Envestnet’s Impressive Run: An Attractive Pick For Investors Envestnet’s Impressive Run: An Attractive Pick For Investors

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Envestnet has shown an impressive performance on the stock market over the past three months, securing a 20.5% gain and outshining its industry’s 10.1% growth.

Reasons Why ENV is an Attractive Pick Now

Solid Rank: ENV currently holds a Zacks Rank #1 (Strong Buy). Research indicates that stocks with a Zacks Rank of 1 or 2 (Buy) offer lucrative investment opportunities, making the company an appealing investment proposition at present.

Positive Earnings Surprise: Envestnet has a strong history of beating the Zacks Consensus Estimate with an average surprise of 3.2% over the past four quarters.

Envestnet, Inc Price and EPS Surprise

Envestnet, Inc Price and EPS Surprise

Envestnet, Inc price-eps-surprise | Envestnet, Inc Quote

Earnings Expectations: The Zacks Consensus Estimate for ENV’s earnings for the fourth quarter of 2023 stands at 53 cents per share, reflecting a 17.8% increase from the year-ago figure. For the full year 2023, the consensus mark for earnings is $2 per share, indicating a 7.5% year-over-year growth.

Bullish Industry Rank: ENV operates in an industry with a Zacks Industry Rank of 68 (of 251 groups), placing it in the top 27% of the Zacks industries. It’s well-established that a stock’s price movement is closely linked to the industry’s performance, making it crucial to consider the industry’s dynamics while making investment decisions.

Growth Factors: Envestnet, a significant player in the financial solutions space, continues to expand through strategic partnerships. Its collaborations with Morningstar Retirement and First Command Financial Services demonstrate its commitment to enhancing its ecosystem. Furthermore, Envestnet’s investment in partnerships and the acquisition of 401kplans.com LLC showcases its dedication to the retirement plan sector, thereby boosting advisor productivity within the Envestnet Wealth Solutions segment. Its partnership with iconik to enhance proxy voting for Sustainable Quantitative Portfolios aligns with the growing demand for choice, aligning the company with long-term capital stewardship and bolstering its competitive edge.

Other Stocks to Consider

From the broader Business Services sector, the following stocks are worth considering:

Clean Harbors (CLH) holds a current Zacks Rank of 2 and has a VGM Score of A. The Zacks Consensus Estimate for the company’s 2023 revenues is $5.42 billion, up 5% from the previous year.

Broadridge Financial Solutions (BR) maintains a Zacks Rank of 2, with the Zacks Consensus Estimate for 2023 revenues at $6.53 billion, reflecting a 7.7% year-over-year growth.

ABM Industries (ABM) carries a Zacks Rank of 2 and a VGM Score of 2, with the Zacks Consensus Estimate for 2023 revenues at $8.14 billion.

It’s clear that Envestnet is poised for substantial growth and offers a lucrative opportunity for investors seeking to maximize their returns.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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