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Envestnet Receives Strong Buy Rating, Analyst Projects Positive Q1 Return

By Don Francis, Editor
April 3, 2024 7:41 AM UTC
Envestnet Receives Strong Buy Rating, Analyst Projects Positive Q1 Return

DA Davidson's Peter Heckmann raised their price target on Envestnet (NYSE: ENV) by 8.1% from $62 to $67 on 2024/04/02. The analyst maintained their Strong Buy rating on the stock.

According to Heckmann, the increase in price target reflects their positive outlook on Envestnet's performance in the first quarter of 2024. They expect a 4% to 4.2% positive return for the "60% equities / 40% fixed income market basket in Q1 2024." Heckmann believes that Envestnet, as the leading domestic provider of advisor technology, is a good defensive name. Furthermore, they see the company as a well-positioned growth name due to its attractive revenue and earnings acceleration in the long term.

This rating update comes after Raymond James analyst Patrick O'Shaughnessy also issued an update on Envestnet on the same day. O'Shaughnessy raised their price target by 15.4% from $52 to $60 and maintained their Buy rating on the stock.

Envestnet currently enjoys a favorable sentiment among top-rated analysts. 100% of these analysts rate the stock as either a Strong Buy or Buy. Notably, no analysts see it as a Hold, and there are no recommendations to sell the stock.

Examining Envestnet's recent stock performance, we can see that since the company's last quarterly report on December 31, 2023, the stock price has increased by 15.3%. However, when looking at the year-over-year performance, the stock is down by 2.3%. During this period, Envestnet is trailing behind the S&P 500, which has experienced a decline of 26.2%.

Peter Heckmann, the DA Davidson analyst who provided the rating update, has an impressive track record. WallStreetZen ranks Heckmann in the top 6% out of 4,530 Wall Street analysts, with an average return of 20.2% and a 73% win rate. Their expertise lies in the Technology and Financial Services sectors.

Envestnet, Inc. is a company that provides wealth management technology and solutions to registered investment advisors, banks, broker/dealers, and other companies. Its Tamarac platform offers a range of software services including trading, portfolio accounting, performance reporting, and client relationship management software to high-end RIAs. Additionally, Envestnet provides research and consulting services to assist advisors, including vetted third-party managed account products. Founded in 1999, Envestnet is headquartered in Berwyn, PA.

What are WallStreet's top analysts saying about Envestnet?

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