital Advisors Inc. increased its holdings in Envestnet by 318.2% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 25,956 shares of the business services provider’s stock valued at $1,625,000 after buying an additional 19,749 shares during the period. Finally, Raymond James & Associates increased its holdings in Envestnet by 13.6% in the 2nd quarter. Raymond James & Associates now owns 25,886 shares of the business services provider’s stock valued at $1,620,000 after buying an additional 3,092 shares during the period.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. DA Davidson reiterated a “neutral” rating and set a $63.00 price target on shares of Envestnet in a research report on Wednesday, September 18th. StockNews.com initiated coverage on Envestnet in a report on Thursday. They set a “sell” rating for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Envestnet presently has a consensus rating of “Hold” and an average price target of $61.88.

Envestnet Price Performance

Envestnet stock opened at $63.14 on Friday. The stock has a 50-day moving average price of $62.81 and a two-hundred day moving average price of $63.04. Envestnet, Inc. has a 12 month low of $36.43 and a 12 month high of $73.04. The company has a market capitalization of $3.49 billion, a PE ratio of -13.24 and a beta of 1.25. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.07.

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.